Total amount raised
$59.5 Millions
Latest funding date
December, 2022
Location
Arcadia has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The company specializes in climate software and data aimed at decarbonizing the electric grid.
Keep reading to explore the intricacies of Arcadia's fundraising journey and the investors backing this innovative platform.
What Is Arcadia?
Arcadia, founded in 2014 by Kiran Bhatraju and Ryan Nesbitt, is headquartered in Greenwood Village, Colorado. The company focuses on climate software and data to decarbonize the electric grid.
Arcadia's platform, Arc, democratizes access to energy data from 125 utilities nationwide and manages the leading community solar program in the U.S. They aim to break the fossil fuel monopoly by providing unprecedented access to renewable energy sources.
With a team of 501-1000 employees, Arcadia continues to innovate in the clean energy sector, offering solutions like Utility Bill Management, Energy Procurement Advisory, and Sustainability Reporting.
How Much Funding Has Arcadia Raised?
- Series B
- Amount Raised: $25M
- Date: August 2018
- Lead Investors: G2 Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their community solar program and enhance their energy data platform.
- Series C
- Amount Raised: $30M
- Date: December 2019
- Lead Investors: G2 Venture Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and further develop their clean energy solutions.
- Series D
- Amount Raised: $100M
- Date: September 2021
- Lead Investors: The Drawdown Fund, Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate the growth of their community solar program and expand their market reach.
- Series E
- Amount Raised: $200M
- Date: May 2022
- Lead Investors: J.P. Morgan Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance their product offerings and support the expansion of their clean energy initiatives.
- Venture Round
- Amount Raised: $125M
- Date: December 2022
- Lead Investors: Magnetar Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To drive product innovation and expand their community solar program.
- Series E
- Amount Raised: $50M
- Date: April 2024
- Lead Investors: Macquarie Asset Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product innovation and fuel continued growth.
- Debt Financing
- Amount Raised: $30M
- Date: April 2024
- Lead Investors: JP Morgan Chase
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional financing flexibility at a lower cost of capital.
Total Amount Raised: $560M. Current Valuation: Not publicly disclosed.
Key Investors
- Macquarie Asset Management
- Details: Macquarie Asset Management is a global asset manager providing investment solutions to clients worldwide. Greg Callman from Macquarie will join Arcadia's Board of Directors.
- Investment Focus Areas: Infrastructure, real assets, private equity.
- Notable Investments: Investments in infrastructure and renewable energy projects.
- JP Morgan Chase
- Details: JP Morgan Chase is a leading global financial services firm offering investment banking, financial services, and asset management. They provided a new $30 million credit facility to Arcadia.
- Investment Focus Areas: Broad financial services including investment banking, asset management, private equity.
- Notable Investments: Investments in various sectors including technology, healthcare, financial services.
- Magnetar Capital
- Details: Magnetar Capital is an alternative asset manager specializing in hedge fund strategies. They participated in Arcadia's venture round.
- Investment Focus Areas: Hedge fund strategies, event-driven, fixed income, energy.
- Notable Investments: Investments in energy, healthcare, financial services.
- J.P. Morgan Asset Management
- Details: J.P. Morgan Asset Management is a division of JP Morgan Chase, providing investment management solutions. They are an existing investor in Arcadia.
- Investment Focus Areas: Investment management across asset classes including equities, fixed income, alternatives.
- Notable Investments: Investments across a wide range of asset classes and sectors.
- The Drawdown Fund
- Details: The Drawdown Fund is an investment firm focused on climate solutions. They participated in Arcadia's Series D round.
- Investment Focus Areas: Climate solutions, sustainability.
- Notable Investments: Investments in companies focused on climate change mitigation.
What's Next for Arcadia?
Arcadia stands at the cusp of significant growth, driven by the expansion of its community solar program and the integration of AI to unlock new energy data use cases. With $50 million in new funding and a $30 million credit facility, the company is well-positioned to meet the increasing demand from over 300 enterprise customers and 75+ community solar developer partners. The addition of solutions like battery storage, heat pumps, and EV charging further broadens their market reach.
Future fundraising opportunities seem promising, given the strategic involvement of high-profile investors and the company's focus on innovation. Arcadia's ability to attract additional investment will likely support further product development and market expansion. However, the company must navigate challenges such as integrating new technologies, scaling operations, and managing regulatory changes in the energy sector.
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