Arcadia, a Washington-DC-based provider of a utility data and community solar platform, raised $50M in funding.
Backers included Macquarie Asset Management as a new equity investor, alongside existing investors Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group. In conjunction with the funding, Greg Callman of Macquarie, will join the company’s Board of Directors.
Concurrent with the close of the growth round, Arcadia closed a new $30M credit facility with J.P. Morgan. The facility, alongside an amendment to its existing facility with TriplePoint Capital, provides incremental financing flexibility at a lower cost of capital.
The company intends to use the funds for growth of its community solar program, alongside product innovation leveraging AI to enable new use cases built on its trove of energy data.
Led by CEO and Founder Kiran Bhatraju, Arcadia is a climate technology company whose data platform unlocks global energy data for businesses, powering solutions to drive electrification and decarbonization. Founded in 2014, the company also manages a community solar program.
FinSMEs
11/04/2024