Tetra Raises $10.5M in Funding to Support Bi-Coastal Expansion

General
Written by
Max Veggeberg
December 14, 2023

From my years as CEO at HomeWorks Energy I saw firsthand how deeply dysfunctional the home services industry is and how it was hindering the movement to decarbonize homes. So two years ago I started a company called Tetra, with a vision to make it simple and affordable for homeowners to make the switch from fossil fuel heating and cooling systems to high-efficiency systems, like heat pumps. And today I’m thrilled to announce the completion of our Seed Funding round led by Greycroft, Gutter Capital, Lerer Hippeau Ventures and 1sharpe Capital. Firms with a great record for backing climate tech innovators and industry-redefining leaders. 

65% of home energy is used for heating and cooling. Rising energy costs are driving homeowners to look for more efficient solutions. The federal and local governments are further accelerating this demand by providing billions of dollars in incentives and rebates to homeowners and manufacturers.  However, the rush of new technologies and newly available government incentives are leaving homeowners confused, while home improvement contractors are left ill-equipped to help guide homeowners through the changing landscape. Homeowners are further discouraged by the traditional homeowner/contractor experience, which is filled with delays, phone tag, surprise costs, ghosting, and confusing paperwork. This causes homeowners to wait or sometimes forego upgrades to their home, which can cost them thousands of dollars in the long run and is worse for their families and community.

At Tetra, we are redesigning the entire experience to empower homeowners, starting with making estimates extremely convenient. Instead of scheduling an in-person walkthrough, our platform aggregates thousands of data point from public databases to provide an accurate online estimate in minutes. Homeowners never have to worry about being ghosted, they each have a dedicated Account Manager to help them navigate the complex process of rebates and financing, ensuring families unlock every benefit and never pay more than they should. And by working with only the highest quality contractors, we’re able to guarantee the system will work flawlessly for 10 years. 

 

While we’re creating a better experience for homeowners, we’re also meaningfully improving the lives of contractors. Over 90% of contractors are small businesses with ten employees or fewer. This means they are usually working 7am-5pm installing heating and cooling systems, then afterwards need to perform the administrative tasks necessary to run a business. We make their lives easier by automating the scheduling, material ordering, payment collection, and everything else to allow them to focus on their craft and creating a great customer experience. 

Since I started Tetra, we’ve installed over a thousand systems, helping homeowners save millions of dollars through rebates and lower utility bills, decrease their carbon footprint, and live more comfortably in their homes. This year, we’ll be working on expanding to two new markets - California and New York. Through 2025 and beyond we will continue to expand to new markets and increase our impact. 

If you’re a homeowner, we know how slow and painful the experience of upgrading your home can be and we’d like to change that for you. And if you are someone who is looking to take a meaningful step to beating climate change, join us. We’re building an exceptional team that’s accelerating the decarbonization of the home.

1. https://www.eia.gov/todayinenergy/detail.php?id=10271

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