Investment led by Tiger Global and the Drawdown Fund, with participation from new investors Wellington Management, Reimagined Ventures, Camber Creek, MCJ Collective, and existing investors Energy Impact Partners, G2 Venture Partners, Inclusive Capital, and BoxGroup
Funding scales business to meet the rapidly growing community solar market and supports new product innovation to digitize and expand clean energy access
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.
The new round of capital will be used to accelerate Arcadia’s technology roadmap, expanding product capabilities across new verticals including electric vehicles and distributed energy resources to catalyze innovation in the sector, making renewables accessible and affordable for all. In addition, the company will continue to attract top talent, and rapidly scale the Company’s industry-leading community solar portfolio across the residential and business sectors.
“For years, utility customers have lacked data and clean energy access because of the monopoly structure. Access to energy data is a critical tool in helping customers navigate rapid electrification in sectors like transportation and home energy generation and storage,” said Kiran Bhatraju, CEO and Founder of Arcadia. “This latest validation from our investment partners will enable us to continue to break down the long-existing barriers to cheaper, cleaner energy and better advocate on behalf of customers in our confusing and fragmented energy market.”
Today’s investment endorses Arcadia’s mission to democratize access to energy data and renewables as an innovative solution to fight climate change. The funding follows a year of rapid expansion for Arcadia, including entering new markets with acquisitions of Real Simple Energy, a Texas retail energy broker focused on customer bill savings, and Nanogrid, which provides personalized data solutions for home energy products.
To support its growth, the Company strengthened its executive team with the recent additions of Chief Financial Officer John Rucker (ex-Rent the Runway, Yahoo, and General Assembly) and Chief Data Officer Nancy Hersh (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.
“Arcadia is leading the way in providing consumers in the US with clean, low-cost energy,” said Evan Feinberg, Partner, Tiger Global. “We’re excited to back the company as they make clean energy more accessible and deepen their relationships with customers.”
“Arcadia is a game-changing business for renewable developers and new energy providers,” said Erik Snyder, CEO of the 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.
Visit the Arcadia Careers page for opportunities to join the mission.
Arcadia is a climate crisis-fighting technology company founded in 2014 and born out of a simple idea: everyone deserves access to clean energy. Arcadia is disrupting the fossil fuel monopoly through unprecedented access to energy data and 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 obsessed with making energy smarter and turning a decentralized, decarbonized power grid from a distant dream into a tangible 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 www.arcadia.com.