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A group of Australian investors led by venture capital fund Square Peg has backed the Melbourne-based start-up which aims to revolutionise the way Australian households buy electricity by passing through wholesale rates.

Aussie investors have flocked behind renewable energy start-up Amber Electric with $2.5 million in seed funding, as it aims for rapid expansion across the eastern coast. In a shot across the bow of entrenched electricity providers, Amber is looking to sign up more than a million customers to its $10-a-month service

‘Not Business As Usual’ Twenty firms have joined the movement, including ethical superannuation fund Future Super, reusable coffee cup brand KeepCup and clean energy retailer Amber, all of which have formed an alliance called Not Business as Usual.

Amber Electric co-founder and co-chief executive officer Chris Thompson tells SmartCompany joining the group of businesses in supporting the strike was an “easy decision.” “It heavily aligns to what Amber is all about,” he says. “It was a 30-second decision.”

Emerging business models in energy retail are designed to help consumers save money, and in some scenarios even earn money from the devices in their homes – flipping the traditional electricity retail model on its head. The industry is approaching a tipping point. In deregulated markets like Australia utility companies are operating in a highly regulated market, facing increased competition from new challengers and empowered consumers who can switch providers easily online.