Arcadia Valuation, Funding & Investors
Arcadia is valued at $1.5B as of December 2022.
Last Arcadia valuation
$1.5B
Undisclosed stage · Dec 2022
Last Arcadia funding round
$50M
Series E · Apr 2024
Cumulative funding Arcadia raised
$540M
across 9 funding rounds
Key investors in Arcadia
BoxGroup
Energy Impact Partners
Wonder Ventures
G2 Venture Partners
Tiger Global
Macquarie Asset Management
About Arcadia
Arcadia is a clean energy platform facilitating access to renewables and utility data across the United States. Founded in 2014 and headquartered in Washington, D.C., the company operates Arc, which aggregates billing and usage data from 125 utilities representing over 80 percent of U.S. electric accounts. Arcadia manages the largest community solar program nationwide, subscribing more than 100,000 households and offsetting five terawatt-hours of demand through partnerships with developers like Nexamp and Common Energy.
Founded
2014
HQ
Denver, COWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Valuation
$1.5B (Dec 2022)
Arcadia Valuation
Arcadia is currently valued at $1.5B, based on its undisclosed-stage round in December 2022.
The $125M round was led by Magnetar Capital, with participation from Keyframe Capital Partners and Green Investment Group.
Arcadia's valuation has moved from $1.5B at its Series E in May 2022 to $1.5B in December 2022, across 2 priced rounds.
Arcadia valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Dec 2022 | Undisclosed stage | $1.5B |
| May 2022 | Series E | $1.5B |
Arcadia Funding History
Arcadia has raised a total of $540M across 9 funding rounds.
Arcadia's first fundraising round was a $500K angel round in September 2014. The most recent completed round was a $50M Series E in April 2024.
Arcadia funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Apr 2024 | Series E | Macquarie Asset Management (lead); Camber Creek; JPMorgan Asset Management; BoxGroup; Triangle Peak Partners; G2 Venture Partners; Energy Impact Partners; Broadscale | $50M | - | Arcadia is a climate technology company offering a global utility data and community solar platform that centralizes energy data for businesses, empowers climate innovators, and facilitates access to community solar for businesses and consumers. The platform unlocks utility and energy data for various use cases, supporting solutions like battery storage, heat pumps, EV charging, electrification, and decarbonization. Founded in 2014 by CEO Kiran Bhatraju in Washington, DC, Arcadia serves over 300 enterprise customers and 75+ community solar developer partners. On April 11, 2024, Arcadia closed a $50 million growth equity financing round led by a fund managed by Macquarie Asset Management as a new investor, with participation from existing investors including Energy Impact Partners, J.P. Morgan Asset Management, BoxGroup, G2 Venture Partners, Camber Creek, Triangle Peak Partners, and Broadscale Group. Macquarie Senior Managing Director Greg Callman joined Arcadia's board. Concurrently, Arcadia secured a new $30 million credit facility from J.P. Morgan, plus an amendment to its existing facility with TriplePoint Capital, to provide financing flexibility at lower cost. The funds support expansion of its community solar program, AI-driven product innovation for new energy data applications, scaling operations, region-specific solutions, and nationwide growth. This round brings Arcadia's total funding to $575.5 million across 16 rounds, following a $125 million raise in December 2022 for its Arc platform to decarbonize the grid and grow community solar. In 2023, Arcadia advanced its platform, made five acquisitions including Oregon Shines, and reported significant progress amid strong solar sector VC funding of $6.9 billion globally. |
| Dec 2022 | Undisclosed stage | Magnetar Capital (lead); Keyframe Capital Partners; Green Investment Group | $125M | $1.5B | Arcadia is a climate software and data platform that unlocks high-fidelity global energy data through APIs, enabling companies to personalize energy products for decarbonization, including auditable carbon accounting, EV charging optimization, rooftop solar proposals, and community solar subscriptions. Founded in 2014 by Kiran Bhatraju and Ryan Nesbitt, the company is based in Greenwood Village, Colorado, with operations in Washington, D.C., and serves over 300 new energy companies. It is the nation's largest manager of community solar subscriptions and powers its Arc platform for utility data access, tariffs, and payments. On December 16, 2022, Arcadia raised $125 million in a growth equity round led by Magnetar Capital, with participation from existing investor Keyframe Capital and Macquarie Asset Management’s Green Investment Group. Eric Scheyer, Partner and Head of Energy and Infrastructure at Magnetar, joined the Arcadia Board of Directors. The round valued the company at $1.5 billion post-money, consistent with its prior May 2022 Series E round of $200 million also at $1.5 billion valuation, bringing total funding to around $350 million by late 2022. The new capital supports expansion of the Arc platform and acceleration of Arcadia's community solar business amid tailwinds like the Inflation Reduction Act. In 2022, Arcadia acquired Urjanet in May, partnered as the utility data provider for Salesforce Net Zero Cloud, and reported significant progress toward near-term profitability. The company positions itself as key to the global energy transition by providing data integrity and scale for electrification innovations. This funding follows a year of substantial growth, with total raises of $325 million in 2022 across rounds, enhancing Arcadia's role in residential and commercial decarbonization through personalized clean energy solutions. |
| May 2022 | Series E | JPMorgan Asset Management (lead); Salesforce Ventures; Camber Creek; Wellington Management; Triangle Peak Partners; Keyframe Capital Partners; The Drawdown Fund; Alumni Ventures; K Street Capital; Tiger Global; Broadscale; MCJ | $200M | $1.5B | Arcadia is a technology company providing a data and API platform called Arc that empowers energy innovators to fight the climate crisis by decarbonizing the electric grid, expanding community solar access, and enabling companies to monitor, report, and act on their carbon impact. The platform aggregates utility data for residential and commercial use, supporting clean energy initiatives like community solar management, where Arcadia leads as the top U.S. manager with over 700MW under management as of April 2022. On May 10, 2022, Arcadia raised a $200 million Series E funding round led by J.P. Morgan Asset Management’s Sustainable Growth Equity Team, with participation from new investors Keyframe Capital, Broadscale Group, and Triangle Peak Partners, alongside existing backers Camber Creek, Tiger Global Management, Wellington Management, Salesforce Ventures, Drawdown Fund, MCJ Collective, Alumni Ventures, K Street Capital, and others. The post-money valuation reached $1.5 billion, marking Arcadia as a unicorn. Proceeds were earmarked for expanding data coverage to include commercial utility data, developing new products for sustainability goals, and accelerating growth in clean energy offerings. The round built on strong momentum, including 155% year-over-year organic revenue growth in 2021, the November 2021 launch of the Arc platform, and recognition as a finalist in Fast Company’s 2022 World Changing Ideas Awards in the Energy category. Arcadia positions itself as a clean-energy equivalent to Plaid in open banking, facilitating data connections for renewables and drawing interest from major financial institutions despite their mixed fossil fuel involvement. Subsequent rounds included a $125 million venture round in December 2022 led by Magnetar Capital and a $50 million Series E extension in April 2024 led by Macquarie Asset Management at a $1.5-$1.64 billion valuation, plus $30 million debt from JPMorgan Chase, bringing total funding to around $566-$650 million across multiple rounds since 2014. |
| Sep 2021 | Series D | The Drawdown Fund (lead); Tiger Global (lead) | $100M | - | Arcadia Biosciences (RKDA), a public company focused on plant-based wellness brands, GoodWheat grain, and GoodHemp seed, reporting product revenues in 2021 from these segments after winding down legacy license revenues from a 2020 Bioceres deal. Q4 2021 revenues were $2.2 million, with full-year 2021 revenues down $1.3 million year-over-year due to non-recurring prior license income; cost of product revenues rose to $8.7 million annually from wellness acquisitions and grain/seed sales. |
| Dec 2019 | Series C | G2 Venture Partners (lead); BoxGroup; Macquarie Asset Management; Seek Ventures; Global Market Enterprise; Energy Impact Partners; ValueAct Capital; Mitsui & Co | $30M | - | Arcadia is a climate technology company founded in 2014 that provides clean energy solutions, including climate software, energy data platforms from smart meters, and community solar access to help decarbonize the electric grid. The company matched the specified Series C round with $30 million raised in December 2019, led by G2 Venture Partners, alongside investors like BoxGroup, Energy Impact Partners, and others, aimed at scaling operations and developing clean energy solutions. This followed a $25 million Series B in August 2018 also led by G2 Venture Partners to expand community solar and energy data platforms. Investors in the 2019 round align with the query, including BoxGroup, Energy Impact Partners, G2 Venture Partners, and others like ValueAct noted in Series B but overlapping. Subsequent funding included a $100-103.62 million Series D in September 2021 at $676.03 million post-money, $125 million unattributed in 2022, $200 million Series E in 2022, and $50 million Series E in 2024 with matching investors like Macquarie and G2. Total funding across rounds exceeds $500-649 million by 2024, supporting product innovation, solar expansion, and growth in clean energy markets. Competitive context involves decarbonizing traditional energy sectors, with G2 Venture Partners focusing on such digitization and sustainability investments. |
| Aug 2018 | Series B | G2 Venture Partners (lead); Wonder Ventures; BoxGroup; Cendana Capital; Energy Impact Partners; ValueAct Capital; McKnight Foundation | $25M | - | Arcadia is a climate technology company founded in 2014 that provides clean energy software and data solutions to decarbonize the electric grid and expand community solar access, collecting energy-use data from smart meters to enable alternative energy companies to sell utilities effectively via its Arc platform. In August 2018, Arcadia raised $25 million in its Series B funding round led by G2 Venture Partners, with participation from BoxGroup, Cendana Capital, Energy Impact Partners, McKnight Foundation, ValueAct Capital, and Wonder Ventures, to expand its community solar program and enhance its energy data platform. The company has continued scaling with subsequent raises, including $30 million Series C in December 2019 (also led by G2 Venture Partners), $100-103.62 million Series D in September 2021, $125 million unattributed in December 2022, $200 million Series E in May 2022 at $1.5 billion valuation, and $50 million Series E-II in April 2024 at $1.64 billion, bringing total funding to $566-649.91 million across 16-17 rounds from 37 investors. Investors like Energy Impact Partners and G2 Venture Partners have participated in multiple rounds, including recent ones. Arcadia operates in the renewable energy and sustainability sector, backed by firms like G2 Venture Partners, which focuses on climate tech and has raised subsequent funds including a $500 million second fund in 2021 and a $750 million third fund targeted in 2024. Competitive context includes other G2VP portfolio companies like 1Komma5 and Crusoe, amid growing interest in decarbonization technologies. |
| Jun 2017 | Series A | Energy Impact Partners (lead); Wonder Ventures; BoxGroup; City Light Capital | $6M | - | Arcadia Power, a D.C.-based clean energy platform, raised $6 million in a Series A funding round in June 2017 led by Energy Impact Partners, with participation from BoxGroup and Wonder Ventures. The funds supported expansion of utility partnerships, community solar initiatives, and new product development. At the time, Arcadia had over 25,000 customers across all 50 U.S. states and enabled the consumption of nearly 200 million kilowatt-hours of certified wind energy, equivalent to replacing 75,000 tons of coal. |
| Aug 2016 | Seed | BoxGroup (lead); Wonder Ventures (lead); City Light Capital | $4M | - | Arcadia Power raised $3.5 million in an early-stage funding round on August 19, 2016, led by BoxGroup and Wonder Ventures. The company operates a nationwide clean energy platform that connects utility customers to renewable energy options like wind energy certificates, community solar, and energy-efficient products. Customers link their utility accounts to Arcadia's software for usage tracking, automatic matching to clean energy, and services such as credit card payments and personalized dashboards. The funding enabled expansion of consumer energy options, including community solar and on-bill financing for smart thermostats and LED lighting, potentially saving customers 10-30% on annual energy costs. Arcadia serves customers across 450+ utilities in all 50 states. BoxGroup and Wonder Ventures continued investing in subsequent rounds, including a $6 million Series A in 2017 and a $25 million Series B in 2018. |
| Sep 2014 | Angel | Edward Kim; Wonder Ventures; Thomas McInerney; Luke Kupersmith; Chris Sang; Eugene Goldberg | $500K | - | - |
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Who has invested in Arcadia?
31 investors have backed Arcadia across its funding rounds, including BoxGroup, Energy Impact Partners, Wonder Ventures, G2 Venture Partners, Tiger Global and Macquarie Asset Management.
Lead investors include Macquarie Asset Management, Magnetar Capital, JPMorgan Asset Management, The Drawdown Fund, Tiger Global and 4 other investors.
Arcadia Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 5 | Lead | Aug 2016 | |
| Los Angeles, CA | 4 | Lead | Sep 2014 | |
| New York City, NY | 4 | Lead | Jun 2017 | |
| San Francisco, CA | 3 | Lead | Aug 2018 | |
| Washington, DC | 2 | Participant | May 2022 | |
| New York | 2 | Lead | May 2022 | |
 Sydney | 2 | Lead | Dec 2019 | |
| San Francisco, CA | 2 | Participant | May 2022 | |
| New York City, NY | 2 | Participant | May 2022 | |
| Park City, UT | 2 | Lead | Sep 2021 | |
| New York City, NY | 2 | Lead | Sep 2021 | |
| New York City, NY | 2 | Participant | May 2022 | |
| San Francisco, CA | 2 | Participant | Aug 2018 | |
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialAcquisitions by Arcadia
Arcadia has acquired 8 companies to date.
Last acquisition by Arcadia was on April 30th 2026. Arcadia acquired ENGIE Impact for undisclosed valuation.
Latest Acquisitions by Arcadia
| Description | ENGIE Impact is a Portland-headquartered firm that delivers energy, water, waste, and telecom data analytics to multi-site enterprises including Walmart and Procter & Gamble. Formerly Ecova, it processes utility bills from 5,000 providers to benchmark usage, automate payments, and identify savings through platforms like Utility Management Online. Serving over 3,000 clients representing 25% of Fortune 500, it operates data centers in the US and Europe with AI-driven sustainability reporting compliant with CSRD regulations. | Perch Energy is a clean energy provider offering community solar subscriptions and virtual power plants to residential customers. It operates in states like New York, Massachusetts, and Illinois, enabling households to access solar power without rooftop installations. The company manages over 100 megawatts of solar assets, partnering with utilities to deliver bill credits and grid stabilization services through its Perch Panel software. | RPD Energy is a renewable energy supplier sourcing power directly from local wind, solar, and hydro projects. The Auckland-based company tailors contract volumes and durations to deliver competitively priced green electricity supply agreements. RPD Energy coordinates physical grid dispatch from generators to meet business demands in New Zealand. | Oregon Shines unites a diverse community of Oregon residents advocating for solar energy adoption, fostering collaboration across backgrounds to promote renewable power initiatives statewide. | |
| HQ Country | | | | | |
| HQ City | Spokane, WA | Boston, MA | Houston, TX | Portland, OR | |
| Deal Date | 30 Apr 2026 | 11 Mar 2025 | 10 Feb 2025 | 21 Jun 2023 | |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed | |
| EV/Revenue | |||||
| EV/EBITDA | |||||
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Arcadia Competitors
Arcadia competitors include listed companies like Romande Energie, Bonheur, EnergyVision and Nofar Energy, and private ones like Hero Future Energies and Enpal.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
 Switzerland | Publicly listed | $960M | $231M | $1.5B | 1.9x | |
 Norway | Publicly listed | $1.3B | $404M | $1.2B | 1.2x | |
 Belgium | Publicly listed | $199M | $44M | $1.2B | 4.8x | |
 Israel | Publicly listed | $103M | $95M | $2.1B | - | |
 New Delhi | Private | $130M | $45M | $1B | - | |
 Berlin | Private | $1B | $24M | $2.5B | - |
Arcadia Public Comps
Arcadia is still privately-owned, but its public comps include Econergy, Romande Energie, Birlesim Grup Enerji, Premier Energy, Kimbell Royalty Partners, Yinson, Navigator Gas, Aygaz, CS Wind and Friedrich Vorwerk Group.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $11M | ($64M) | 205.8x | - | (34.8x) | - | |||
| $960M | $231M | 1.9x | 1.9x | 7.9x | 9.4x | |||
| $31M | $15M | 50.6x | - | 103.3x | - | |||
| $2B | $193M | 0.9x | 0.9x | 9.2x | 9.2x | |||
| $322M | $258M | 6.7x | 5.8x | 8.4x | 7.0x | |||
| $1.3B | $692M | 4.3x | 4.6x | 8.2x | 7.2x | |||
| $587M | $295M | 3.9x | 4.2x | 7.7x | 7.6x | |||
| $1.8B | $120M | 0.7x | 0.6x | 11.4x | 15.0x | |||
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Common questions about Arcadia
| When was Arcadia founded? | Arcadia was founded in 2014. |
| Where is Arcadia headquartered? | Arcadia is headquartered in Denver, CO, United States. |
| Is Arcadia publicly listed? | No, Arcadia is a private, VC-backed company. |
| What is Arcadia's valuation? | Arcadia was last valued at $1.5B in its undisclosed-stage round in December 2022. |
| How much funding has Arcadia raised? | Arcadia has raised $540M across 9 funding rounds. |
| What was Arcadia's last funding round? | Arcadia's last funding round was a $50M Series E in April 2024, led by Macquarie Asset Management. |
| Who are Arcadia's investors? | Arcadia's investors include BoxGroup, Wonder Ventures, Energy Impact Partners, G2 Venture Partners, Camber Creek, JPMorgan Asset Management, Macquarie Asset Management, Triangle Peak Partners, Keyframe Capital Partners, The Drawdown Fund and 21 others. |
| Which companies are comparable to Arcadia? | Companies comparable to Arcadia include Romande Energie, Bonheur, EnergyVision, Nofar Energy, Hero Future Energies and Enpal. |
| How many companies has Arcadia acquired? | Arcadia has acquired 8 companies, including ENGIE Impact, Perch Energy, RPD Energy, Oregon Shines and Urjanet. |
See companies similar to Arcadia
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