The Colombian company Bia, dedicated to virtual energy marketing, received a capital investment of USD$16.5 million.
Sebastián Ruales, CEO and co-founder of Bia, explained that this capital injection allowed them to reach break-even point a year after entering the market.
The USD$16.5 million investment represents a significant endorsement from Kaszek, the leading venture capital firm in the region, which sees the business model as an alternative to address the current and future demands of an energy market vital for socioeconomic development.
In crucial contexts such as the transition to sustainable energy sources or climate phenomena like El Niño, efficient management of energy consumption requires innovations that facilitate informed decision-making.
This is the attractive proposition of Bia: placing the user at the center of the equation in a sector accustomed to paper-based billing, ensures Ruales.
The CEO of Bia highlights the significant achievement of the company in achieving profitability just a year after starting its operations.
“For a startup, even for a traditional company, achieving profitability within just a year of its operational start is an outstanding feat that cannot be taken for granted.
“This reflects the commitment we’ve had to sustainable growth, a profitable business model, and our financial maturity from day one,” explained the executive.
According to Ruales, Bia will allocate the funds from this new capital injection to continue driving its growth, improving the user experience through technology, and hiring more talent.
“We want to announce that we have secured a financial structure for USD$10 million, which will be exclusively allocated as guarantees for our energy buying and selling.”
“This is great news for Bia and the sector, as amidst the uncertainty, there is a marketer with financial strength, guarantees, and solidity to provide security to the end-user and promote competitiveness in the market,” revealed the CEO.
Sebastián Ruales also detailed that the macro objective is to instill confidence and tranquility in the rest of the sector: generators, transmitters, distributors, and even investors, that there is a marketer taking the necessary measures to ensure responsible, solid, and long-term growth.
“Our technological edge is allowing us to grow at an accelerated pace, and that’s why these capital injections we’re announcing are crucial to provide reassurance to our stakeholders. Our expansion is happening in the most organized manner possible,” stated the Bia co-founder.
According to Ruales, Bia is the energy marketer for 1,500 businesses in Colombia, representing operational revenues of over $12 billion monthly.
The Colombian company aims to finish 2023 with a revenue of $20 billion per month, with the contracts they already have signed with their clients and those they expect to come.
“Among our clients are representatives from the country’s most important industries: hospitality, banking, retail, restaurants, shopping centers, manufacturing companies, consumer goods companies, to name a few.
“It’s important to emphasize that today we provide direct employment for more than 120 people,” concluded the Bia leader, already focusing on 2024 to establish the company as one of the most important in the sector in that South American country.
