King Energy, a provider of solar energy solutions for multi-tenant commercial properties, announced the closing of a $10 million funding round led by ArcTern Ventures, with $7 million and an additional $3 million from existing investors Blackhorn Ventures, Active Impact Investments, and Next Frontier Capital. This underscores the continued confidence in King Energy’s mission and market leadership.
This funding will drive King Energy’s expansion of its innovative solar financing and billing platform, which brings renewable energy to multi-tenant commercial buildings, providing economic value to both tenants and property owners. The additional capital will support scaling operations, hiring, and technology enhancements, furthering King Energy’s reach across North America.
John Witchel is the CEO of King Energy and has a strong record of building and scaling successful companies. He co-founded Prosper Marketplace, a pioneer in peer-to-peer lending, and served as Senior Technical Architect at SolarCity during its rapid growth. He was President of GitPrime, leading to its successful acquisition by Pluralsight. Plus, he currently serves on the board of Wunder Capital, La Plata Electric, and recently on the board of the Colorado Solar and Storage Association. Witchel’s experience in finance and renewable energy enabled him to build an exceptional leadership team of seasoned industry experts to lead King Energy’s expansion.
In connection with this partnership, ArcTern Partner Mira Inbar will join King Energy’s board, bringing valuable insight and expertise to the team from her time in the C&I renewable sector.
KEY QUOTES:
“We are incredibly honored by ArcTern’s investment, which stands as a strong endorsement of our mission to transform how commercial properties benefit from renewable energy.”
-John Witchel, CEO of King Energy
“King Energy brings a much-needed renewable solution to the multi-tenant commercial real estate, an enormous and underserved market. Sustainability progress happens when it makes economic sense, and King Energy has cracked the split incentive problem so that everyone wins. We look forward to supporting their next phase of growth as they create real value for building owners and tenants eager for energy efficiency and cost savings.”
-Mira Inbar, Partner at ArcTern Ventures
