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Summary:

A startup in Boston called Next Step Living, which is a one-stop shop for making buildings more energy efficient, has raised an $18.2 million series C round of funding. The decent-sized round is notable in a difficult funding environment for cleantech startups.

Updated: There’s still some venture capital money out there for cleantech startups. This week Next Step Living, a startup in Boston that’s developed an energy efficiency audit service for homes and corporate buildings, announced that it’s raised an $18.2 million series C round.

The funding was led by new investor VantagePoint Venture Partners and also included existing investors Black Coral Capital and Mass Green Energy Fund. According to a filing, the company is still looking to raise another close to $6 million.

Next Step Living is billed as a one-stop shop for making buildings more energy efficient. The company’s 330 workers do audits, answer questions and help customers figure out if they want to buy things like high efficiency windows, install solar panels, or upgrade their home insulation. The four year old company has worked with large companies like Raytheon and Staples to reduce help them connect with their employees about reducing their energy consumption (Updated).

Energy efficiency is still an area that is drawing some interest from investors. When buildings are made more energy efficient, the building owner can save money on an energy bill over time. Next Step Living’s business model is also pretty capital efficient as it just needs to invest in the best way to connect people with energy efficiency tools.

Solar installers are increasingly looking to move more into the home energy audit space, and soon-to-go-IPO company SolarCity has been investing in growing its energy efficiency services.

Image courtesy of Chewonki Semester School.

  1. There are some great business models in the energy efficiency space that look dot-com enough to attract VC money. There are even better ones that are starving for capital.

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    1. Denis,
      I agree, but how is Next Step Living’s model dot-com like? They are as hands on as it gets.

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