Former Revoluters set to raise $30m for web3 renewable energy startup

By Amelia Isaacs on Tuesday 10 May 2022

Digital Banking

Revolut CRO Alan Chang and strategy lead Charles Orr are on a mission to solve climate change with new startup Tesseract.

Former Revoluters set to raise $30m for web3 renewable energy startup
Image source: Alan Chang and Charles Orr.

“We will change the world, and make lots of money whilst doing so,” is just one of several strong lines that former the former Revoluters behind the new startup Tesseract are leading with.

Former chief revenue officer Alan Chang and strategy lead Charles Orr have set out a singular but by no means small objective: solving climate change.

They intend to fix energy, which they say is currently “broken” and to do with their new startup what they did with the financial super app, this time by scaling cheap renewable power and building a trillion-dollar energy business.

Though there are few exact details about the company, which is currently in stealth mode, Orr updated his LinkedIn to share he was starting a new position as co-founder and COO of Tessaract last month.

Several employees have also listed that they have worked at the company since January of this year on Linkedin.

In addition, the startup is set to raise $30m in pre-seed funding, sources revealed to Business Insider.

Chang is currently finishing up his notice period at Revolut, though he officially resigned as director of Revolut Travel on February 23, according to the UK’s Companies House.

The website also shows that the two registered a new company called Fuse Supply on March 1.

Orr is listed as CEO, while Chang is CRO with majority voting and share ownership and Hawksford UK Secretaries is listed as secretary

According to Insider, Chang is set to close the round that will include backing from Balderton, Accel and Creandum at a $150m post-money valuation. 

The company also aims to raise a further $100m from the sale of tokens, according to Insider sources.

Tesseract is launching itself quietly but boldly. 

On its website it pledges itself to “Commision-free energy. 10x cheaper. 10x better. 100 per cent renewable” with sole objective of solving climate change.

In a similar vein to Revolut’s slogans “never settle” and “get shit done”, Tesseract’s is “Never f***ing settle. We do not accept second best in anything.”

Chang shared that he was leaving the super app to found a web3 business in March this year, and the company now describes itself as “low-ego”, “no BS” and having an “incredibly horizontal structure”.

There are nine employees currently listed on LinkedIn, including Christian Orr and Oscar Sauchelli in operations and Ayrton Bourn as energy lead with the majority of hires looking like recent graduates.

Currently 15 job openings are listed on their website, including engineers, lawyers and a head of crypto – the only job location not listed as London but as the Bahamas.

There are clearly many more hires to come on Tessaract’s journey to solving climate change, and making a lot of money in the process.

Alan Chang denied to comment until completing his tenure at Revolut. Charles Orr did not respond to a request for comment at time of publication.

Sign up for our newsletters


Your daily 7am download of all things alternative finance and fintech.

Fintech and alternative finance headlines with an exclusive Editor's Note each week. Delivered Monday at midday.

AltFi's new weekly US newsletter breaking down the ins and outs of America's burgeoning fintech sector. Delivered Monday 9am EST/ 6am PST.


Companies in this Article:

Balderton Capital
Revolut