NL-Based Smart Thermostat Company Secures Major Investment for Continued Growth and Innovation
St. John's, NL — On Wednesday, July 15, 2020, Newfoundland-based smart thermostat tech company Mysa and partners BDC Capital and Venture NL held a virtual press conference to jointly announce funding via a successful new investment. Totalling $6.2 million, funding includes $3.2 million of Series 4 seed equity from existing investors, including Venture NL, and a $3.0 million convertible note from the BDC Capital Bridge Financing Program, a matching program designed to support Canadian startups impacted by COVID-19. The funding will fuel Mysa's continued product research and development, expansion of B2B and B2C sales channels, and future product launches outside North America.
The Honourable Seamus O'Regan, Minister of Natural Resources, shared: “Energy efficiency is at the heart of Canada's clean energy future – in fact, efficiency accounts for a full one-third of Canada's planned emissions reductions to reach our Paris Climate Agreement commitments. Mysa is a Canadian start-up success story that's going to help us get there, leading the way in cleantech with smart thermostats that let Canadians manage and reduce their energy usage.”
The Honourable Bernard Davis, Minister of Tourism, Culture, Industry and Innovation, shared the following: “The Government of Newfoundland and Labrador recognizes the important contribution of innovation to the growth of our provincial economy. As early investors in the ideas of Josh and Zach Green, we are delighted to see such a significant investment in this innovation-rich enterprise. TCII is pleased to support our innovators and entrepreneurs, delivering targeted funding and supports necessary to keep Newfoundland and Labrador businesses at the forefront of technological development – turning good ideas into innovative products, services, and ultimately, jobs. Today, we celebrate this latest achievement of Mysa and look forward to their continued contributions to help diversify, strengthen and grow our economy.”
Mysa Co-Founder and CEO Josh Green spoke of the positive impact the investment will have on the company's growth trajectory: “Coming out of a very successful 2019, we set ourselves some aggressive growth targets for 2020. When COVID-19 hit, we were grateful to be backed by a strong group of investors who were quick to pledge their support. With BDC Capital coming onboard, we add their wealth of experience, passion for innovative entrepreneurship, and the liquidity to accelerate our growth.”
Green also spoke of how the investment impacts Mysa's overarching mission: “Mysa exists to fight climate change. There is a tremendous opportunity in front of us to really make a difference in that fight; we're incredibly excited to bring our products and solutions to as many people as possible. This funding will enable us to develop more products, expand our sales channels, and ultimately, take a leadership role in shaping the future of smart thermostats.”
Chris Moyer, Director of Venture Newfoundland and Labrador — a private venture capital fund that invests in seed-stage innovation-based business primarily located in Newfoundland and Labrador and Mysa investor — shared the following: “BDC Capital has been a strong supporter of venture capital investment in Newfoundland and Labrador. They played a key role in the founding of Venture NL; through their investment in Venture NL, they have followed Mysa’s early development and recent growth. We are delighted to now welcome BDC Capital as a direct investor in Mysa. Their investment, alongside Venture NL, Killick Capital and others formed the largest funding round in the history of Venture NL. This investment will help propel Mysa to even greater heights.”
BDC Capital invests in innovators looking to transform their business ideas into successful companies. BDC Capital's Executive Vice President, Jérôme Nycz, spoke of his organization's new investment with Mysa: “There is great innovation in Newfoundland and Labrador and Mysa is providing homeowners with the ability to install cost-effective smart thermostats to cut down on electricity bills by up to 26% – talk about a win-win! With minimal sweat equity, Mysa's thermostats allow homeowners to update their homes adding real value to their property now and for the future. Under the impressive leadership of Joshua and Zachary Green, our investment, structured by way of a convertible note under the BDC Capital Bridge Financing Program, will give Mysa the runway it needs to come out of the crisis stronger and continue their growth momentum over the long-term.”
Mysa's mission is to fight climate change by creating smart thermostats that help homeowners use energy more efficiently (and save money). What began as Joshua Green's final Mechanical Engineering assignment as a student of Memorial University in 2014 has become (with the help of brother, COO, and fellow Engineer Zachary) a leading employer in the tech sector in Newfoundland and Labrador and a rising star in the smart energy product industry in North America. Their diverse team is growing at warp speed (#nerds), as is their range of energy-saving line voltage smart thermostats for electric heating. Keep watching Mysa in 2020 and beyond as they continue making change comfortable by helping customers save energy and reduce their electricity bills.
To learn more, visit getmysa.com
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For more information or to request video footage of the virtual press conference, contact Jillian Thorne at press@getmysa.com.