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- Octopus Energy Group
Octopus Energy Group Revenue, Valuation, Funding & Investors
Octopus Energy Group is valued at $9B as of May 2024, a 0.5x revenue multiple. Octopus Energy Group revenue was $18B and Octopus Energy Group EBITDA was $121M, as disclosed with its December 2025 round.
Last Octopus Energy Group valuation
$9B
Secondary · May 2024
Last Octopus Energy Group funding round
$320M
Undisclosed stage · Dec 2025
Octopus Energy Group revenue
$18B
Undisclosed stage · Dec 2025
Key investors in Octopus Energy Group
Origin Energy
CPP Investments
Generation Investment Management
Tokyo Gas
Aware Super
Octopus Capital
About Octopus Energy Group
Octopus Energy Group is a London-based energy and technology group and the largest household energy supplier in the United Kingdom. It supplies electricity and gas under the Octopus Energy brand, sells and installs heat pumps, solar panels and batteries, leases electric vehicles, and manages renewable generation assets through Octopus Energy Generation. The group incubated Kraken, the utility operating system licensed to E.ON, EDF, Origin Energy and others, which raised about USD 1bn at a USD 8.65bn valuation in December 2025 ahead of a demerger after which Octopus keeps a 13.7% stake. In the year to April 2025 the group reported revenue of GBP 13.7bn and underlying EBITDA of GBP 90m, and it served about 10 million customers globally. It earns mainly from energy supply, with further income from installations, technology licensing and fund management. Its shareholders include Octopus Capital, Origin Energy, Tokyo Gas, Generation Investment Management and CPP Investments. The company was founded in London in 2015 by Greg Jackson.
Founded
2015
HQ
Website
Status
Privately held
Customer focus
B2C & B2B
Revenue model
Usage-based
Revenue
$18B (Dec 2025)
Valuation
$9B (May 2024)
Octopus Energy Group Valuation
Octopus Energy Group is currently valued at $9B, based on its secondary sale in May 2024. Read the announcement ↗
The $370M round included Aware Super, CPP Investments and Generation Investment Management.
Octopus Energy Group's valuation has grown 6.8x from $1.3B at its strategic investment round in May 2020 to $9B in May 2024, across 7 priced rounds.
Octopus Energy Group valuation by funding round
Revenue multiple| Date | Stage | Valuation | Revenue Multiple |
|---|---|---|---|
| May 2024 | Secondary | $9B | 0.5x |
| Dec 2023 | Undisclosed stage | $7.8B | 0.5x |
| Jul 2022 | Undisclosed stage | $5B | 1.0x |
| Dec 2021 | Undisclosed stage | $5B | - |
| Sep 2021 | Undisclosed stage | $4.6B | - |
| Dec 2020 | Strategic investment | $2.1B | - |
| May 2020 | Strategic investment | $1.3B | - |
Octopus Energy Group Revenue
Octopus Energy Group's latest recorded revenue is $18B, as of its undisclosed-stage round in December 2025.
Revenue grew from $4.9B in July 2022 to $18B in December 2025.
Octopus Energy Group revenue by funding round
| Date | Revenue * | Valuation | Revenue Multiple | Stage |
|---|---|---|---|---|
| Dec 2025 | $18B | - | - | Undisclosed stage |
| May 2024 | $17B | $9B | 0.5x | Secondary |
| Dec 2023 | $17B | $7.8B | 0.5x | Undisclosed stage |
| Jul 2022 | $4.9B | $5B | 1.0x | Undisclosed stage |
* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.
Octopus Energy Group Funding History
Octopus Energy Group has raised a total of $3.2B across 7 funding rounds, plus 1 secondary share sale.
Octopus Energy Group's first fundraising round was a $327M strategic investment round in May 2020. The most recent completed round was a $320M undisclosed-stage round in December 2025.
Octopus Energy Group funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Dec 2025 | Undisclosed stage | Octopus Capital | $320M | - | Octopus Energy Group received a further USD 320m of equity on 29 December 2025 from investors led by Octopus Capital, its largest shareholder, to fund innovation and growth. The injection was announced alongside the first standalone investment round in the group's software subsidiary Kraken, in which new and existing investors led by D1 Capital Partners acquired about USD 1bn of Kraken equity at a valuation of USD 8.65bn. Together the two transactions almost doubled Octopus Energy Group's balance sheet, and they prepared a demerger of Kraken after which Octopus would keep a 13.7 per cent stake in it. No valuation was published for Octopus Energy Group itself. At the time the group had more than 10,000 staff, 11 million customers and USD 10bn of generation under management, alongside businesses in electric-vehicle leasing and heat pumps. In the year to April 2025 it reported revenue of GBP 13.7bn and underlying EBITDA of GBP 90m. Octopus Energy was founded in 2015 by Greg Jackson with backing from Octopus Group and became the largest household energy supplier in the United Kingdom. |
| May 2024 | Secondary | Aware Super; CPP Investments; Generation Investment Management | $370M | $9B | Aware Super took a stake in Octopus Energy through a secondary trade forming part of a US$370 million (about GBP 300 million) investment arranged with existing shareholders Generation Investment Management and CPP Investments. The transaction valued the UK energy and technology group at US$9 billion (GBP 7.2 billion), a 15 per cent uplift on the previous round, and lifted Generation's holding to 13 per cent and CPP Investments' to 12 per cent. It was among the first private equity deals originated from Aware Super's London office. |
| Dec 2023 | Undisclosed stage | CPP Investments; Tokyo Gas; Origin Energy; Generation Investment Management | $796M | $7.8B | Octopus Energy Group, a clean energy technology company and the UK's largest power retailer serving 7.2 million global retail customers, secured additional investment on December 18, 2023, co-led by CPP Investments committing £300m (C$511m), with participation from Generation Investment Management, Origin Energy, and Tokyo Gas. The funding round, totaling around $800m including £625m from existing shareholders, valued the company at $7.8bn (£6.2bn), a 60% increase from the prior December 2021 round. This capital supports global expansion via its Kraken technology platform, which manages 52 million accounts worldwide and is licensed to major energy players, alongside growth in renewables, heat pumps, and EV offerings. CPP Investments highlighted Octopus's role in the energy transition, noting its market-leading customer proposition and technology. The investment aims to create 3,000 green jobs in the UK and fuel international growth. A subsequent May 2024 follow-on by CPP and Generation increased valuation to $9bn (15% uplift), with CPP at 12% and Generation at 13% ownership. |
| Jul 2022 | Undisclosed stage | CPP Investments (lead); Tokyo Gas; Origin Energy; Generation Investment Management | $550M | $5B | Octopus Energy Group, a global clean energy technology pioneer, completed a funding round on July 26, 2022, securing US$325m from existing investors including Generation Investment Management, Origin Energy, and Tokyo Gas, plus an additional US$225m commitment from CPP Investments, totaling US$550m. This followed a December 2021 primary round where the company was valued at approximately US$5 billion after investments of $600m from Generation Investment Management and $300m from CPP Investments for a 6% stake. CPP Investments led the latest commitments as part of a strategic partnership to support Octopus' global expansion, Kraken technology platform deployment, and integration of renewables into the power system using Kraken Flex. The funds were allocated to bolster Octopus' UK tech operations and international growth, with CPP's portion specifically enhancing renewables integration and smart energy solutions across the supply chain. Octopus, known for its market-leading customer proposition, operates as the UK's largest power retailer and licenses Kraken to support retail, generation, flexibility, and other sectors globally. The company focuses on renewable energy, heat pumps, electric vehicles, and serves customers while managing significant renewable projects. This round built on prior investments from sustainability-focused backers like Generation and CPP, positioning Octopus to accelerate its role in the energy transition. |
| Dec 2021 | Undisclosed stage | CPP Investments (lead) | $300M | $5B | Canada Pension Plan Investment Board invested USD 300 million in Octopus Energy Group in December 2021 as part of a strategic partnership with the British energy technology company. The round valued Octopus Energy Group at approximately USD 5 billion, following the USD 600 million investment agreed with Generation Investment Management earlier the same year. It was the company's third major investment round since it launched to the market. Octopus said the capital would support global expansion, its renewables strategy and further development of the Kraken technology platform, including the KrakenFlex flexibility business used to integrate renewable generation into the power system. The commitment was completed in July 2022, when Octopus closed the round with USD 325 million from existing shareholders on the terms agreed in December 2021 and a further USD 225 million from CPP Investments. Octopus Energy Group was launched in 2016, operates in more than a dozen countries and licenses Kraken to other major energy suppliers including E.ON and EDF. |
| Sep 2021 | Undisclosed stage | Generation Investment Management (lead); Origin Energy | $655M | $4.6B | Octopus Energy Group announced on 27 September 2021 a strategic partnership under which Generation Investment Management would invest up to USD 600 million for a stake of up to approximately 13 per cent, alongside an equity investment of about USD 55 million from Origin Energy. The deal valued the British energy technology group at USD 4 billion before the investment and up to USD 4.6 billion after it. The structure comprised USD 300 million invested immediately with a further USD 300 million to follow by June 2022 subject to funding conditions. Octopus said it would use the proceeds to expand internationally and to develop its Kraken technology platform, which at the time was contracted to serve 17 million energy accounts through Octopus's own retail businesses and licensing agreements with Good Energy, Hanwha, Origin Energy, nPower and E.ON. Octopus Energy Group was launched in 2016 and combines energy retail, renewable generation and the Kraken software platform, managing more than GBP 3 billion of renewable assets and serving several million customers across a dozen countries. |
| Dec 2020 | Strategic investment | Tokyo Gas (lead); Origin Energy | $247M | $2.1B | Octopus Energy Group, a UK-based clean energy technology company, develops the Kraken platform for energy retail and smart grid management, serving 1.8 million UK households at the time and expanding internationally. On December 23, 2020, it announced a landmark partnership with Tokyo Gas, including a joint venture TG Octopus Energy (70% Tokyo Gas, 30% Octopus) to launch Octopus-branded renewable energy services in Japan, marking its Asian entry. Tokyo Gas acquired a 9.7% equity stake for $200 million, with Origin Energy adding approximately $50 million, bringing total new investment to $250 million and valuing the group at $2.1 billion. The investment supported accelerated global expansion, technology development like smart grid enhancements, and the green energy transition, following Octopus's growth amid COVID while maintaining service levels. It positioned Octopus among major players like the UK's 'New Big 6' energy suppliers, with launches in the US, Australia, Germany, and New Zealand, aiming for 100 million global customers by 2027. Origin Energy, having invested earlier in May 2020, used this to maintain its approximately 20% stake. This round built on prior funding, with Tokyo Gas as lead, focusing on renewables and tech innovation. Subsequent rounds, like $655M in 2021 and $800M in 2023 valuing at nearly $8 billion, reflect ongoing growth with the same investors. |
| May 2020 | Strategic investment | Origin Energy (lead) | $327M | $1.3B | Octopus Energy Group, a UK-based energy technology company, announced a major strategic partnership with Australia's Origin Energy on April 30, 2020, where Origin acquired a 20% stake valuing the company at well over £1 billion, achieving unicorn status. The deal included licensing Octopus's Kraken technology platform to transform Origin's Australian retail business and a three-year company guarantee for working capital support in Octopus's UK and international operations. Contracted software licensing revenue exceeded £300 million over the next three years, with the investment earmarked for global expansion, technology development, and establishing a Future Energy Research Centre. Octopus Energy operated an efficient energy retail arm in the UK and Germany at the time. The company remained majority owned by Octopus Group, a £9 billion UK investor in energy, technology, and growth businesses, which is the UK's largest solar energy investor. This investment followed a technology deal with E.On, migrating 6 million UK customers to the Kraken platform. Origin's initial investment exceeded £200 million per company accounts, with the stake acquisition effective May 1, 2020. Subsequent investments by Origin and others have increased over time, but the 2020 round specifically marked Octopus's unicorn valuation and strategic entry into Australia via technology licensing. No specific revenue, ARR, or EBITDA figures for Octopus Energy Group around the round date were detailed in sources. |
Who has invested in Octopus Energy Group?
6 investors have backed Octopus Energy Group across its funding rounds, including Origin Energy, CPP Investments, Generation Investment Management, Tokyo Gas, Aware Super and Octopus Capital.
Lead investors include CPP Investments, Generation Investment Management, Tokyo Gas and Origin Energy.
Octopus Energy Group Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 5 | Lead | May 2020 | ||
| 4 | Lead | Dec 2021 | ||
| 4 | Lead | Sep 2021 | ||
| 3 | Lead | Dec 2020 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Octopus Energy Group
Octopus Energy Group has acquired 13 companies to date.
Last acquisition by Octopus Energy Group was on September 1st 2026. Octopus Energy Group acquired BD Energy for undisclosed valuation.
Latest Acquisitions by Octopus Energy Group
| Description | BD Energy is a power trading company that combines weather data, engineering analytics, and custom algorithms to operate in volatile electricity markets across Europe and North America. | Uplight is a Boulder-headquartered energy software provider formed in 2021 from mergers of Tendril, Simple Energy, FirstFuel, and EnergySavvy. The platform delivers customer engagement tools for utilities including demand response programs and energy efficiency analytics from smart meter data. Uplight serves over 100 North American utilities, managing 40 million customer accounts. | Kuppa is a UK-based B2B platform supplying intelligence and data services to businesses facilitating the energy transition in residential settings. | - | |
| HQ Country | |||||
| HQ City | Aarhus | Boulder, CO | London | Coventry | |
| Deal Date | 1 Sep 2026 | 23 Mar 2026 | 11 Nov 2025 | 1 Sep 2023 | |
| Valuation | undisclosed | $1.5B | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
This data is available for Pro users. Sign up to see all Octopus Energy Group acquisitions and their M&A valuation multiples. Start Free Trial | |||||
Investments by Octopus Energy Group
Octopus Energy Group has invested in 6 companies to date.
Latest investment by Octopus Energy Group was on April 2nd 2024. Octopus Energy Group invested in Ocergy in their $14M Series B round.
Latest Investments by Octopus Energy Group
| Description | Ocergy is a Lisbon-headquartered developer of floating offshore wind turbine foundations and multi-purpose ocean platforms for energy production and environmental monitoring. | Deep Green is a Dublin-based data center operator that captures server waste heat for district heating networks, supplying warm water to residential and commercial buildings at no cost. The company manages hyperscale facilities in Ireland with 100% heat reuse, partnering with utilities to reduce urban carbon emissions through integration with existing infrastructure in cities like Dublin and Cork. | Kensa Group is a British manufacturer and installer of ground source heat pumps. Headquartered in Callington, Cornwall, it produces the Heatbricks modular system for domestic and commercial heating. The company supplies over 50,000 pumps across the UK, replacing gas boilers with renewable energy solutions. Kensa Contracting handles nationwide installations, while its Smart Grid service optimizes energy use. Established in 1999, Kensa leads the UK market with Government-backed certifications. | Xlinks is a London-headquartered energy infrastructure developer building high-voltage direct current undersea cables to export solar power from Morocco to the UK. Its Xlinks Morocco-UK project spans 3,800 km, delivering 11.5 GW capacity to meet 8% of UK electricity demand. The company advances similar links to Singapore and other grids. Xlinks partners with TotalEnergies for PV farms in North Africa. Founded in 2020, it focuses on long-duration transmission for net-zero transitions. | |
| HQ Country | |||||
| HQ City | San Francisco, CA | London | Truro | Basildon | |
| Deal Date | 2 Apr 2024 | 15 Jan 2024 | 16 May 2023 | 26 Apr 2023 | |
| Round | Series B | Undisclosed stage | Undisclosed stage | Strategic investment | |
| Raised | $14M | $254M | $87M | $38M | |
| Investors | - | - | Legal & General Capital | TAQA | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Octopus Energy Group Competitors
Octopus Energy Group competitors include listed companies like Grupo Energía Bogotá, Sembcorp, APA Group and NTPC Green Energy, and private ones like SK on and Gridspertise.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $2.5B | $1.9B | $8.7B | 6.2x | ||
| Publicly listed | $4.5B | $1.6B | $8.1B | 3.2x | ||
| Publicly listed | $2.1B | $1.5B | $11B | 9.6x | ||
| Publicly listed | $291M | $264M | $7.3B | 22.8x | ||
| Private | $5.8B | - | $17B | 2.9x | ||
| Private | - | - | $719M | - |
Octopus Energy Group Public Comps
Octopus Energy Group is still privately-owned, but its public comps include CPFL Energia, Eneva, Centrica, Grupo Energía Bogotá, Grupa PGE, Redeia, OPC Energy, Idacorp, Enlight Renewable Energy and Enel Americas.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $8.2B | $2.4B | 1.8x | 2.0x | 6.3x | 6.1x | |||
| $3.4B | $1.2B | 4.1x | 5.0x | 11.5x | 13.0x | |||
| $26B | $722M | 0.3x | 0.3x | 12.3x | 5.2x | |||
| $2.5B | $1.9B | 5.6x | 6.2x | 7.5x | 11.8x | |||
| $16B | $369M | 0.6x | 0.6x | 27.2x | 3.0x | |||
| $1.9B | $1.4B | 5.0x | 4.8x | 6.5x | 6.4x | |||
| $864M | $275M | 13.5x | - | 42.3x | - | |||
| $1.8B | $713M | 6.9x | 6.2x | 17.5x | 15.8x | |||
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Common questions about Octopus Energy Group
| When was Octopus Energy Group founded? | Octopus Energy Group was founded in 2015. |
| Where is Octopus Energy Group headquartered? | Octopus Energy Group is headquartered in London, United Kingdom. |
| Is Octopus Energy Group publicly listed? | No, Octopus Energy Group is a private, VC-backed company. |
| What is Octopus Energy Group's valuation? | Octopus Energy Group was last valued at $9B in its secondary sale in May 2024. |
| How much funding has Octopus Energy Group raised? | Octopus Energy Group has raised $3.2B across 7 funding rounds. |
| What was Octopus Energy Group's last funding round? | Octopus Energy Group's last funding round was a $320M undisclosed-stage round in December 2025. |
| Who are Octopus Energy Group's investors? | Octopus Energy Group's investors include Origin Energy, CPP Investments, Generation Investment Management, Tokyo Gas, Aware Super and Octopus Capital. |
| What is Octopus Energy Group's revenue? | Octopus Energy Group's latest recorded revenue is $18B (December 2025). |
| Which companies are comparable to Octopus Energy Group? | Companies comparable to Octopus Energy Group include Grupo Energía Bogotá, Sembcorp, APA Group, NTPC Green Energy, SK on and Gridspertise. |
| How many companies has Octopus Energy Group acquired? | Octopus Energy Group has acquired 13 companies, including BD Energy, Uplight, Kuppa, Shell Energy Retail and Bulb Energy. |
| What was the largest acquisition by Octopus Energy Group? | The $4.3B acquisition of Octopus Renewables in March 2021 is the largest acquisition Octopus Energy Group has made to date. |
| How many companies has Octopus Energy Group invested in? | Octopus Energy Group has invested in 6 companies, including Ocergy, Deep Green, Kensa Group, Xlinks, Be.EV and Exagen Group. |
| What was Octopus Energy Group's last investment? | In April 2024, Octopus Energy Group invested in Ocergy's $14M Series B. |
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