Overview
- New and existing investors bought about $1 billion of equity in Kraken, leaving Octopus with a 13.7% stake in the spun-out company.
- Investors led by Octopus Capital are injecting an additional $320 million into Octopus Energy, with most proceeds reported to support the parent’s growth.
- D1 Capital Partners led the round alongside Fidelity International, Ontario Teachers’ Pension Plan and Durable Capital Partners, while Origin Energy committed roughly $140 million and keeps a 22.7% interest.
- Kraken’s AI-powered platform is contracted to serve more than 70 million customer accounts and reported contracted annual revenue above $500 million as of September.
- Octopus and Kraken say independence removes perceived conflicts with would-be clients and sets up optionality for a potential IPO in London or New York.