Climate-data startup Arcadia raises $200 million in a funding round led by J.P. Morgan
Arcadia, a US-based technology company supporting energy innovators to fight the climate crisis, announced on May 10th the raise of $200 million funding round. The financing aims to accelerate the impact of Arcadia’s data and new API platform, Arc, expanding data coverage and new product development.
J.P. Morgan Asset Management led the financing round through the new Sustainable Growth Equity Team. With an initial investment of $150 million, the team has been created at the beginning of the year with the purpose to invest in growth-stage private companies that persue resource efficiency and offer climate adaptation solutions across a range of industries. Funding Arcadia was the team’s first investment.
Besides J.P. Morgan, the financiang round involves new partners Keyframe Capital, Broadscale Group, and Triangle Peak Partners, as well as existing partners, such as Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures and Drawdown Fund. The result was an incredible transaction that led Arcadia being valued at $1.5 billion, making the start-up an official “unicorn” in Silicon Valley.
The start-up Arcadia was founded in 2014 with a simple purpose: to help people power their lives with clean energy. In particular, Arcadia provides companies with access to energy data and renewable energy sources from utilities, enabling users to find the least carbon-intensive, lowest-cost energy, using real-time data analysis and automation. Therefore, it got permission from customers to access their utility bills and then matching them with the renewable power sources that suited them best.
One of the main barriers for companies that are looking to build climate tech and innovative energy products is the access to comprehensive and accurate utility data. In response, Arcadia did the hard work of translating datasets from hundreds of electric utilities into one digital platform, called Arc. Therefore, the platform can provide companies with easy-to-use data, clean energy, and APIs. Arc was launched in November and It is currently being used by 100 companies, such as Ford, EnelX, Aurora Solar, and STEM.
The fundraising of $200 million 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. As Tanya Barnes, Co-Managing Partner of J.P. Morgan Sustainable Growth Equity said Arcadia is pursuing one of the largest software opportunities in the clean energy transition. Accordingly, this financing will enable Arc to become the foundational software layer for the zero-carbon economy.
Sources:
Author: Marianna Cacace
Climate-data startup Arcadia raises $200 million in a funding round led by J.P. Morgan
Arcadia, a US-based technology company supporting energy innovators to fight the climate crisis, announced on May 10th the raise of $200 million funding round. The financing aims to accelerate the impact of Arcadia’s data and new API platform, Arc, expanding data coverage and new product development.
J.P. Morgan Asset Management led the financing round through the new Sustainable Growth Equity Team. With an initial investment of $150 million, the team has been created at the beginning of the year with the purpose to invest in growth-stage private companies that persue resource efficiency and offer climate adaptation solutions across a range of industries. Funding Arcadia was the team’s first investment.
Besides J.P. Morgan, the financiang round involves new partners Keyframe Capital, Broadscale Group, and Triangle Peak Partners, as well as existing partners, such as Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures and Drawdown Fund. The result was an incredible transaction that led Arcadia being valued at $1.5 billion, making the start-up an official “unicorn” in Silicon Valley.
The start-up Arcadia was founded in 2014 with a simple purpose: to help people power their lives with clean energy. In particular, Arcadia provides companies with access to energy data and renewable energy sources from utilities, enabling users to find the least carbon-intensive, lowest-cost energy, using real-time data analysis and automation. Therefore, it got permission from customers to access their utility bills and then matching them with the renewable power sources that suited them best.
One of the main barriers for companies that are looking to build climate tech and innovative energy products is the access to comprehensive and accurate utility data. In response, Arcadia did the hard work of translating datasets from hundreds of electric utilities into one digital platform, called Arc. Therefore, the platform can provide companies with easy-to-use data, clean energy, and APIs. Arc was launched in November and It is currently being used by 100 companies, such as Ford, EnelX, Aurora Solar, and STEM.
The fundraising of $200 million 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. As Tanya Barnes, Co-Managing Partner of J.P. Morgan Sustainable Growth Equity said Arcadia is pursuing one of the largest software opportunities in the clean energy transition. Accordingly, this financing will enable Arc to become the foundational software layer for the zero-carbon economy.
Sources:
Author: Marianna Cacace
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