Heat pump startup Quilt secures $20 million in Series B funding to boost sales

Quilt Secures $20 Million in Series B Funding

Redwood City-based startup Quilt, known for its modern and customizable heat pumps, has successfully raised $20 million in a recently completed Series B funding round. This follows a previous Series A round in April 2024, where the company secured $33 million.

The latest investment was co-led by Energy Impact Partners and Galvanize, with additional backing from Alumni Ventures, Gradient Ventures, Incite Ventures, and Lowercarbon Capital. As part of this round, Veery Maxwell from Galvanize and former Nest CFO Tom vonReichbauer will join Quilt’s board of directors—a logical move, considering many members of the Quilt team previously worked at Nest.

Plans for Growth and Expansion

According to co-founder and CEO Paul Lambert, the new capital will be used to broaden Quilt’s reach. To date, the company has deployed close to 1,000 heat pump units across 16 states in the U.S. and five provinces in Canada, as shared in a recent update on their website.

Innovative Approach in the Heat Pump Industry

Quilt stands out as one of the few startups taking on established players in the heat pump sector. Their strategy centers on prioritizing both software and product design. For instance, Quilt recently delivered an over-the-air update to existing heat pump units, boosting their performance by over 20% through enhanced software and firmware.