With a new office in Chicago, Sealed will offer its climate tech solutions in the Midwest following its expanded Series B. The New York-based startup announced on Thursday that it extended its Series B raise from $16 million to $45.5 million.
Funding for the round was led by Fifth Wall Climate Tech and also saw participation from FootPrint Coalition, an investment group started by actor Robert Downey Jr. that backs sustainability-focused companies. According to Sealed, it has raised a total of $62.5 million in venture capital since launching in 2012.
According to data cited by Sealed, 20 percent of the country’s carbon emissions come from home energy use, and Sealed’s solutions seek to slash that number dramatically. The New York-based startup provides complete energy home improvement solutions for homeowners. The company designs and also finances weatherization and electrical home upgrades that will make homes more energy efficient.
After a remote assessment, Sealed creates a customized plan that includes insulation, air sealing, smart thermostats, lighting and HVAC improvements for homes. According to the company, its home upgrades can reduce energy waste by up to 50 percent.
“Updating America’s outdated housing stock with high-performance insulation, smart technology and efficient heat pump HVAC is key to eliminating energy waste and fighting climate change — and homeowners are really waking up to this,” Lauren Salz, co-founder and CEO of Sealed, said in a statement. “Surging interest in Sealed positions us to dominate the home energy efficiency and electrification market. Our investors have decided to double down so we can meet that demand.”
Along with the increased Series B round, Sealed also announced that it now has office space in Chicago. A spokesperson for the company told Built In that it chose Chicago for its expansion due to the number of single-family homes in the city and surrounding area that could benefit from Sealed’s energy solution.
Sealed currently has 12 employees in the Midwest, with four based in Illinois. The company is actively hiring 12 new employees for remote-based positions.