Sealed
Overview
Sealed is a climate technology company focusing on home energy efficiency by enabling weatherization and electrification projects that reduce energy consumption and greenhouse gas emissions. Founded in 2012 and headquartered in New York City, Sealed was co-founded by Lauren Salz, Andy Frank, and Paul Gilkerson. As of March 2024, Sealed had raised a total of $113.5 million across various funding rounds, including substantial investments from Keyframe Capital Partners and Cyrus Capital Partners. The company emphasizes offering a comprehensive service package, which includes project design, management, and financing, to streamline the often complicated process of home energy improvements.
Recent Developments
- May 2024: Sealed was selected as the first ENERGY STAR Home Upgrade Service Provider. The company was chosen by the EPA to help households leverage energy efficiency incentives and navigate the complexities of home energy improvements. This collaboration underscores Sealed's expertise in energy efficiency and its commitment to reducing greenhouse gas emissions.
- March 2024: The company successfully raised $30 million in funding in a Series B extension round. The investment, led by Keyframe Capital, aims to support the expansion of Sealed Pro, a platform designed to facilitate the rebate process for contractors involved in weatherization and electrification projects.
- January 2024: Sealed completed a $26.4 million funding round, highlighting investor confidence in its mission. The funds are intended to expand the company's operational capacity and enhance its technological offerings following its acquisition of InfiSense, which provides wireless sensing and data solutions.
- 2023: Sealed launched "Sealed Pro," marking a pivotal shift from its direct-to-consumer model to a B2B approach. This transition aligns with the company's strategy to collaborate more closely with contractors, leveraging incentives provided by the Inflation Reduction Act (IRA) to promote energy renovations.
- October 2023: Sealed began implementing its Sealed Pro platform in California, targeting the 3C-REN program. This initiative is aimed at streamlining rebate processes, significantly enhancing contractor engagement and efficiency.
Company Information
| Attribute | Information |
|---|---|
| Founding Date | 2012 |
| Headquarters | New York, NY, United States |
| Founders | Lauren Salz, Andy Frank, Paul Gilkerson |
| Revenue | Not publicly disclosed |
| Profits | Not publicly disclosed |
| Key Investors | Keyframe Capital Partners, Cyrus Capital Partners, Fifth Wall |
| Industry | Climate Tech, Energy Efficiency |
| Number of Employees | Approximately 51-200 |
Early History
Sealed was founded in 2012 by Lauren Salz, Andy Frank, and Paul Gilkerson with the mission to decrease home energy waste and encourage home electrification. The company was born out of a drive to simplify the energy efficiency renovation process for homeowners, offering them not only design and project management but also financing options that are paid back through energy savings over time. Early collaborations with significant utilities and partnerships enabled Sealed to gain momentum in its goal to facilitate home energy improvements in the northeastern United States.
Company Profile and Achievements
Sealed operates by empowering contractors with the tools and resources necessary to undertake home energy efficiency improvements using a tailored, data-driven approach. The company provides essential software solutions through its Sealed Pro platform, which simplifies and streamlines the qualification for and management of various government and utility rebate programs. This not only makes the process more efficient but also reduces the financial burden on homeowners afraid of upfront costs.
Key milestones for Sealed include:
- 2012: Establishment with a clear mission to tackle home energy inefficiencies.
- 2018: Went through a significant growth phase with increased investment and recognition, including Forbes 30 under 30 for co-founder Lauren Salz.
- 2023: Acquisition of InfiSense, enhancing Sealed's capacity for energy management and monitoring, significantly boosting its technological edge.
- 2024: Expansion of Sealed Pro nationwide, aiming to tap into the $8 billion IRA incentives and streamline processes that hinder contractor engagement in energy-saving projects.
Current Operations and Market Position
Sealed's current operations focus heavily on the deployment of Sealed Pro, which supports contractors in enhancing the efficiency of home energy projects through simplified rebate processes. With its data and analytics capabilities, Sealed not only simplifies the application process but also guarantees rebate amounts and facilitates fast, upfront contractor payments, thus mitigating financial risks and encouraging greater project uptake. Sealed maintains a strategic upper hand by aligning with climate policy measures and leveraging large-scale investment opportunities to expand its influence in the home retrofit market, particularly in states like California and New York.
Conclusion
Sealed is at the forefront of transforming the home energy sector, focusing on reducing the emissions footprint and promoting sustainable living through efficient energy use. The company is well-positioned to capitalize on legislative incentives like the Inflation Reduction Act, driving a new era of home electrification that aligns with broader environmental goals. Looking forward, Sealed aims to extend its operational impact, leveraging innovative technologies and robust partnerships to ensure significant contributions to global climate change mitigation efforts. As the demand for sustainable home solutions grows, Sealed's expertise and strategic initiatives are expected to place it prominently within the climate tech industry.