D.C.-based Arcadia has closed a $30 million Series C funding round.
The renewable energy tech company, previously branded as Arcadia Power, plans to use the fresh funding to expand its reach nationwide. Launched in 2014, Arcadia’s renewable energy platform helps increase wind and solar energy by letting consumers buy into panels installed elsewhere.
This Series C funding round was led by tech investment firm G2VP with participation from new investors including Macquarie Group and Seek Ventures, and previous investors Mitsui USA, Energy Impact Partners, BoxGroup and ValueAct Spring Fund. G2VP also led Arcadia’s $25 million Series B in August 2018. The company has raised $70.5 million in venture capital to date, an Arcadia rep told Technical.ly.
“Consumers are demanding a new type of home energy service that is fossil-fuel free, efficient, and easy,” said Arcadia CEO and cofounder Kiran Bhatraju in a statement. ” I’m incredibly proud to be one of the few companies in energy focused on accessibility and equity, and we’re excited to be joined by the best investors in energy on this journey to decarbonize the grid one power bill at a time.”
The company reports seeing a 300% revenue growth in the last year and now manages 4.5 terawatt-hours of energy demand. Arcadia has just over 100 employees, with majority of them working in D.C. In 2020, the company plans to double its community solar access from four to eight states and promote its customers to invest in more tech for their homes.
“Arcadia unlocks residential demand for clean energy by providing simple and compelling products to the customer,” said Global Head of Energy Technology at Macquarie Capital Greg Callman in a press release. “Behind the scenes, renewable project developers, trading desks, technology players, utilities and capital providers can connect and manage the complexity.”
On the company’s rebrand, Bhatraju told Technical.ly the “power” in its former name proved itself to be inaccurate.
“When first deciding on a name for our company, we landed on Arcadia Power because it was a reflection of our mission and vision. Arcadia — a byword for utopia or for living in harmony with the earth — is an apt representation of the type of energy system we’re keen on creating,” he said. “But we are not a power company. We don’t own power plants or take positions in the energy market. We are, first and foremost, a mission-driven technology company building a platform that advocates for consumers, not big power companies.”
Arcadia also gave its logo a refresh, and Bhatraju added that the company is now working to distinguish itself from retail and energy suppliers through this rebrand.
“We’re embracing a name that is in direct opposition to the energy system that has existed since the beginning — one that can be messy and complex, and is the original sin of climate change,” he said.-30-