Mitsui USA-backed Arcadia is aiming to drive growth with series D funding co-led by Tiger Global and Drawdown Fund.
Arcadia, a US-based renewable energy account management platform backed by conglomerate Mitsui’s Mitsui USA arm, has raised $100m in a series D round co-led by investment firm Tiger Global and growth equity vehicle Drawdown Fund.
The round was also backed by Wellington Management, Reimagined Ventures, Camber Creek, MCJ Collective, Energy Impact Partners (EIP), G2 Venture Partners (G2VP), Inclusive Capital and BoxGroup.
Arcadia was founded in 2014 and has developed an online energy billing and management platform that can connect consumers to renewable energy sources such as solar power. The platform has more than 350,000 users and it is connected to over 100 utilities across the US.
The series D funding will enable Arcadia to expand its product capabilities to include new verticals such as electric vehicles and distributed energy resources. It also plans to scale its solar management portfolio and hire new talent.
The company has raised $180m of funding to date including a previously undisclosed $21m series C1 round from December 2020.
Arcadia received $30m for its series C round in December 2019, which was led by G2VP and included existing investor Mitsui USA, in addition to Macquarie Group, EIP, ValueAct Spring Fund, Seek Ventures and BoxGroup.
The company bagged $25m in an August 2018 series B round backed by ValueAct, EIP, BoxGroup, Wonder Ventures, Cendana Capital, McKnight Foundation and undisclosed existing backers. This investment followed $5.5m of debt financing from January of that year.
Arcadia previously closed a $6m series A round announced in 2017 that featured EIP and existing investors BoxGroup and Wonder Ventures. It also raised $1.9m across two funding rounds between 2014 and 2016, regulatory filings show.