Bluon, a growing company in the HVAC-R space that offers a support app for HVAC technicians, today announced the closing of its Series B round with $27.6 million in equity financing. This adds to its recently completed $9 million in venture debt. The new capital will be primarily used in developing Bluon’s e-commerce platform (BluonLive) and in particular for software development and growth in its sales teams and technician support teams.
The round was led by Bluon’s existing primary capital partner, Ecosystem Integrity Fund (EIF), and included significant participation from MacKinnon, Bennett & Company (MKB), a Canadian growth equity firm investing in innovative companies shaping the future of energy and transportation sectors. The round also included participation from HVAC industry players – Ferguson and Reece through their venture arms – Ferguson Ventures and Superseed Ventures.
The support platform is designed to support HVAC technicians in the field while addressing the industry’s skilled labor shortage. Ultimately, Bluon said it enables contractors to complete more jobs each and every day, thus creating more revenue for HVAC-R distributors and OEMs industry wide.
“This is a seminal moment for Bluon. With the caliber and type of investors participating and our ever-growing list of commercial partners, it is clear the HVAC-R industry can see the power and potential of Bluon’s demand-based support platform and our imminent evolution into the first true brand-agnostic, e-commerce platform in all of HVAC-R,” said Peter Capuciati, its chairman and CEO.
“Every investment we make is focused on helping our customers succeed in today’s ever-changing marketplace,” added Blake Luse, managing director at Ferguson Ventures. “HVAC technicians serve a critical role in how we heat, cool, and clean the air in our homes. Properly maintained equipment is critical to our health and the environment. Bluon has proven they not only add value to the technician, but techs love using the mobile app platform.”
The company said the app has nearly 30 per cent per cent of the US market registered as members. The platform is brand agnostic – allowing its member technicians to have a single source of support for virtually all of their jobs.
