Web3 energy startup founded by former Revolut staff raises $78 million.

Former Revolut chief revenue officer Alan Chang has raised $78 million for his energy-market tokenisation startup, Tesseract, according to The Block.

The project’s co-founder is another former Revolut employee, Charles Orr.

According to Chang, Tesseract raised $30 million in traditional equity. The rest was raised through the sale of its own token.

The funding round included venture firms Balderton, Lakestar, Accel, Low Carbon, Ribit Capital, Box Group and former Formula 1 driver Nico Rosberg.

According to LinkedIn, Chang left Revolut in September, although he founded the startup nine months earlier. Reporting on the event, in Insider he was described as the “key aide” to Revolut founder Nikolai Storonsky.

In May, reported that Tesseract had secured seed funding from Balderton, Accel and Creandum at a $150 million valuation.

The startup plans to buy energy from renewable sources at fixed prices and offer it to consumers through power purchase agreements. The latter tokenises power. Each token will confer ownership of 1 W of capacity in the company’s network.

“Our co-founders, Alan Chang and Charles Orr, were among the first employees of Revolut, which turned a small startup into a fintech success worth $33 billion. They built the company profitable and attracted more than $500 million in venture capital. Now they are set to do the same in the energy sector,” according to a заявлении from Tesseract.

Since the start of the year, cryptocurrency-friendly Revolut has taken a number of additional steps in the Web3-industry. In April the company confirmed the development of a wallet for digital assets.

In May Storonsky announced plans for Revolut to launch its own token.

In August the fintech company received approval from the Cyprus Securities and Exchange Commission, which allows it to offer cryptocurrency services in the European Economic Area.

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