Environmental and energy management software company Hara has raised $25m in new funding. It’s the company’s largest financing round and brings total investment to $45m. Hara says the additional funding will allow it to accelerate global expansion and product innovation to meet growing demand.
The finance comes from a number of ‘strategic’ investors who will help expansion across industries including manufacturing, utilities and oil and gas. Hara, has apparently already secured more than 50 leading industry and government customers. Just looking back through The Green IT Review reveals that I’ve reported on wins at News Corp, Reed Elsevier and Hasbro.
Hara certainly seems to be pushing hard for the enterprise market for energy and environmental management software and this funding should help give it added weight against some more familiar named rivals. The finance is not surprising, given the market growth expectations. Back in February Groom Energy Solutions released a study that predicts a 300% growth in the Enterprise Energy and Carbon Accounting (EECA) software market in 2011, after an even higher growth in 2010 when more than 200 corporations purchased EECA software. It’s certainly the fastest growing green IT sector at the moment. While the largest markets are the US and Europe, Asian and South American companies are steadily becoming part of the sales mix.