Arcadia Raises $200m Led by J.P. Morgan’s Sustainable Growth Equity Team

May 13, 2022 | News

 Arcadia, the technology company empowering energy innovators to fight the climate crisis, today announced the raise of a $200m funding round. The round was led by an inaugural investment from J.P. Morgan Asset Management’s Sustainable Growth Equity Team.

The financing will help accelerate the impact of Arcadia’s data and API platform, Arc, by expanding data coverage and new product development to empower companies to monitor, report, and act on their carbon impact.

Access to comprehensive, accurate utility data has been a fundamental barrier for businesses looking to build climate tech and innovative energy products. Arcadia solves this problem by providing companies with easy-to-use data, clean energy, and APIs all under one roof. Currently, more than 100 innovators — including Ford, EnelX, Aurora Solar, and STEM — across verticals such as EVs, solar, storage, and Smart Home IoT, use Arc APIs to deliver better energy experiences to their customers and decarbonize the grid. Today’s fundraising 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.

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“The products being built on the Arc platform in just a short amount of time — by large incumbents and new startups — prove that companies have been starved of the tools they need to build innovative energy solutions. Building a platform that works across verticals instead of offering point solutions will unlock exponential growth and impact,” said Kiran Bhatraju, CEO of Arcadia. “Today’s commitment from J.P. Morgan will enable Arc to become the foundational software layer for the zero-carbon economy.”

The financing round features a series of new investors, including J.P. Morgan’s recently launched Sustainable Growth Equity Team, with participation from additional new partners Keyframe Capital, Broadscale Group, and Triangle Peak Partners, and existing partners Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures, Drawdown Fund, MCJ Collective, and more.

“Arcadia is pursuing one of the largest software opportunities in the clean energy transition,” said Tanya Barnes, Co-Managing Partner, J.P. Morgan Sustainable Growth Equity. “The company’s technology platform plays a vital role in decarbonizing real estate, the grid and providing renewable energy access to underserved communities.”

“Arcadia is an exceptional first example of Sustainable Growth Equity’s mandate to invest in climate technologies that deliver measurable solutions to the industries that produce the greatest greenhouse gas emissions. We look forward to being a value-added partner to Arcadia, as they leverage J.P. Morgan’s in-house sustainability resources, global client network, and robust data intelligence capabilities,” said Osei Van Horne, Co-Managing Partner, J.P. Morgan Sustainable Growth Equity.

Source: PR Newswire

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