- Arcadia recently announced it raised $200 million in funding. These are the details.
Arcadia – a technology company empowering energy innovators to fight the climate crisis – recently announced the raise of a $200 million funding round. The funding round was led by an inaugural investment from J.P. Morgan Asset Management’s Sustainable Growth Equity Team.
The funding will help accelerate the impact of Arcadia’s data and API platform Arc by expanding data coverage and new product development to empower companies to monitor, report, and act on their carbon impact.
Access to comprehensive and accurate utility data has been a fundamental barrier for businesses looking to build climate tech and innovative energy products. And Arcadia solves this problem by providing companies with easy-to-use data, clean energy, and APIs all under one roof.
Currently, over 100 innovators — including Ford, EnelX, Aurora Solar, and STEM — across verticals like EVs, solar, storage, and Smart Home IoT, use Arc APIs to deliver better energy experiences to their customers and decarbonize the grid. And today’s fundraising will allow Arcadia to invest in broadening data coverage to include commercial utility data and expanding Arc to new use cases, including assisting companies in achieving their sustainability goals.
This funding round features a series of new investors, including J.P. Morgan’s recently launched Sustainable Growth Equity Team with participation from additional new partners Keyframe Capital, Broadscale Group, and Triangle Peak Partners, and existing partners Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures, Drawdown Fund, MCJ Collective, and more.
This announcement adds to Arcadia’s significant business momentum. The company had delivered 155% year-over-year organic revenue growth in 2021, launched the Arc platform in November, passed the 700MW managed milestone in April as the leading manager of community solar in the United States and added Benjamin Stein as Chief Product Officer and Jennifer Dulski and Peter Reinhardt to the Arcadia Board of Directors.
KEY QUOTES:
“The products being built on the Arc platform in just a short amount of time — by large incumbents and new startups — prove that companies have been starved of the tools they need to build innovative energy solutions. Building a platform that works across verticals instead of offering point solutions will unlock exponential growth and impact. Today’s commitment from J.P. Morgan will enable Arc to become the foundational software layer for the zero-carbon economy.”
– Kiran Bhatraju, CEO of Arcadia
“Arcadia is pursuing one of the largest software opportunities in the clean energy transition. The company’s technology platform plays a vital role in decarbonizing real estate, the grid and providing renewable energy access to underserved communities.”
– Tanya Barnes, Co-Managing Partner, J.P. Morgan Sustainable Growth Equity
“Arcadia is an exceptional first example of Sustainable Growth Equity’s mandate to invest in climate technologies that deliver measurable solutions to the industries that produce the greatest greenhouse gas emissions. We look forward to being a value-added partner to Arcadia, as they leverage J.P. Morgan’s in-house sustainability resources, global client network, and robust data intelligence capabilities.”
– Osei Van Horne, Co-Managing Partner, J.P. Morgan Sustainable Growth Equity
