The latest financing comes just eight months after the Washington D.C.-based company closed a $100 million Series D round and brings total funding to date to over $370 million, per Crunchbase data.
The investment comes as overall funding for the climate software space is on a tear. The size and speed of deals has picked up in the past few quarters, as investors back ever-bigger rounds for companies delivering tools to help hasten a shift away from fossil fuels and toward energy sources with lower carbon footprints.
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According to Arcadia, access to comprehensive, accurate utility data “has been a fundamental barrier for businesses looking to build climate tech and innovative energy products.” The company aims to solve this issue by offering energy data from 125 utilities nationwide, which it says cover more than 80 percent of U.S. electric utility accounts. Customers can access data and develop products around it using the company’s Arc API platform.
Arcadia’s big round is one of many recent sizable fundings for climate software companies. Using Crunchbase data, we recently curated a list of 27 climate-focused software companies funded in the past year. Collectively they’ve pulled in more than $1.5 billion. See the full list of companies below:
Some of the big deals announced in recent months include:
- Sweep, a France-based company developing software for businesses to reduce their carbon emissions, raised $72 million in an April Series B round led by Coatue.
- ClimeCo, a Pennsylvania startup focused on developing and trading environmental commodities, raised $50 million in a funding round announced this month backed by The Heritage Group and Warburg Pincus.
- NCX, a San Francisco-based operator of a marketplace for forest management-related carbon credits, raised $50 million in a March Series B led by Energize Ventures.
- GridPoint, a Reston, Virginia-based energy management platform for commercial buildings, closed on $75 million in a March financing led by the Sustainable Investing Group within Goldman Sachs.
Arcadia’s latest round, led by J.P. Morgan’s recently launched Sustainable Growth Equity Team, also included Triangle Peak Partners and existing backers Camber Creek, Tiger Global Management, Wellington Management, and Drawdown Fund, among others.
Illustration: Dom Guzman
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