Plentify, a pioneering climate technology enterprise based in South Africa, has successfully concluded a funding round that was 50% more subscribed than initially anticipated, securing substantial financial backing to bolster its growth within the domestic market and to facilitate its foray into international territories. This recent injection of capital saw the participation of both returning and new investors, including notable entities such as Third Sphere, TELUS Pollinator Fund for Good, Susquehanna Foundation, and Fireball Capital.
Jon Kornik, who co-founded Plentify and serves as its Chief Executive Officer, expressed that the company is diligently evaluating potential global markets where it can exert the most profound impact on climate change mitigation. The fresh funds are earmarked to propel the company towards regions that are experiencing a surge in solar energy adoption. Based on the insights from the funding report, both Australia and the United States are identified as strategic markets for Plentify’s expansion, attributed to their high rates of solar energy uptake and favorable regulatory frameworks that encourage such renewable energy initiatives.
The company’s ambitious expansion strategy is backed by an elite cadre of professionals, whose diverse experiences span illustrious organizations such as Google, Tesla, Meta (formerly Facebook), NASA, Discovery Vitality, and McKinsey & Company.
Founded in 2017 by Jon Kornik and Kailas Nair, Plentify embarked on its journey as an innovative smart energy firm with a mission to deliver cost-effective, dependable, and clean electricity solutions. The company prides itself on a multidisciplinary team that synergizes cutting-edge hardware, artificial intelligence, and consumer-focused design to create intelligent home products that not only enhance but also fortify electricity systems for the benefit of all users.
Kornik elucidated the existing disparity between the peak periods of energy demand and the availability of clean energy resources. Plentify addresses this challenge head-on with its residential load management platform, which offers a solution to balance energy supply and demand at a cost that is substantially lower—by as much as 75%—than the investment required for battery storage systems.
Throughout its existence, Plentify has demonstrated a consistent trajectory of innovation, crafting robust and flexible technological solutions to meet a wide array of energy-related challenges. The company’s growth has been characterized by strategic partnerships with prominent South African enterprises.
Kailas Nair, who co-founded Plentify and serves as the Chief Growth Officer, acknowledged the company’s expansion as a collaborative effort with local South African entities such as Balwin Properties, a leading real estate developer, and Wetility, a provider of intelligent energy solutions. These partnerships have been instrumental in integrating Plentify’s technology with existing solar and battery infrastructures, thereby facilitating the delivery of cost-effective and sustainable energy to consumers.
Shaun Abrahamson, the Managing Partner at Third Sphere, one of Plentify’s investors, praised the company’s innovative approach, suggesting that Plentify might have successfully deciphered the complexities of energy management for the smart homes of the future. He highlighted Plentify’s potential to enable households to efficiently and economically optimize their use of solar energy.
The climate technology sector in Africa has witnessed a remarkable influx of funding in recent years. In 2024 alone, climate tech startups on the continent secured $325 million in investments. This sector has seen a steady increase in financial backing, with investments rising from $340 million in 2019 to $344 million in 2020. The upward trend continued with $613 million in 2021 and $959 million in 2022, culminating in a significant milestone of $1.1 billion in 2023. This consistent growth underscores the burgeoning interest and confidence in the potential of climate technology to address environmental challenges in Africa and beyond.
