By Daniel Webster, dWeb.News Publisher
WASHINGTON–(BUSINESS WIRE)–Arcadia, the climate-crisis-fighting technology company unlocking nationwide access to energy data and renewables, today announced a $100 million Series D funding round led by Tiger Global Management and the Drawdown Fund with participation from new investors Wellington Management, Reimagined Ventures (the family office of Alec Litowitz, founder of Magnetar Capital), Camber Creek, MCJ Collective, and existing investors Energy Impact Partners, G2 Venture Partners, Inclusive Capital, and BoxGroup. Combined with the Company’s previously undisclosed $21 million Series C-1 in December 2020, Arcadia has now raised $180 million in total funding.
This new capital round will be used by Arcadia to accelerate its technology roadmap and expand product capabilities across new verticals, including electric vehicles, and distributed energy resources, to foster innovation in the sector and make renewables affordable and accessible for everyone. The company will also continue to attract top talent and scale its industry-leading community portfolio in both residential and commercial sectors.
“For many years, utility customers were denied access to data and clean energy because of the monopoly system. Kiran Bhatraju is Arcadia’s CEO and Founder. “Access to energy data can be a crucial tool in helping customers navigate rapid electrification across sectors such as transportation, home energy generation and storage,” he said. “This validation by our investment partners will allow us to continue breaking down long-standing barriers to cheaper, cleaner and more effective advocacy for customers in our fragmented and confusing energy market.” Today’s funding supports Arcadia’s mission to make energy data and renewables accessible to everyone. This is a revolutionary solution to climate change. Arcadia has experienced rapid growth over the past year, with acquisitions such as Real Simple Energy (a Texas retail energy broker) and Nanogrid (which provides personalized data solutions to home energy products), which allowed them to enter new markets. The Company’s executive team has been strengthened with the addition of John Rucker, Chief Financial Officer (ex-Rent-the-runway, Yahoo!, General Assembly), and Nancy Hersh, Chief Data Officer (ex-Opower). Among other recent achievements, Arcadia expanded the nation’s largest community solar management portfolio to 500 Megawatts which will prevent more than 11,500,000 metric tons of lifetime carbon from impacting the environment. Partner, Tiger Global, Evan Feinberg said that Arcadia is leading in providing low-cost, clean energy to consumers in the US. “We are excited to support the company as they make renewable energy more accessible and strengthen their relationships with customers.” Erik Snyder, CEO of Drawdown Fund. “We expect dramatic growth in community solar and the broader enablement of distributed solar over the coming decade, and we are thrilled to work with a market leader integral to advancing the clean energy revolution.”
To learn more about how this funding round will further Arcadia’s vision of a 100 percent decarbonized and decentralized energy future, please visit Kiran’s blog post about today’s news.
For more information about Arcadia’s career opportunities, visit the Arcadia Careers Page.
Arcadia was founded in 2014 with one simple idea: Everyone deserves access to clean energy. Arcadia is breaking the fossil fuel monopoly by providing unprecedented access to energy data as well as renewable energy sources. The Arcadia Platform fuels the Internet-of-energy revolution by accessing more than 80 percent of US electric utility accounts nationwide and is the largest manager of community solar subscribers in the United States. Arcadia is committed to making energy more intelligent and transforming a decentralized, carbon-free power grid into a reality. Join us in our mission and find out how you or your business can help achieve the vision of a 100 percent clean energy future at http://www.arcadia.com.
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