The archive · Climate & Energy · Strategic decision · 2022–2026
Bia Energy's software-led power bet: 4,000+ clients, Kaszek-led $18.5M round
Bia Energy bet businesses would switch retailers for data-driven power savings: 4,000+ clients, $18.5M Kaszek round, utility-software spinoff.
Bia Energy
What the business is
B2B energy retailer and technology company: it buys electricity on Colombia's wholesale market, supplies businesses, and uses smart meters plus AI analytics to cut consumption and cost; it is now adding small-scale solar generation and utility software.
Starting capital：About US$40M raised since the 2022 founding, including the US$18.5M round led by Kaszek announced in August 2026 (with Endeavor Catalyst, RA Capital, EWA Capital and the Inter-American Development Bank); earlier support included a US$10M BBVA Spark credit line (September 2024) and, per Startup Researcher, strengthened BBVA/Santander facilities plus a pre-approved COP 40 billion line.
How it started
Founded in Bogotá in 2022 by Sebastián Ruales, Leonardo Velásquez and Guillermo Plaza, Bia Energy started from the founders' reading of Colombia's energy reforms: retail competition was opening, but most businesses had no visibility into what they consumed or how to buy better. The company launched an 'intelligent' energy retailer that combines wholesale purchasing with smart meters, big data and machine learning to optimize each client's consumption.
What happened
Bia grew fast on its data-led promise: by September 2024 LatamList reported 2,500+ clients in 134 Colombian cities, up to 18% average consumption reductions, about US$8M in monthly revenue, roughly US$22.5M raised and 200+ employees. The same month it secured a US$10M credit line from BBVA Spark. In 2024 it was admitted to Endeavor's entrepreneur network. By August 2026 the company reported 4,000+ business clients and about 50 GWh of electricity managed monthly, and closed a US$18.5M round led by Kaszek to reorganize into three businesses: energy commercialization, distributed solar generation (15 energy communities of about 1 MW planned for 2026), and Olibia, its internal operating platform being spun out as software for electricity, gas and water utilities.
How it ended up
Still running and scaling: Bia is transforming from a technology-enabled power supplier into a group spanning retail supply, distributed solar generation and utility software, with about US$40M raised since founding and international talks for its Olibia platform reported in Guatemala, Argentina, Chile, Costa Rica and Colombia as of August 2026.
Background
Bia Energy's bet is that Colombia's deregulated electricity market rewards the retailer with better data. Founded in Bogotá in 2022 by Sebastián Ruales, Leonardo Velásquez and Guillermo Plaza, the company buys electricity on the wholesale market and supplies businesses while attaching smart meters and machine-learning analytics, promising clients visibility and up to 18% consumption savings.
The model scaled quickly: by September 2024 LatamList reported 2,500+ business clients across 134 Colombian cities, roughly US$8M in monthly revenue, US$22.5M raised and a US$10M credit line from BBVA Spark; the company was admitted to Endeavor's entrepreneur network the same year. By August 2026 it reported 4,000+ clients and about 50 GWh of electricity managed per month.
The August 2026 US$18.5M round, led by Kaszek with Endeavor Catalyst, RA Capital, EWA Capital and the Inter-American Development Bank, funds a strategic shift: Bia is reorganizing into energy commercialization, distributed solar generation (15 one-megawatt 'energy communities' planned for 2026), and Olibia, the software that runs its own operations, being spun out for electricity, gas and water utilities across Latin America.
What has to be true
- A dated, legible arc: founded 2022, 2,500+ clients and US$10M credit line by September 2024, then a Kaszek-led US$18.5M round in August 2026 reorganizing the company into three lines.
- The bet is concrete and contrarian in a utility market: data-led retail first, then own generation and productized software instead of betting everything on power margins.
- Traction is specific: 2,500+ clients in 134 cities and about US$8M monthly revenue (Sept 2024), then 4,000+ clients and ~50 GWh monthly (Aug 2026), with ~US$40M raised since founding.
- The outcome is in progress and observable: expansion into 15 planned solar energy communities and international pilots of the Olibia utility software.
What can be applied
Sell the measurable improvement first, then integrate down the value chain: own generation for margin and productize the software you had to build, so each stage funds and derisks the next.
Aftermath
As of 2026-09-02 Bia Energy is scaling rather than sold or shut down: it supplies 4,000+ Colombian businesses, manages roughly 50 GWh of electricity per month, and is using its Kaszek-led US$18.5M round to build 15 one-megawatt solar energy communities during 2026 and spin out Olibia, its utility operating software, as an independent business targeting electricity, gas and water companies across Latin America. The company also reports using AI to automate workflows, cutting its workforce from 170 to 115, and is complementing equity with non-dilutive credit lines from BBVA and Santander.
Sources
- Bia Energy secures $10M credit line
- Bia Energy Raises $18.5 Million to Expand into Three Business Lines
- Bia Energy se transforma en grupo corporativo tras levantar $18.5 millones de dólares
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