Figtree Financing, a San Diego, CA-based PACE clean energy financing business, raised $30m in Series A funding.
The round was led by private equity firm LL Funds.
The company intends to use the funds to launch a residential PACE financing program and accelerate its commercial PACE financing platform within and outside of California.
Led by Mahesh Shah, CEO, Figtree Financing provides innovative financing to accelerate the adoption of environmentally friendly products and services using a tech platform that approves homeowners online and integrates into its partners’ systems..
The company’s Property Assessed Clean Energy (PACE*) financing provides property owners with funds to install energy efficiency, renewable energy and water conservation upgrades that is repaid on their property tax bills.
*PACE program has been created by the state of California as an alternative financing option so that home or business owners no longer have to use their own personal or business credit to implement energy- and water-saving upgrades. PACE supports a broad range of property improvements, including solar, heating and air conditioning, and windows, along with water efficiency and seismic retrofits in higher-risk earthquake regions like California.