Closing out the year strong, DC’s Arcadia had one last big move to make in 2022: raising $125 million.
The climate tech company announced Friday that it raised that amount in new funding. The round was led by Magnetar Capital, with existing investor Keyframe Capital and Green Investment Group from Macquarie Asset Management also taking part.
With the funds, Arcadia will continue developing its Arc software platform, which pulls data from utilities across the country and offers insights into renewable energy. The company also plans to accelerate its community solar business. Magnetar Capital partner and head of energy and infrastructure Eric Scheyer will join the company’s board through the deal.
With the fresh funds, the company’s leadership has strong hopes for the new year. Arcadia’s brand consultant Thomas Meyer told Technical.ly in an email that in 2023, the company expects “powerful tailwinds” from the Inflation Reduction Act and increased demand for environmental, social and corporate governance (ESG) services.
“We see this investment as a huge vote of confidence in Arcadia’s opportunity and in our future,” Meyer said. “Magnetar is a highly-respected firm, and their support signals that Arcadia is well-positioned and that we have the plan to continue scaling.”
If the past year is any indication, Arcadia is well-positioned to meet its 2023 goals. In 2022, the company raised $325 in total (including this most recent announcement). In May, the company raised $200 million in a round led by JP Morgan Asset Management’s Sustainability Growth Equity Team, reaching unicorn status. That same month, it also acquired Urjanet. This year additionally brought forth a deal for the Arc platform to be the utility data platform for Salesforce’s net zero cloud platform.
This year’s success closely follows a strong 2021, as well. In that year, the company raised $100 million in a Series D megaround. To date, the company has raised over $500 million to date, according to the Arcadia team.
“Our platform is unlocking the big grid worldwide, providing simple APIs and software solutions for hundreds of the leading companies across electrification,” said founder Kiran Bhatraju in a statement. “Our customers are driving residential and commercial decarbonization through personalized energy solutions that couldn’t exist without easy access to utility data, tariffs and payments.”
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