NEW YORK--(BUSINESS WIRE)--Sealed today announced the expansion of its Series B funding with an additional $29.5 million equity investment led by Fifth Wall Climate Tech with participation from Robert Downey Jr.’s FootPrint Coalition, CityRock Venture Partners, Cyrus Capital and Keyframe Capital, bringing its total capital raised to $62.5 million. The investment follows explosive company growth as homeowners adopt Sealed’s model for eliminating the complications and up-front costs of heat pump HVAC, weatherization and other home improvements that stop energy waste, enhance comfort and slash greenhouse gas emissions.
Sealed grew 350% from 2020 to 2021, driven by increasing heat pump sales and an initial series of expansions from New York State to Connecticut, New Jersey and the Philadelphia metro area. Sealed recently expanded to the Chicago metro area on its march towards national expansion.
“We jumped at the chance to increase our investment in Sealed because they have proven they can execute in new markets, attract top-level talent, and scale their proven direct-to-consumer marketing model,” said Greg Smithies, Partner at Fifth Wall and co-lead of the Climate Tech Investment team. “Sealed has created the easy button for energy efficiency in consumers’ homes. Most people want their homes to be comfortable and efficient, they just don’t know how to do it or finance it. Sealed has created the one-stop shop to get that work done and financed, with zero cash outlay, and more importantly, zero headache, to the homeowner. That’s completely unique in the market.”
Sealed was founded in 2012 to make it easy and affordable for people to be more comfortable in their homes while using less energy. Sealed’s work also slashes carbon emissions from home energy use, which account for 20% of the U.S. total. With 85% of the nation’s housing stock built before 2000, millions of homes are poised to reap the benefits of upgrading insulation, sealing air leaks and replacing inefficient, fossil-fuel powered heating systems with electric heat pumps.
“Updating America's outdated housing stock with high performance insulation, smart technology and efficient heat pump HVAC is key to eliminating energy waste and fighting climate change – and homeowners are really waking up to this,” said Lauren Salz, CEO at Sealed. “Surging interest in Sealed positions us to dominate the home energy efficiency and electrification market. Our investors have decided to double down so we can meet that demand.”
Sealed provides homeowners with top-to-bottom support designing, managing, and financing home weatherization and electrification upgrades. After a remote home assessment, Sealed determines the right combination of home improvements to reduce energy waste, including insulation, air sealing, smart thermostats, lighting, and heat pump HVAC. Resulting efficiencies can cut energy use by as much as 50% while balancing out temperatures across the house and eliminating fossil fuel heating sources. Because Sealed’s unique payment program is based on actual energy reductions achieved, the company is accountable for its impact.
“In these times of a global energy transition and geopolitical unrest, Americans are more motivated than ever to stop wasting energy and move away from fossil fuels,” said Andy Frank, President and co-founder of Sealed. “With a decade of experience providing homeowners more comfort with less energy, Sealed is the perfect company to deliver a new type of weatherization and electrification home improvement experience that meets the moment. With the added support of this investment round, we are ready to expand our services to millions of American homes.”
About Sealed:
Sealed is a climate tech company on a mission to stop home energy waste and electrify all homes. Sealed designs, manages and finances home weatherization and electrification projects, making it easy and affordable for people to be more comfortable while using less energy. Our proven holistic approach can reduce energy use by 50% and take a home completely off of fossil fuels with upgrades like high-performance insulation, air sealing, and heat pump HVAC. Our expert team designs the right solution, matches top-rated local contractors, and manages the project start to finish. Sealed covers the upfront costs, and we’re accountable to impact: if we don’t cut energy waste, we don’t get paid. Sealed is venture backed and based in New York City. Learn more at sealed.com.
