Arcadia, the US-based operator of a renewable energy billing and management platform, completed a $30m series C round yesterday that included Mitsui USA, part of diversified conglomerate Mitsui.
Venture capital firm G2VP led the round, which also featured investment and banking firm Macquarie Group, Energy Impact Partners (EIP), ValueAct Spring Fund, Seek Ventures and BoxGroup.
Founded in 2014 and until now known as Arcadia Power, Arcadia operates an energy billing and management service that lets individuals and communities claim savings and subsidies by limiting their energy usage and sourcing clean electricity from open markets.
The company’s platform can integrate with the infrastructure of more than 100 US energy utilities and is used by more than 350,000 people. It estimates that each new account slashes the user’s carbon footprint by about 50%.
The funding will support Arcadia’s growth strategy as it looks to move from a solar-focused business to support other sources of clean energy. It also aims to double the number of US states in which it operates to eight during 2020.
G2VP also led Arcadia’s $25m series B round in August 2018, which included ValueAct, EIP, BoxGroup, Wonder Ventures, Cendana Capital, McKnight Foundation and undisclosed existing investors, adding to $5.5m of debt financing secured in January 2018.
The funding followed a $6m series A round in mid-2017 that was backed by EIP and existing investors BoxGroup and Wonder Ventures, after approximately $1.9m raised over two rounds in 2014 and 2016 according to regulatory filings. It identified Mitsui USA as an existing investor in the series C round.