Revolutionizing Energy Consumption Tracking

The dynamic duo behind the successful FinTech venture Flinks is at it once again, transitioning from financial data to revolutionizing utility management with their latest startup, Deck. Co-founders Yves-Gabriel Leboeuf and Frédérick Lavoie have set out on a mission to empower businesses to efficiently track energy consumption through an innovative application programming interface (API).

Deck has successfully secured a whopping $4.5 million USD (equivalent to $6.2 million CAD) in an all-equity seed funding round. This round was co-led by two notable investment firms: Toronto’s Golden Ventures and Better Tomorrow Ventures based in San Francisco, with additional support from the Montréal-based Luge Capital. With this latest influx, Deck's total funding has now reached $6.5 million USD ($8.9 million CAD).

Leboeuf, now the CEO of Deck, shared insights with BetaKit regarding previous funding efforts. Earlier this year, they raised $2 million from angel investors, primarily comprised of supportive friends and family members who had seen great returns on their earlier investments in Flinks.

Deck aims to tackle a pressing challenge many companies face regarding sustainability reporting: the arduous process of collecting energy data from various utility accounts. "Hiring individuals to log in and manually gather data is not an efficient use of resources," Leboeuf explained. Instead, Deck’s solution automates this task, making energy data more accessible and ultimately streamlining sustainability practices for businesses.

This move is especially significant as Canada ramps up its energy-related disclosure regulations. Recently, the federal government announced amendments to the Canada Business Corporations Act, which will mandate corporate energy and climate disclosures. The Canadian Sustainability Standards Board is also evolving its sustainability reporting requirements—a landscape Deck is eager to navigate.

The capabilities of Deck are multifaceted; it provides a user-friendly platform that connects with energy providers to compile data from multiple accounts, granting businesses a comprehensive view of their energy consumption through a navigable dashboard known as Deck Self Serve. This feature is not only advantageous for large corporations with numerous franchises but is also designed to be beneficial for small and medium-sized businesses (SMBs) struggling to automate their utility data management.

Leboeuf and Lavoie are familiar with the intricacies of data connectivity and automation, having co-founded Flinks in 2016. Their previous venture focused on streamlining the connection between consumer banking data and FinTech platforms without relying on screen-scraping—a move that placed them ahead of competitors like Plaid. Following a successful funding journey of $19 million and a fruitful exit when National Bank acquired Flinks in 2021, the founders are now diversifying their expertise into what they term "open utility."

Deck is committed to transforming how organizations approach energy data. As the landscape shifts dramatically towards transparent sustainability practices, the need for efficient data systems has never been greater. "Before you can optimize anything, you need to quantify it," noted Karim Gillani, a General Partner at Luge Capital, emphasizing the vital role Deck can play in enhancing transparency within the utility sector.

While focusing on product development, Deck currently maintains a lean workforce of 14 employees, ensuring that they remain agile as they forge ahead. “We’ve learned from past experiences to invest where it counts and know the right time to expand,” said Leboeuf, indicating a strategic approach toward growth to avoid the pitfalls many startups encounter.

As the industry shifts towards requiring more transparency and accountability for energy consumption, Deck is poised to be at the forefront of this transformation, making waves not just in Canada but globally. Could this startup redefine how businesses interact with utility data? Only time will tell, but the signs indicate their innovative approach could indeed set a new standard for sustainability in the corporate world.