Welligence Energy Analytics, a Houston-based energy data firm, has closed a $41 million investment to expand its operations.
The growth equity investment represents a minority stake in Welligence, the company said Jan. 23. The funding was led by Boston-based venture capital firm Elephant with additional participation from Houston-based Veriten, which recently closed its debut fund, and London-based investment firm Energy Development Group.
“Raising significant capital from some of the market’s most sophisticated investors with a proven track record is a pivotal step towards realizing the Welligence vision — to solidify our presence as a leading global energy research house,” Welligence CEO Ross Lubetkin said in a statement.
According to Welligence, the company has employees and clients around the globe and plans to open offices in several countries. Welligence’s website lists locations in Austin, London, Edinburgh and Singapore. Its Houston location is in the Galleria Office Tower I at 2700 Post Oak Blvd.
The money will also be used to expand into new energy research verticals.
"Through the company’s use of new technology, ideas and methodologies, Welligence continues to take market share in a space traditionally monopolized by a few legacy players,” Christopher De Souza, partner at Elephant, said in a statement.
According to the company’s Crunchbase profile, Welligence also raised a seed round in March 2018 led by New York-based Global Reserve Group LLC.
Welligence’s new equity funding would have been one of the five biggest funding rounds in Houston last quarter as the Bayou City ended 2023 on a down note for venture capital funding, according to Pitchbook. The biggest round in Houston in Q4 2023 was the $50 million Series A investment raised by software provider RepeatMD.
One of the investors in Welligence's new equity funding — Veriten — was established in 2022 by Maynard Holt, former co-founder of Houston-based energy investment bank and research firm Tudor, Pickering & Holt Co. Last October, Veriten launched its debut energy investment firm, NexTen, with $85 million in capital commitments. NexTen’s investments to date include participating in a $20 million Series B round for Amperon, a Houston-based power grid forecasting company.
