Heat pump startup Quilt raises $20M Series B to expand sales

Quilt, a Redwood City-based startup specializing in sleek, customizable heat pumps, has raised $20 million in a Series B funding round. This new investment follows a $33 million Series A round announced in April 2024. The Series B was led by Energy Impact Partner and Galvanize, with additional participation from Alumni Ventures, Gradient Ventures, Incite Ventures, and Lowercarbon Capital. Notably, Veery Maxwell from Galvanize and former Nest CFO Tom vonReichbauer will join Quilt’s board, reflecting the company’s strong ties to Nest, where many of its team members previously worked. The fresh capital will be used to expand Quilt’s market presence. To date, the company has installed nearly 1,000 units across 16 U.S. states and five Canadian provinces. Quilt differentiates itself in the competitive heat pump market by adopting a software- and design-first approach. For instance, it has enhanced the performance of already installed units through over-the-air software and firmware updates