Kraken Technologies company profile: valuation, funding & revenue

This Kraken Technologies company profile covers the company's valuation, revenue, funding rounds, investors and history. Kraken Technologies works in software, with a focus on utility and energy customer platforms. It was founded in 2016 (as part of Octopus Energy) and is headquartered in London, United Kingdom. Its latest valuation on record is US$8.65 billion (December 2025). Every figure links to a public source, and anything the company hasn't disclosed is marked as such.

Revenue

Funding history

Kraken Technologies timeline

Key dates from the sources on this page, oldest first. Metric snapshots are listed after the funding events.

• 2016 (as part of Octopus Energy) — Kraken Technologies is founded in London by Built inside Octopus Energy (Greg Jackson, founder); CEO Amir Orad.
• Dec 2025 — Equity raise ahead of spin-off: About US$1B (US$150M to Kraken, US$850M to Octopus), valuing the company at US$8.65B. Investors: D1 Capital Partners (lead).
• 2025 — Accounts on the platform: More than 70 million (company-stated).
• December 2025 — Ownership after demerger: Octopus about 13.7%; Origin Energy about 22.7% (reported).
• 2026 — Reported higher valuation talk: Up to about £10.25 billion (about US$14 billion) in a possible later deal (reported).

Investors

Kraken Technologies is the software platform that runs billing, customer service and smart-energy operations for Octopus Energy and dozens of other utilities around the world. Octopus is spinning it out as a separate company, and in December 2025 it was valued at US$8.65 billion in a roughly US$1 billion equity raise led by D1 Capital Partners. This profile explains what Kraken does, how the spin-off works, its customers and what could come next.

Kraken's valuation

Octopus Energy Group sold about US$1 billion of Kraken equity in a deal led by D1 Capital Partners that valued Kraken at US$8.65 billion, according to Skadden, which advised on the deal, and Bloomberg. Of the proceeds, about US$150 million went to Kraken itself and about US$850 million to Octopus. After the planned demerger, targeted for mid-2026, Octopus would keep about 13.7% and Australia's Origin Energy about 22.7%, according to Proactive Investors.

Press reports have suggested higher values in a later transaction: Verdict, citing Sky News, reported a possible valuation of around £10.25 billion, or about US$14 billion. That has not been confirmed, so the US$8.65 billion figure remains the latest one tied to an actual share sale.

What Kraken does

Utilities run on huge, old software systems that handle meter readings, tariffs, bills, payments and customer service. Kraken replaces those with a modern cloud platform. Octopus built it to run its own fast-growing UK energy supply business, then began licensing it to other companies. It now covers electricity, gas, water and broadband, and handles functions including customer communications, field service scheduling and control of home devices such as heat pumps, batteries and electric-car chargers, which lets utilities shift demand to cheaper, greener times.

Kraken says more than 70 million accounts are contracted to its platform worldwide, according to a 2025 Business Wire release. Clients include EDF and E.ON Next in the UK, Origin Energy in Australia, Tokyo Gas in Japan, Severn Trent in water and, in a 2025 deal, National Grid in the US, which planned to bring the platform to more than 6 million American customers.

Why spin it out

Kraken's customers include Octopus's competitors, which may be wary of relying on a rival's software. Making Kraken a separate company with its own shareholders, board and capital structure addresses that concern and lets investors value a fast-growing software business separately from a lower-margin energy retailer. It also opens the door to a separate stock market listing, which has been widely discussed.

Leadership

Kraken was created inside Octopus Energy, founded by Greg Jackson in 2015. In 2024 Octopus appointed Amir Orad, former chief executive of the analytics company Sisense, as Kraken's dedicated chief executive, according to Octopus Energy. Orad has emphasised growth in the US, where utilities are investing heavily in modernising customer systems.

Competitive landscape

Kraken competes with large enterprise software vendors used by utilities, including SAP and Oracle, and with specialist utility billing and customer platforms such as Gentrack and Hansen Technologies. Its pitch is a modern, single platform proven at scale by Octopus itself, with lower operating costs per customer. For other energy software and grid companies, see our climate tech guide and our profile of Base Power.

Risks

• Long sales cycles: utility software migrations take years and are risky for customers.
• Implementation risk: a failed migration could damage Kraken's reputation.
• Dependence on Octopus: its largest customer is its former parent.
• Valuation expectations: a software multiple assumes high growth and margins.
• Separation: completing the demerger involves legal, tax and operational work.

Questions to ask

• How much recurring revenue does Kraken generate, and how fast is it growing?
• How many accounts are live versus contracted?
• What share of revenue comes from Octopus?
• Has the demerger completed, and is a listing planned?

Timeline in brief

• 2015–2016: Octopus Energy founded; Kraken built as its internal platform.
• 2020s: licensed to EDF, E.ON Next, Origin, Tokyo Gas and others.
• 2024: Amir Orad appointed CEO.
• May 2025: National Grid US deal.
• September 2025: Octopus announces plans to spin off Kraken.
• December 2025: about US$1 billion raised at US$8.65 billion.
• 2026: demerger targeted for mid-year.

Kraken Technologies at a glance

Kraken Technologies is a London utility software company built inside Octopus Energy and led by CEO Amir Orad. Its platform runs billing, customer service and smart-device control for utilities with more than 70 million contracted accounts worldwide. In December 2025 it was valued at US$8.65 billion in a roughly US$1 billion equity raise led by D1 Capital Partners, ahead of a demerger from Octopus targeted for mid-2026.

Why utilities switch to Kraken

Utilities change customer systems rarely because migrations are risky: billing errors can affect millions of customers and attract regulators. But legacy systems are expensive to run and slow to adapt to new tariffs, smart meters and home devices such as heat pumps and batteries. Kraken's track record at Octopus, where it supports a large customer base with relatively low cost per account, has helped persuade other utilities to switch. Once a utility moves, it typically stays for many years, which gives Kraken long-term, recurring revenue.

What to watch

Watch for completion of the demerger, new utility customers in the US and Asia, revenue disclosures and any IPO plans. See our largest UK startups guide.

Takeaways

Kraken shows how an internal tool can become a valuable standalone software company. Its spin-off gives investors a pure-play bet on modernising the world's utilities.

Sources

Every figure on this page comes from the public sources below. Where sources disagreed, we used the company's own announcement or a primary news report. Private-company data changes; check the date beside each figure.

1. Skadden
2. Business Wire
3. Proactive Investors
4. Verdict