Meta description: Redwood City-based heat pump maker Quilt closes $20M Series B funding to scale sales with support from top energy-focused investors.
Quilt, a California startup specializing in customizable heat pumps, has completed a $20 million Series B funding round to drive sales expansion. The financing follows a $33 million Series A completed in April 2024. The capital injection positions Quilt to scale its market reach and strengthen its product adoption among residential and commercial clients. Investors, founders, and energy market analysts will find this move important given the broader transition toward sustainable heating and cooling solutions.
Who invested in this Series B round?
The $20 million Series B was led by Energy Impact Partner and Galvanize. Participation also came from Alumni Ventures, Gradient Ventures, Incite Ventures, and Lowercarbon Capital. The investor mix points to strong interest from both energy-focused funds and technology-driven venture capital networks.
As part of the deal, Veery Maxwell from Galvanize joins Quilt’s board, adding strategic expertise in scaling energy technology ventures. Former Nest CFO Tom vonReichbauer also gains a board seat, bringing corporate finance leadership and consumer tech strategy experience.
What does this funding mean for Quilt’s growth?
Quilt’s goal with this funding is clear: increase sales capacity and expand its footprint in the heat pump market. With sustainable heating solutions gaining traction, the added capital gives the company flexibility to invest in marketing, distribution, and customer acquisition.
This Series B follows a substantial $33 million Series A announced in April 2024. The back-to-back funding underscores continuing investor confidence in the business model and product positioning. It also raises the probability that Quilt may consider further financing or strategic partnerships to accelerate penetration.
Why investors are paying attention
Heat pumps are becoming central in meeting energy efficiency regulations and decarbonization targets. Quilt’s design customization differentiates it from mass-market competitors, appealing to consumers seeking both aesthetics and function. The investor lineup’s diversity suggests alignment on both environmental impact and potential financial returns.
Potential market trajectory
With new capital, Quilt can strengthen supply chain resilience, improve customer support infrastructure, and widen its prospective client base. This combination is often a precursor to aggressive regional expansion. If momentum continues, revenue growth in upcoming quarters could position the firm for either an eventual IPO or a larger strategic acquisition offer.
FAQ
1. How much funding did Quilt secure?
Quilt closed a $20 million Series B funding round.
2. Who led the investment?
Energy Impact Partner and Galvanize led the round.
3. Which other investors participated?
Alumni Ventures, Gradient Ventures, Incite Ventures, and Lowercarbon Capital participated.
4. What is the purpose of this funding?
The capital will be used to expand Quilt’s sales and distribution capabilities.
5. When was the last funding round before this?
Quilt completed a $33 million Series A in April 2024.
Key takeaways
Quilt’s $20 million Series B signals strong backing from a mix of energy-focused and tech-driven venture investors. The funding builds on a sizable Series A raised earlier, emphasizing continued confidence in its product appeal and market positioning. For startup leaders in the cleantech space, the deal highlights the role of strategic board appointments and diversified investor bases in scaling hardware solutions.
Disclaimer
This content is for informational purposes and does not constitute financial advice. Readers should conduct independent research before making investment decisions.