Arcadia kicked off the spring with a big round of funding and is closing out the year with even more investments.
Software startup pulled another $125 A Million Fridays was awarded to a data platform that connects customers to clean energy. Arcadia is perhaps best known as the largest community solar subscription manager in the country, but their Arc data platform is also used by: 300 We provide clean energy services that meet the needs of our customers.
Magnetar Capital led the growth equity round, with participation from existing investors Keyframe Capital and Macquarie Asset Management’s Green Investment Group. Keyframe he invested in $ in May as well.200 Million round led by JP Morgan’s Sustainable Growth Equities team.That round set Arcadia’s valuation at $1.Five a billion.
A company spokesperson told Canary Media that the valuation remained unchanged in the latest funding round, but Arcadia na“We are on our way to short-term profitability. ”
Clean energy data can feel a bit abstract. Arcadia has grown into a billion-dollar company by spending a lot of time collecting customer energy data from utility companies across the country and carefully organizing it. For example, if an electric car company wants to tell drivers how much it costs to charge at any time in a particular utility area, they don’t have easy access to that information. Car companies can pay Arcadia to avoid the hassle of figuring it out, and drivers have better insight into how to charge their vehicles.