Service First Financial sells ‘Home Comfort as a Service’, secures $20M in Series B debt funding

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Let’s face it: Most people aren’t early adopters, especially when it comes to their homes. Take the kitchen, for example, where many people still buy gas cooktops despite the superiority of induction. It’s not because everyone is busy burning chilies over an open flame – it’s because they’re slow to adopt changes.

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When it comes to heating and cooling, this is a problem for the climate. Together, they account for nearly half of the total energy use in American homes. Heating is a particular challenge as only 40% of households have access to electricity; The rest burn natural gas, propane or some other fossil fuel. When the old furnace is dying, its replacement usually costs more of the same. Switching to electric heat pumps will be crucial to reducing dependence on fossil fuels.

“If your trusted contractor—the one you ask to come to your home to help you figure out what to do with your system—doesn’t offer a heat pump, you’re not just going to buy one. , Isn’t it?” said Anuj Khanna, Founder and CEO, Service First Financial.

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This gap between what contractors offer and what is needed to electrify homes is one of the reasons Khanna set up Service First Financial, which provides what he calls “home comfort as a service”. it is said. TechCrunch has learned exclusively that the company is today announcing a $5.85 million Series B that includes a $15 million subordinated debt facility. Khanna said he expects the Series B to close “before the end of the year”. The equity investment was co-led by S2G Ventures, which also led the subordinated debt facility. Other investors were not disclosed.



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