Accurassi empowers consumers to make smarter and greener choices in the energy products and services they buy by changing the way energy companies interact with them.
Accurassi empowers consumers to make smarter and greener choices in the energy products and services they buy by changing the way energy companies interact with them. Instead of placing the burden of research and provider-switching onto householders, Accurassi gives their corporate clients, including recognisable brands such as Commonwealth Bank, UBank, and Kogan the opportunity to provide a value-added service through helping their own customers better understand their energy options and offer an effortless switching experience. Tractor Ventures’ revenue-based finance has given Accurassi the boost they needed to address the growing market opportunity in renewable energy with greater confidence.
CEO Ross Sharman founded Accurassi in 2018, with an initial focus on making digital customer acquisition easier and more cost effective for energy companies. Achieving this goal was going to be just a first step towards significant change that was coming for an industry still stuck in the dinosaur age. That industry is now transforming at a meteoric pace to a more environmentally-aware distributed renewables model.
The increase in climate-conscious consumerism has prompted large organisations like the Commonwealth Bank, UBank, Kogan, the Victorian Government, Brighte, and a growing number of energy retailers to look at ways to attract those customers.
By partnering with those companies, Accurassi can achieve it’s true mission to put the power of choice back in the control of household energy consumers.
Accurassi has been built with client revenue on top of some early-stage small investments and government R&D grants. This cash constraint has been the driver behind Sharman’s disciplined decision-making and successful business development to date, however, that same constraint is the reason why Accurassi has been somewhat held back.
The standard securitisation requirements of traditional bank lenders made business loans hard to get and the onerous application process for governments grants through matched funding was also unappealing, so, Sharman turned to venture capital. Unfortunately though, the rapid change in the energy sector has made it hard to pin down the market opportunity, and the Accurassi pitch fell flat with the VC community.
The Accurassi team had been in touch with Tractor Ventures for a few months before reaching a position where the revenue-based funding was appropriate.
Sharman says, “we were at the tail end of a tough 12 months and it took us a bit of time to turn that corner. Matt, Darcy, and Jodie, stayed in touch, which speaks volumes about the quality and beliefs of the team. They have a brilliant empathetic approach that I’d not experienced in the financing space before. Since we’ve come on board, I’ve met the rest of the team—Lance, Kirsti, Aprill, Lox and Gaz—and they each have the expertise we need to help us grow.”
From the time Accurassi exceeded the minimum monthly recurring revenue target needed to apply for Tractor Ventures funds, the process was quick and easy. The biggest benefit, according to Sharman, is that the funding doesn’t come with the same burdens of typical equity investment and the associated pressures to get to the next raise.
Accurassi’s loan enabled them to hire some key people and fund a development project—both of which have expanded the team’s vision and catapulted the company’s goals to be much bigger than they were pre-funding. With market validation currently underway, Accurassi may soon be adding even more fuel to their tractor, broadening their scope towards building a high-impact future-proofed energy platform.
From an advisory standpoint, the Tractor Ventures team has been offering mentorship and guidance on a number of facets including staff engagement, network introductions, capital raise advice, and operations.
"Tractor's investment came at a critical time for us, allowing some key hires to happen. Our growth goals have now increased as a result, and we’re now ready to capitalise on more emerging partnerships within the residential energy sector. This global market is expected to grow to $4tn as we run more of our transport and heating on renewable electricity. Tractor’s ongoing advice and support drives us towards this goal in an incredibly valuable way’"
— Ross Sharman, Exec Director & Founder
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