Arcadia, a US-based home energy marketplace offering access to clean energy to save costs, has raised US$ 100 million in a Series D funding co-led by The Drawdown Fund and Tiger Global Management on 15 September 2021.
Investors: The latest investment round featured Tiger Global Management and The Drawdown Fund as the lead investor with participation from Wellington Management, G2VP, Reimagined Ventures, My Climate Journey Collective, Inclusive Capital Partners, Energy Impact Partners, Camber Creek and Box Group. The startup has managed to raise US$ 180 million, in total, to date.
Purpose of the funding: The startup seeks to deploy the proceeds from the latest funding round towards increasing the pace of its tech roadmap, adding new features to the product, recruiting top personnel, and rapidly upgrading its community solar portfolio.
Brought to existence in 2014 by Kiran Bhatraju and Ryan Nesbitt, Arcadia focuses on confronting the climate crisis by providing a technology solution. The firm has disrupted the fossil fuel monopoly by offering unparalleled access to sustainable energy sources and energy information. Its platform powers the internet-of-energy transformation by gaining access to over 80% of electric utility accounts all over the US and is the biggest domestic dealer of community solar users. It provides a flawless billing service monthly, community solar programs, on-bill financing of energy-efficient products, and access to wind energy.
What the Founder has to say: “Utility users faced scarcity of clean energy access and data for years, which was stimulated by the monopoly structure. Availability of data related to energy is a vital instrument in aiding users to steer through swift electrification in industries like home energy storage and generation and transportation. The new testimony from our collaborators will allow us to persist in eliminating the perpetual challenges to more cleaner and economical energy and strongly back the clients in our fragmented and bewildering energy industry.”- CEO and Founder of Arcadia.
What the Investor has to say: “Arcadia is an impactful and innovative enterprise for new energy suppliers and sustainable developers. We anticipate that the community solar market will undergo exponential growth. There will be a higher distribution of solar energy in the next decade. It is exhilarating to partner with Arcadia, which is attempting to bring a transformation in the clean energy industry.”- Erik Snyder, CEO of The Drawdown Fund.
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