Sydney-based fintech Brighte has just closed an $18.5 million Series B round.
The latest round is led by Airtree Ventures, and included investment from Mike Cannon-Brookes’ Grok Ventures, Kim Jackson from Skip Capital and the Milgrom Family.
Brighte is a digital credit platform offering affordable point-of-sale payment solutions for home energy improvements such as solar panels and batteries.
Since it launched 18 months ago, the startup has approved over $50 million of applications from more than 6,000 Australian homeowners.
The funding will be used to fuel the company’s next stage of growth, which includes improving its machine learning and artificial intelligence capabilities, and product development.
“The demand is real,” says Brighte’s CEO and founder, Katherine McConnell.
“Every day we speak to homeowners looking for an affordable way to buy the latest innovations, like solar and batteries. They want to take control of their energy costs today – and Brighte gives them the ability to do this.”
Along with its investment, Airtree Ventures co-founder and partner Craig Blair will join the Brighte board.
“From day one, I was impressed by Katherine’s deep connection to home energy improvements and her significant domain knowledge in point of finance solutions,” he said.
“With a frictionless application process, near instant decisioning, and all the while maintaining industry leading credit levels, Brighte is well poised to pioneer point of sale in the $35 billion home improvement market.
“With a significant investment in engineering and data, we expect the product and decisioning advantage to increase over time. We are excited to be partnering with Katherine and her team.”
Atlassian’s Mike Cannon-Brookes has called the startup a “rare triple-win business”.
“They’re helping consumers adopt renewable energies; they’re helping suppliers gain traction which is moving the whole industry forward; and building a fantastic Australian tech business at the same time,” he said.
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