
Climate Technology Startup Arcadia Secures $125M, Led by Magnetar Capital
Arcadia, a Washington, DC-based climate technology company, has raised $125mn in funding, led by Illinois-based alternative assets manager Magnetar Capital.
The company has now raised $350 million, including the latest financing round.
Additional investors include Keyframe Capital and Macquarie Asset Management’s Green Investment Group. Keyframe also invested in May in the $200 million Series E round led by J.P. Morgan’s sustainable growth equity team, part of which it used to acquire rival Urjanet. That round set Arcadia’s valuation at $1.5bn.
Led by Kiran Bhatraju, founder and CEO, Arcadia is perhaps best known as the nation’s largest manager of community solar subscriptions, but its Arc data platform is also used by 300 other companies to deliver clean-energy services tailored to the needs of each customer.
The latest funding shores up Arcadia’s finances to take advantage of several industry tailwinds heading into 2023. The Inflation Reduction Act is expected to turbocharge just about any branch of the clean-energy industry, from solar to home electrification to electric vehicles.
