Renovate America, a San Diego, CA-based provider of financing for energy- and water-efficient home improvements in the U.S., raised $90m in growth equity.
The round was led by DFJ Growth with participation from Silver Lake Kraftwerk, and existing investors RockPort Capital Partners, Valor Equity Partners, DB Masdar, and 400 Capital Management.
The company intends to use the funds to expand its geographic presence.
Renovate America partners with local governments and businesses to provide homeowners PACE (Property Assessed Clean Energy) financing through its HERO Program.
The company’s HERO (Home Energy Renovation Opportunity) provides communities with a host of software products and training services that assist local contractors with financing energy and water savings improvements. The program includes workforce training, business automation tools, and consumer protection services.
It finances a wide variety of DOE- and EPA-approved products, including solar power, energy-efficient HVAC/windows/roofing, water capture systems, and artificial turf. HERO requires home equity but no money down and provides fixed interest rates for up to 20 years.
Since 2011, the program has helped more than 38,000 homeowners in 347 cities and counties including Los Angeles, San Francisco, San Diego, San Jose, Fresno, Riverside, Anaheim, Santa Ana, Bakersfield, and San Bernardino, among others, make improvements to their homes which reduce energy and water consumption.