Arcadia, a startup that provides people avenues to access renewable energy without having to change power companies, has raised $100 million to fuel its expansion.
Driving the news: New investors Tiger Global Management and the Drawdown Fund led the Series D round for the company founded in 2013 that has now raised $180 million overall.
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Other new backers include Wellington Management and Reimagined Ventures, and existing investors in the latest round include Energy Impact Partners and G2 Venture Partners.
How it works: A key part of Arcadia's businesses is providing solar to people who can't install panels because they live in multi-unit buildings or aren't homeowners.
Arcadia connects residential customers with nearby "community" solar projects, a growing form of solar in which, as the Solar Energy Industries Association notes, multiple customers subscribe to power from a project and receive credits on their bills.
The money is also slated to help its expansion to provide commercial businesses with community solar access.
Arcadia is taping other business lines too. It recently bought Nanogrid, a software company with services like helping ensure electric vehicles are charged when the grid mix is cleanest.
“We are getting into more and more energy products, energy choices in the home,” founder and CEO Kiran Bhatraju tells Axios.
What they're saying: Bhatraju said in an interview that the $100 million round is a "validation of the growth of the market, that it one day could be bigger than rooftop solar.”
The company bills itself as a way to democratize energy access while lowering power bills and help consumers navigate a confusing energy market.
Arcadia manages 500 megawatts worth of community solar, and Bhatraju said they've had 500% revenue growth since 2019.
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