RealTime IT News

Essential.com Secures $5 Million in Venture Funding

Privately held Essential.com, which bills itself as "the Web's first Energy and Communications Superstore," said it has received a $5 million investment from Comdisco Ventures.

The company's online, one-stop shop markets energy, Internet access and telephone service.

"Our customer base has been doubling every month, and our partnership with Comdisco Ventures will enable us to invest in the necessary Web infrastructure to support this phenomenal growth rate," said Akhil Garland, Essential.com's founder and CEO.

The $5 million in subdebt funding and equipment-based financing from Comdisco follows a recent multi-million dollar infusion of venture capital from e-commerce and utility venture capital groups including Bessemer Ventures, Brand Equity Ventures, and EnerTech Capital.

Essential.com allows consumers to compare providers, services and pricing plans in a comprehensive chart, and make informed decisions. A single consolidated bill, which can be reviewed and paid on-line, offers usage analysis in a variety of formats.

Comdisco Ventures, a division of Comdisco Inc., has committed more than $1.5 billion in capital to more than 600 venture capital-backed start-up companies since its inception.