Tem Raises $75 Million in Oversubscribed Series B Round

Tem has raised $75 million in an oversubscribed Series B funding round led by Lightspeed Venture Partners.

Investors in the round include AlbionVC, Allianz, Atomico, Hitachi Ventures, Revent, Schroders Capital and Voyager Ventures.

The financing values the company at more than $300 million and brings total funding to $94 million.

Tem is a London-based company founded in 2021 that operates an AI-powered platform for energy transactions.

The platform features Rosso, a transaction engine that matches electricity generators with consumers, and RED, a neo-utility service.

It serves more than 2,600 business customers across the United Kingdom and handled $300 million in annual gross transaction value along with 2 terawatt hours of energy in 2025.

Customers have achieved savings of up to 30 percent on energy bills.

"Energy underpins every industry in the world, and yet no one has succeeded in course-correcting the fundamentally flawed way the markets work," said Joe McDonald, co-founder and chief executive of tem.

McDonald told TechCrunch the company decided to raise the capital to support its goals.

"We’re in a nice position where we kind of have control over our own profitability. So I could have chosen not to raise at all and had a lovely, nice bootstrap business in some ways. Well, we’re not that kind of business. We know what we want to achieve as someone who wants to go public over the years."

Tem plans to use the proceeds to expand into Australia and the United States, beginning with Texas.