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Retail Energy Shopping Service, Clean Energy Provider Raises $100M In Series D Funding Round
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Arcadia 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.
Arcadia's services include a retail energy concierge (broker) service in addition to various clean energy offerings
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," Arcadia said
"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."
Arcadia noted that, "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."
Arcadia also noted recent executive appointments
"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).," the company said
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Notes Recent Executive Additions
September 15, 2021
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Reporting by Paul Ring • ring@energychoicematters.com
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