D.C.–based Arcadia Power announced $25 million in Series B funding on Thursday, as the startup aims for nationwide expansion of its platform offering connections to renewable energy sources. The company is planning to continue expanding its dev team.
The funding round was led by G2VP, a venture firm which spun out of Kleiner Perkins Caufield & Byers last year. Participants also included ValueAct Spring Fund, McKnight Foundation, Energy Impact Partners, Cendana Capital, Wonder Ventures and BoxGroup, as well as existing investors. It follows a $6 million funding round for the company in 2017.
Arcadia Power provides a platform that allows members to connect a utility bill, and opt to connect with clean energy, including programs that match usage with investments in wind energy, and allow customers to buy into solar projects – whether in their community or elsewhere. It also identifies savings in deregulated energy markets, and lets users pay a bill.
The platform now has 175,000 users, which Arcadia Power said marks 500 percent growth over last year, company figures state.
“The electricity industry hasn’t changed much in the last hundred years, and we believe that homeowners and renters want a new approach that puts them first,” CEO Kiran Bhatraju said in a statement.
The new funding will bring growth at the company’s D.C. headquarters. When we checked in last summer, the team had 35 people. It has since grown to 65 people, and now the company is looking to hire more than 35 more people by the end of 2018, according to a response to emailed questions. The hiring will be concentrated in expanding data science and engineering teams.
With the new funding round, the company also has three new board members: Opower founder Alex Laskey, G2VP Partner Ben Kortlang and Dan Leff.
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