Arcadia Power, a Washington DC-based developer of a nationwide digital utility, closed a $25m Series B funding round.
The round was led by G2VP, with participation from ValueAct Spring Fund, McKnight Foundation, Energy Impact Partners, Cendana Capital, Wonder Ventures, BoxGroup, and existing investors.
The company intends to use the new funds for the rapid growth in all 50 states, the expansion of its data science and engineering teams, and an acceleration of new flexibility services for utilities and smart home technology companies.
Led by CEO Kiran Bhatraju, Arcadia Power operates a nationwide digital utility that connects everyone to clean energy and energy efficiency choices. The members have access to a mobile-optimized online dashboard where they can enroll in clean energy programs (Wind Energy, Community Solar, Price Alerts, Home Efficiency, Bill Pay), track their account activity, and view their energy usage all in one place.
Founded in 2014, the company’s a direct-to-consumer platform now integrates with more than 100 utilities in all 50 states and is used by more than 175,000 people.