Octopus Energy
Funding History
| Growth Round – Generation Investment Management · 09/2021 | $4.6B |
|---|---|
| Growth Round – CPP Investments Partnership · 12/2021 | $5.0B |
| Growth Round – International Expansion · 12/2023 | $7.8B |
| Growth Round – Galvanize & Lightrock · 06/2024 | $9.0B |
About
Octopus Energy Group is a London-headquartered clean energy and technology company founded in 2015 by Greg Jackson. It supplies renewable-backed electricity and gas to millions of household customers in the UK and operates in additional markets including Germany, France, Italy, Spain, Australia, Japan, New Zealand and the United States.
- CEO
- Greg Jackson
- Headquarters
- London, England
- Founded
- 2015
- Website
- octopus.energy
- Employees
- 11,000+ (2025)
Overview
Octopus Energy Group is a London-headquartered clean energy and technology company, founded in 2015 by Greg Jackson, that supplies renewable-backed electricity and gas to millions of customers in the UK and operates retail and generation businesses across additional markets including Germany, France, Italy, Spain, Australia, Japan, New Zealand and the United States.
By April 2024, Octopus had become the UK's largest electricity supplier by domestic customer numbers, holding a 22% market share, and in 2022 it agreed to take on the 1.5 million domestic customers of collapsed rival Bulb Energy during the UK energy crisis. The company's proprietary Kraken software platform handles billing, customer management and CRM for energy retailers and has been licensed to major utilities including E.ON and EDF Energy.
Octopus has raised capital across a series of growth rounds from strategic energy partners and institutional investors: Origin Energy took an initial 20% stake for about $327.6 million in May 2020, Tokyo Gas invested about $193 million for a 9.7% stake in December 2020, Generation Investment Management committed up to $600 million from September 2021, and CPP Investments built its position through a $300 million commitment in December 2021 and a further $225 million in July 2022. A $800 million round in December 2023 valued the company at $7.8 billion, and in June 2024 new investors Galvanize Climate Solutions and Lightrock joined alongside expanded commitments from Generation Investment Management, CPP Investments and Aware Super in a round that pushed the valuation to $9 billion.
In December 2025, Octopus Energy Group announced it would spin off Kraken as an independent company after Kraken closed its own $1 billion funding round led by D1 Capital Partners at an $8.65 billion valuation, with Octopus Energy Group retaining a 13.7% stake in Kraken and separately receiving a $320 million investment led by Octopus Capital for innovation and growth in its retail, generation and clean technology operations. CEO Greg Jackson has said Kraken could pursue its own stock market listing within two to three years, while Octopus Energy Group itself has not announced IPO plans.
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