Mercatus, a San Francisco, California-based provider of energy finance solutions, raised $11.7m in Series B funding.
The round was led by Traverse Venture Partners and TPG’s Alternative and Renewable Technology fund (TPG ART) with participation from existing investors Vision Ridge Partners, Trepp and Augment Ventures. In conjunction with the funding, Josh Green of Traverse Venture Partners and Mark Gudiksen of TPG joined Mercatus’ board.
The company intends to use the funds to expand operations.
Led by Haresh Patel, CEO, Mercatus provides cloud-based energy investment management software to global energy producers to gain insight and increase compliance of their advanced energy portfolios.
Customers include large energy companies that collectively leverage the company’s platform to host over 80GW of power, across 75 countries, using solar, wind, biomass, storage, small hydro, energy efficiency, CHP, and geothermal technologies.