Dandelion Energy Valuation, Funding & Investors
Dandelion Energy is valued at $75M as of February 2019.
Last Dandelion Energy valuation
$75M
Series A · Feb 2019
Last Dandelion Energy funding round
$40M
Series C · Sep 2024
Cumulative funding Dandelion Energy raised
$175M
across 7 funding rounds
Key investors in Dandelion Energy
Collaborative Fund
New Enterprise Associates
GV
Building Ventures
Ground Up Ventures
ZhenFund
About Dandelion Energy
Dandelion Energy is a provider of residential geothermal heat pump systems across the United States. The company's installations replace traditional HVAC units with underground pipe networks that transfer heat to and from the earth, offering energy-efficient heating, cooling, and hot water for homeowners in multiple states.
Founded
2017
HQ
New York City, NYWebsite
Status
Privately held
Customer focus
B2C
Revenue model
Product sales
Valuation
$75M (Feb 2019)
Dandelion Energy Valuation
Dandelion Energy is currently valued at $75M, based on its Series A in February 2019.
The $16M round was led by Comcast Ventures and GV, with participation from ZhenFund, Ground Up Ventures, New Enterprise Associates, Building Ventures, Lennar and 1 other investor.
Dandelion Energy valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Feb 2019 | Series A | $75M |
Dandelion Energy Funding History
Dandelion Energy has raised a total of $175M across 7 funding rounds.
Dandelion Energy's first fundraising round was a $2M seed round in July 2017. The most recent completed round was a $40M Series C in September 2024.
Dandelion Energy funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Sep 2024 | Series C | GV (lead); NGP Energy Capital Management; Breakthrough Energy Ventures; LenX; Collaborative Fund | $40M | - | Dandelion Energy, the nation's leading home geothermal company founded in 2017 as a spin-off from Alphabet's X, provides geothermal heating and cooling systems that are simple, affordable, and emissions-free for homeowners, installers, production home builders, and multifamily developers. The company installs proprietary geothermal heat pumps, including the recently launched Dandelion Geo, which delivers the highest heating performance measured by AHRI standards for a production heat pump. On September 24, 2024, Dandelion closed a $40 million Series C funding round led by GV (Google Ventures), with participation from Collaborative Fund, LenX (Lennar's venture arm), Breakthrough Energy Ventures, and NGP Energy Capital Management. The funding will accelerate nationwide expansion through two strategies: distributing heat pump technology to installers and homeowners, and executing large-scale projects with builders and developers amid the shift to electrified homes. This follows a $70 million Series B1 in 2022, bringing total funding to over $130-134.5 million. Key developments include founder Kathy Hannun's recognition on CNBC's Changemakers List, the appointment of Chief Revenue Officer Lauren Howard in 2024, and a headquarters move to Arlington, VA from Mount Kisco, NY. Dandelion has installed 3,000 heat pumps across more than 2,000 residences, leveraging efficient operations and R&D leadership to position geothermal as the highest quality, least expensive heating/cooling option. Investors highlight the company's scaled operations, product innovations, and market impact in reducing fossil fuel reliance, supported by incentives like the Inflation Reduction Act's 30% tax credit for new geothermal HVAC systems. The round occurs amid a challenging funding climate for climate startups, with expectations of increased activity post-election and lower interest rates. |
| Nov 2022 | Series B | LenX (lead); NGP Energy Capital Management (lead); GV; Breakthrough Energy Ventures; New Enterprise Associates; Building Ventures; Collaborative Fund; Sam Landman | $70M | - | Dandelion Energy is a residential geothermal heating and cooling company that originated from a project at X (Google's research effort). The company designs green energy systems for homes, offering both geothermal heat pump technology and financing solutions. Its geothermal drilling approach taps heat reservoirs hundreds of feet below ground for winter heating and removes heat in summer for cooling. On November 15, 2022, Dandelion Energy announced the close of a $70 million Series B1 funding round co-led by LenX (the corporate venture arm of homebuilder Lennar) and NGP ETP (the energy transition investing platform of NGP). The round also included participation from Breakthrough Energy Ventures, NEA, GV, Collaborative Fund, and Building Ventures. This round was characterized as an extension of the company's prior $30 million Series B from 2021, though demand exceeded initial expectations. Combined with previous funding, the company had raised approximately $136 million to $174.88 million depending on the source. At the time of the B1 round, Dandelion had demonstrated significant commercial traction. The company had more than tripled its commercial operations in 2022 and had installed 1,000 systems across New York, Connecticut, and Massachusetts. The company benefited from favorable market conditions, including the Inflation Reduction Act of 2022, which introduced tax credits and financial incentives for homeowners adopting heat pump technology. CEO Michael Sachse stated the company aimed to become "the Tesla of heating and cooling" with this capital injection. The $70 million Series B1 funding was intended to provide at least two years of runway to approach or achieve cash flow breakeven. Dandelion planned to use the capital to expand in retrofit and new construction markets, develop a broader range of products to serve more customers and geographies, and scale operations nationwide. |
| Feb 2021 | Series B | Breakthrough Energy Ventures (lead); Catchlight Ventures; Ground Up Ventures; GV; New Enterprise Associates; Building Ventures; Lennar; Collaborative Fund | $30M | - | Dandelion Energy is the nation's leading home geothermal company, specializing in efficient geothermal heat pumps for residential heating and cooling to displace fossil fuels. The company closed a $30 million Series B funding round on February 17, 2021, led by Breakthrough Energy Ventures, with participation from GV, New Enterprise Associates (NEA), Lennar Corporation, Collaborative Fund, Building Ventures, Catchlight Ventures, and Ground Up Ventures, bringing total funding to $65 million. This followed a $12 million Series A-1 in January 2020 and marked operational expansion into Connecticut, development of a fully virtual sales and design process, and surpassing 100,000 tons of carbon emissions avoided in 2020. The investment supports Dandelion's mission to make geothermal cost-effective through proprietary drilling technology, heat pumps, and smart remote monitoring, reducing installation costs by over 60%. Backed by investors like Bill Gates' Breakthrough Energy Ventures, the round validates the company's approach to aligning incentives for homeowners to upgrade to geothermal systems cheaper than existing heating and cooling. Geothermal is positioned as the most efficient solution for decarbonizing residential heating and cooling, targeting a U.S. market of over 26 million homes per Department of Energy estimates. Lennar's involvement signals potential for integration into new home construction. Subsequent rounds include a $40 million Series C in September 2024 led by GV for nationwide expansion into heat pump distribution and large builder projects, and a $70 million Series B1 in 2022, with total funding reaching around $175 million by 2024 and a company valuation of $315 million as of September 2024. |
| Jan 2020 | Series A | Ground Up Ventures; GV; New Enterprise Associates; Comcast Ventures; Lennar; Collaborative Fund | $12M | - | Dandelion Energy, a home geothermal heating and cooling company originating from Alphabet's X lab, completed a $12 million Series A-1 funding round on January 15, 2020, from existing investors including Collaborative Fund, Comcast Ventures, Ground Up Ventures, GV, Lennar Corporation, and New Enterprise Associates, bringing total funding to $35 million. The investment supported expansion of operations and continued research and development in geothermal technology. In conjunction with the round, Michael Sachse joined as CEO to lead scaling efforts, while co-founder Kathy Hannun transitioned to President focusing on product innovation. Dandelion offers affordable geothermal systems as alternatives to fossil fuel-based heating, reducing carbon emissions by up to 80% through efficient heat pumps. By January 2020, the company had sold its 500th geothermal system in New York State, operating in areas like Albany, Hudson Valley, and Westchester. Installations grew nearly fivefold year-over-year in 2019, achieving product-market fit and strong business fundamentals as noted by leadership. The round followed prior funding including a $16 million Series A in February 2019 led by GV and Comcast Ventures. Dandelion's business model leverages federal, state, and utility incentives to make upgrades cost-competitive with existing heating solutions. |
| Feb 2019 | Series A | Comcast Ventures (lead); GV (lead); ZhenFund; Ground Up Ventures; New Enterprise Associates; Building Ventures; Lennar; Collaborative Fund | $16M | $75M | Dandelion Energy, a home geothermal company offering clean and cost-effective heating and cooling solutions, completed a $16 million Series A funding round on February 12, 2019, co-led by GV and Comcast Ventures, with participation from Lennar Corporation, New Enterprise Associates, Collaborative Fund, Ground Up Ventures, and ZhenFund, bringing total funding to $23 million. The post-money valuation was $74.68 million. The funding aimed to accelerate growth, invest in research and development, and expand operations across New York State by opening new warehouses and growing the team. Originating as a spinout from Alphabet's X lab and launching independently in May 2017 in New York City, Dandelion focuses on modernizing home heating and cooling through widespread geothermal adoption. The company leverages best-in-class geothermal technology, providing systems at about half the cost of traditional installations, making them economically viable for millions of homeowners. Strategic board appointments included Shaun Maguire from GV and Sam Landman from Comcast Ventures. Dandelion's connected heat pump features 60 sensors for performance monitoring and proactive issue warnings, aligning with smart home ecosystems. The investment supports addressing high costs that have limited geothermal growth in the US, positioning Dandelion to transform the industry and reduce carbon emissions. |
| Mar 2018 | Seed | New Enterprise Associates (lead); ZhenFund; Ground Up Ventures; BoxGroup; Andrew Schoen; Building Ventures; Collaborative Fund; Matt Kraning; Daniel Yates; Borealis Ventures | $5M | - | Dandelion Energy is a residential geothermal company founded in 2017 that provides homeowners with clean heating and cooling technology based on geothermal heat pumps. The company had developed innovations that reduced the cost of home geothermal systems by approximately 50%, with systems providing heating, cooling, hot water, built-in performance monitoring, and integration with Nest thermostats. In March 2018, Dandelion Energy raised $4.5 million in Series A funding led by New Enterprise Associates (NEA), with participation from BoxGroup, Daniel Yates, Ground Up, and prior investors Borealis Ventures, Collaborative Fund, and ZhenFund, bringing total funding to $6.5 million. The round strengthened leadership by adding Daniel Yates, former CEO and founder of Opower (which achieved a $1 billion IPO in 2014 and was subsequently acquired by Oracle), to the board as an Executive Board Member and investor. At the time of the funding announcement, Dandelion reported overwhelming demand and support from homeowners nationwide and used the capital to ramp up operations and launch its 2018 offering. The company's focus was on serving the residential market with a seamless experience combining geothermal technology installation with integrated smart home capabilities. |
| Jul 2017 | Seed | Collaborative Fund (lead); ZhenFund; Building Ventures; Borealis Ventures | $2M | - | - |
Who has invested in Dandelion Energy?
18 investors have backed Dandelion Energy across its funding rounds, including Collaborative Fund, New Enterprise Associates, GV, Building Ventures, Ground Up Ventures and ZhenFund.
Lead investors include GV, LenX, NGP Energy Capital Management, Breakthrough Energy Ventures, Comcast Ventures and 2 other investors.
Dandelion Energy Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| New York City, NY | 7 | Lead | Jul 2017 | |
| San Francisco, CA | 5 | Lead | Feb 2019 | |
| San Francisco, CA | 5 | Lead | Mar 2018 | |
| Boston, MA | 5 | Participant | Jul 2017 | |
| Philadelphia, PA | 4 | Participant | Mar 2018 | |
 Beijing | 3 | Participant | Jul 2017 | |
 Paris | 3 | Lead | Feb 2021 | |
| Miami, FL | 3 | Participant | Feb 2019 | |
| Dallas, TX | 2 | Lead | Nov 2022 | |
| San Francisco, CA | 2 | Lead | Feb 2019 | |
| Miami, FL | 2 | Lead | Nov 2022 | |
| United States | 2 | Participant | Jul 2017 | |
![](data:image/svg+xml,<svg xmlns="http://www.w3.org/2000/svg" width="20" height="20" viewBox="0 0 20 20"><rect fill="%23e5e7eb" width="20" height="20" rx="4"/></svg>){kind=small} Catchlight Ventures | New York City, NY | 1 | Participant | Feb 2021 |
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Start Free TrialAcquisitions by Dandelion Energy
Dandelion Energy has acquired 2 companies to date.
Last acquisition by Dandelion Energy was on January 18th 2022. Dandelion Energy acquired Glacier Drilling for undisclosed valuation.
Latest Acquisitions by Dandelion Energy
| Description | Glacier Drilling is a New Milford, Connecticut-based provider of environmental and geotechnical drilling services across the Northeast United States. With over 25 years of operation, it deploys sonic, air rotary, and mud rotary rigs for soil sampling, groundwater monitoring wells, and remediation projects. The firm holds certifications in OSHA safety and handles contaminated media under EPA guidelines. Glacier Drilling supports engineering firms and municipalities on sites from Maine to New Jersey, completing over 1,000 wells yearly. | Geo-Connections is a software-as-a-service provider focused exclusively on the geothermal heating and cooling sector. It delivers cloud-based tools for ground heat exchanger design, system simulation, and performance analysis, developed by mechanical engineers with over 50 years of combined experience. The platform aids HVAC professionals in optimizing renewable energy installations. |
| HQ Country | | |
| HQ City | Durham, NC | Elkton, MD |
| Deal Date | 18 Jan 2022 | 6 Mar 2018 |
| Valuation | undisclosed | undisclosed |
| EV/Revenue | ||
| EV/EBITDA | ||
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Dandelion Energy Competitors
Dandelion Energy competitors include listed companies like Tigo Energy and Alchemy, and private ones like Efficient Energy, Gradient, Electriq Global and addvantage clean technologies.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| United States | Publicly listed | $104M | $10M | $75M | 0.6x | |
 Feldkirchen | Private | - | - | $70M | - | |
| San Francisco, CA | Private | - | - | $85M | - | |
 Tirat Carmel | Private | - | - | $52M | - | |
| Los Angeles, CA | Private | - | - | $43M | - | |
 Canada | Publicly listed | $1M | ($3M) | $35M | - |
Dandelion Energy Public Comps
Dandelion Energy is still privately-owned, but its public comps include Tigo Energy, Wallbox, Razor Labs, Midsummer, Umbrella Global Energy, Geospace Technologies, Energous, Drilling Tools, Hazer Group and Otovo.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $104M | $10M | 0.6x | 0.6x | 6.4x | 30.3x | |||
| $167M | ($59M) | 1.8x | 1.8x | (5.0x) | (10.7x) | |||
| $11M | ($5M) | 5.2x | - | (13.2x) | - | |||
| $17M | ($396K) | 4.9x | - | (206.7x) | - | |||
| $28M | ($7M) | 3.0x | - | (12.4x) | - | |||
| $111M | ($2M) | 0.6x | - | (40.4x) | - | |||
| $6M | ($10M) | 6.1x | 2.8x | (3.6x) | (4.1x) | |||
| $160M | $29M | 1.0x | 1.0x | 5.6x | 4.2x | |||
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Common questions about Dandelion Energy
| When was Dandelion Energy founded? | Dandelion Energy was founded in 2017. |
| Where is Dandelion Energy headquartered? | Dandelion Energy is headquartered in New York City, NY, United States. |
| Is Dandelion Energy publicly listed? | No, Dandelion Energy is a private, VC-backed company. |
| What is Dandelion Energy's valuation? | Dandelion Energy was last valued at $75M in its Series A in February 2019. |
| How much funding has Dandelion Energy raised? | Dandelion Energy has raised $175M across 7 funding rounds. |
| What was Dandelion Energy's last funding round? | Dandelion Energy's last funding round was a $40M Series C in September 2024, led by GV. |
| Who are Dandelion Energy's investors? | Dandelion Energy's investors include Collaborative Fund, GV, New Enterprise Associates, Building Ventures, Ground Up Ventures, ZhenFund, Breakthrough Energy Ventures, Lennar, NGP Energy Capital Management, Comcast Ventures and 8 others. |
| Which companies are comparable to Dandelion Energy? | Companies comparable to Dandelion Energy include Tigo Energy, Efficient Energy, Gradient, Electriq Global, addvantage clean technologies and Alchemy. |
| How many companies has Dandelion Energy acquired? | Dandelion Energy has acquired 2 companies, including Glacier Drilling and Geo-Connections. |
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