Energy financing platform Coral has raised $7.5 million to expand its instant rebate platform and make energy-efficient upgrades more accessible for building owners across the United States.
The company focuses on solving one of the biggest challenges in electrification—affordability. While technologies such as heat pumps can reduce energy costs and emissions, the upfront cost remains a barrier for many households.
The median household in the United States holds roughly $8,000 in total savings. As a result, many homeowners find it difficult to pay thousands of dollars upfront for upgrades, even if those upgrades promise long-term savings on energy bills.
Coral is working to change how these upgrades are financed. The company has developed an instant rebate platform designed to reduce upfront costs for building owners while simplifying the process for installers and incentive providers.
Installers using Coral’s platform have already sold nearly 4,000 heat pumps through the system. By providing instant rebates at the point of sale, the platform allows customers to access incentives immediately instead of waiting for reimbursements.
This approach aims to make energy-efficient upgrades more practical for homeowners who may otherwise delay or avoid these investments.
With the new funding, Coral plans to expand its operations nationwide. The company also intends to support additional upgrades, including water heaters and battery systems.
In addition, Coral is developing financing products designed to further lower the energy burden for building owners. These tools aim to make electrification projects more affordable while helping installers close projects more quickly.
The funding round includes participation from several investors focused on fintech and climate technologies. These include ResilienceVC, Twelve Below, Floating Point, Accion Ventures, Blackhorn Ventures, Remarkable Ventures, New Climate Ventures, and Watsco Ventures.
Speaking about the milestone, the founders shared their perspective on the company’s journey.
“We’ve always believed the biggest blocker to electrification was something fundamental - affordability.”
“At Coral we’re reimagining how we pay for these upgrades – changing the math for building owners, installers, and incentive providers.”
Coral was founded by Samir Pendse and co-founder Nizar Dhamani. The company works closely with installers and incentive providers to simplify the rebate process and improve access to clean energy upgrades.
The founders also acknowledged the role of their team in building the platform.
“We’re also so grateful for our founding team Colin O'Rourke, Jack Clayton, Dan Schaub, Julia Michel, Shimmy Cohen, and Nadia Marcus for always being there for our customers and partners, building an amazing product, and being incredible teammates and people.”
Coral plans to continue scaling its platform and hiring across teams as it expands across the United States. The company aims to make electrification upgrades easier to access for homeowners and building owners.
“This is just the beginning, and we’re hiring across the team to scale Coral and make electrification accessible for all.”
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