Tetra Raises $10.5M in Funding to Support Bi-Coastal Expansion

The new capital will be used to support bringing Tetra's clean energy solution into New York and California

NEW YORK, Dec. 14, 2023 /PRNewswire/ -- Tetra, a rapidly growing home services company helping homeowners transition from fossil fuels to clean energy, announced that it raised a $10.5 million seed funding round led by Greycroft, Gutter Capital, Lerer Hippeau and 1sharpe Capital. The funds will be used to expand Tetra's offering into new markets including New York and California, and to continue investment into developing its proprietary technology designed to make it easier and more affordable for homeowners to lower their carbon footprint.

Rising energy costs and weather extremes are driving increasing demand for more efficient home energy solutions. Federal and state governments are further catalyzing demand for clean energy technologies by providing rebates and credits to encourage households to install home upgrades that increase energy efficiency and manufacturers are responding with new, more efficient devices. However, the rush of new technologies and newly available government incentives are leaving homeowners confused, while home improvement contractors are left ill equipped to help guide homeowners through the changing landscape. Tetra is on a mission to make it simple for homeowners to navigate the complex process of transitioning to more cost-efficient home heating and cooling solutions.

Tetra has developed the technology that allows homeowners to enter their address, get an instant price, and see what state and federal incentives are available to them. Tetra's end-to-end platform then matches customers with a qualified and vetted local contractor and creates efficiency along each step of the process. By redesigning and modernizing the home heating and cooling buying process, Tetra creates cost savings of up to 30% compared to the average contractor and passes the savings to the homeowner.

"Millions of homeowners are interested in making improvements to their home heating and cooling but feel overwhelmed by the process," said Max Veggeberg, CEO and Founder at Tetra. "We are making the right choice, an easy choice, by leveraging our proprietary technology, installer network, and newly available government incentives to help guide thousands of American households who are eager to do their part in reducing their carbon footprint."

Prior to founding Tetra, Veggeberg was the founder and CEO of HomeWorks Energy, which he grew to over $100M in revenue. Under his leadership, HomeWorks became the largest driver of consumer adoption of home energy efficiency initiatives in Massachusetts through Mass Save. The new federal Inflation Reduction Act has been modeled closely to the Mass Save program, allocating billions of dollars in incentives to help homeowners make the switch to high-efficiency systems.

"Consumers want an affordable, environmentally friendly choice when replacing their heating and cooling system. The challenge has been navigating the myriad of technology options and government incentives. Tetra makes this task simple by automatically showing the best option and providing a seamless buying and installation process," said John Elton, Partner at Greycroft. "Veggeberg and the Tetra team have made a very difficult task look simple. This can only be accomplished with a deep understanding of the market coupled with a dedicated team trying to solve it. We are excited about the future of Tetra given this positioning." As part of the investment, Elton will join Tetra's Board of Directors.

The team will continue to invest in simplifying the consumer transaction experience while also improving administrative burdens on installers by automating end-to-end workflows from sales, to inventory management, system design, and installation. "This funding positions Tetra at the forefront of a shift in heating and cooling among consumers looking to save energy and reduce their climate impact," said Isabelle Phelps, Partner at Lerer Hippeau, who has also joined Tetra's board.

"Every American household must participate if we are going to have a clean energy revolution in this country, at all levels of income and sophistication," said Dan Teran, co-founder of Gutter Capital and Tetra Board member. "We are excited to continue supporting Max and his exceptional team to build a business this country desperately needs. By providing a high efficiency, low cost solution with an amazing customer experience the Tetra team has an opportunity to accelerate the clean energy transformation in America."

About Tetra: 
Tetra is leading the clean energy transformation by empowering homeowners to switch from fossil fuel heating and cooling systems to high-efficiency heat pumps. Tetra provides the top environmental options to homeowners, improves their experience, and coordinates the installation of home improvement projects. In doing so, Tetra is superpowering contractors by automating administrative tasks and allowing them to deliver installation excellence and customer happiness.

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SOURCE Tetra