The capital adds to the recently completed $9 million in venture debt raised by the company, with Bluon saying it will use the funding to continue developing its e-commerce platform, BluonLive, and push rapid growth in its sales teams and technician support teams.
Existing partners MacKinnon and Canadian growth equity firm Bennett & Company (MKB) also joined the fundraise, in addition to new participants Ferguson Ventures and Superseed Ventures.
“This is a seminal moment for Bluon. With the caliber and type of investors participating and our ever-growing list of commercial partners, it is clear the HVAC-R industry can see the power and potential of Bluon’s demand-based support platform and our imminent evolution into the first true brand-agnostic, e-commerce platform in all of HVAC-R,” Bluon chairman and CEO Peter Capuciati stated in the release.
Bluon provides a mobile HVAC-R support platform, which enables technicians to complete more jobs per day and to be more productive, efficient and capable. The company says the application addresses the biggest challenge facing the industry, a skilled labor shortage, by providing detailed technical information on more than 45,000 unique HVAC models.
Following its recent strategic acquisition of XREF Publishing Company, nearly 1/3 of all U.S. HVAC-R techs now use the support platform, with 2% of the market joining each month.
The high demand and adoption is leading the company to create its BluonLive e-commerce solution, with the goal of creating a sticky, brand-agnostic e-commerce platform that can provide technicians more demand-driven work.
“Every investment we make is focused on helping our customers succeed in today’s ever-changing marketplace,” said Blake Luse, Managing Director at Ferguson Ventures.
“HVAC technicians serve a critical role in how we heat, cool, and clean the air in our homes. Properly maintained equipment is critical to our health and the environment. Bluon has proven they not only add value to the technician, but techs love using the mobile app platform. The Bluon story continues to capture the attention of the industry – and for very good reason.”
In other recent proptech news, PassiveLogic raised $34 million to advance its autonomous building platform. Acorn Finance also announced a $8.4 million fundraise to help connect users with loans for home improvements.