Allconnect Commitments Promising
Here's a company that's not exactly "smart energy" related, but they're certainly energy related, and smart enough to attract venture capital and a high-profile CEO. This news is included on EnergyPriorities because it's promising, for three reasons.
July 29, 2004
Allconnect raised a $16 million Series F last week, and hired Mark Miller, former president and chief operating officer of Equifax, as its CEO.
Nth Power was one of the investors, which isn't a surprise, it being an early and dedicated investor in the emerging energy technology industry, as well as an existing investor in Allconnect.
The pleasant surprise is the $10 million investment from Maveron, a Seattle VC firm of considerable renown (Starbucks chairman Howard Schultz is a principal). This is Maveron's first energy investment. That's the first reason this news is promising.
What is Allconnect? When utility customers move, they contact their power company, of course. There are also many other people to tell: water, phone, cable, gas, wireless, paper, and so on. Instead of calling all those companies, customers can go to one company -- Allconnect -- to handle them all. Customers may view it as a free service (Allconnect collects a referral fee from the companies) but the companies view it as an important channel for customer acquisition.
It's a novel business model, which is the second reason this is promising. These successful investors have taken an interest in a new category -- not a familiar model with predictable profitability -- and several notable utilities, including Puget Sound Energy, have signed up.
The third reason this is promising: the new CEO. Mark Miller headed Equifax, a big name in information management. He was previously president and CEO of a Cendant subsidiary, and president of GE Capital Financial. Global companies, call centers, technology -- Miller's experience could have fit in many companies today, but he chose Allconnect.
"Garnering the interest and commitment of an executive of Mark Miller's caliber underscores the power of Allconnect's unique model and its current leadership position in the market," says Maveron general partner Debra Somberg in a press release. Miller might say the same of Maveron's interest. With competitors moving in, only time will tell.

Comments (Moderated)
I am glad to see that you think Allconnect is a promising company. We agree completely. Ben Black, Maveron.
Posted by: Ben | November 18, 2004 09:03 PM