Renovate America Valuation, Funding & Investors

Renovate America is valued at $500M as of October 2015.

Last Renovate America valuation

$500M

Undisclosed stage · Oct 2015

Last Renovate America funding round

$90M

Undisclosed stage · Oct 2015

Cumulative funding Renovate America raised

$144M

across 3 funding rounds

Key investors in Renovate America

  • Valor Equity Partners
  • Rockport Capital
  • Macquarie Asset Management
  • DFJ Growth
  • Silver Lake
  • Spring Creek Investment Management

Renovate America Overview

About Renovate America

Renovate America is a California-headquartered provider of property-assessed clean energy financing for residential energy efficiency and water conservation upgrades. Through its HERO Program, available in over 40 states, homeowners access no-upfront-cost loans repaid via property tax assessments. The platform supports installations of solar panels, HVAC systems, and water-saving fixtures, generating billions in project financing since 2012. Renovate America partners with more than 500 municipalities, including Los Angeles County and San Diego, to deploy programs that reduce household energy use by up to 30 percent. Its proprietary software streamlines contractor approvals and homeowner applications nationwide.


Founded

2008

HQ

United StatesSan Diego, CA

Status

Privately held

Customer focus

B2C & B2G

Revenue model

Services

Valuation

$500M (Oct 2015)

Renovate America Valuation

Renovate America is currently valued at $500M, based on its undisclosed-stage round in October 2015.

The $90M round was led by DFJ Growth, with participation from Silver Lake, 400 Capital Management, Valor Equity Partners and Rockport Capital.

Renovate America valuation by funding round

Renovate America valuation by funding round
DateStageValuation
Oct 2015Undisclosed stage$500M

Renovate America Funding History

Renovate America has raised a total of $144M across 3 funding rounds.

Renovate America's first fundraising round was a $4M seed round in June 2013. The most recent completed round was a $90M undisclosed-stage round in October 2015.

Renovate America funding rounds

Renovate America funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Oct 2015Undisclosed stageDFJ Growth (lead); Silver Lake; 400 Capital Management; Valor Equity Partners; Rockport Capital$90M$500M-
Jul 2014Undisclosed stageValor Equity Partners (lead); Macquarie Asset Management; Spring Creek Investment Management; Spring Creek Group; Rockport Capital$50M-Renovate America provides financing for energy and water efficiency home improvements through its HERO Program, a residential Property Assessed Clean Energy (PACE) solution offered in partnership with municipalities. The program includes consumer protection, business automation software, workforce training, and access to private capital, enabling over 1 million energy- and water-saving products for homeowners. By mid-2014, it had financed more than $250 million in HERO projects, and cumulatively provided over $900 million in financing, created over 7,500 local jobs, saved homeowners a projected $1.7 billion on energy bills, reduced water use by more than 1.6 billion gallons, and cut greenhouse gas emissions equivalent to removing 300,000 SUVs from roads for a year. The HERO Program has received awards like the Governor's Environmental and Economic Leadership Award in California, Urban Land Institute Best of the Best, and Southern California Association of Governments President's Award for Excellence. In July 2014, Renovate America closed a $50 million equity investment round with investors including Valor Equity Partners (lead), Macquarie Capital, Rockport Capital, Spring Creek Group, and Spring Creek Investment Management. A later growth round on 10/02/15 raised $90 million from a broader group including Valor Equity Partners and RockPort Capital.
Jun 2013Seed-$4M--

Who has invested in Renovate America?

8 investors have backed Renovate America across its funding rounds, including Valor Equity Partners, Rockport Capital, Macquarie Asset Management, DFJ Growth, Silver Lake and Spring Creek Investment Management.

Lead investors include DFJ Growth and Valor Equity Partners.


Renovate America Investors

Investors in Renovate America by funding rounds participated
InvestorHQRoundsRoleFirst check
Valor Equity PartnersUnited StatesChicago, IL2LeadJul 2014
Rockport CapitalCanadaBoston, MA2ParticipantJul 2014
Silver LakeUnited StatesSan Francisco, CA1ParticipantOct 2015
Macquarie Asset ManagementAustraliaSydney1ParticipantJul 2014
Spring Creek Investment ManagementUnited StatesPhiladelphia, PA1ParticipantJul 2014
DFJ GrowthUnited StatesSan Francisco, CA1LeadOct 2015

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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples

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Acquisitions by Renovate America

Renovate America has acquired 1 company to date.

Last acquisition by Renovate America was on August 3rd 2016. Renovate America acquired CakeSystems for undisclosed valuation.


Latest Acquisitions by Renovate America

CakeSystems
Description
CakeSystems is a software firm creating energy trading and portfolio management tools. Portland-headquartered at 808 SW 3rd Avenue, Oregon, it serves utilities and traders with platforms for real-time bidding, risk analysis, and compliance reporting in wholesale electricity markets. The company supports North American grids, handling complex derivatives and renewable certificate tracking.
HQ CountryUnited States
HQ City
Portland, OR
Deal Date3 Aug 2016
Valuationundisclosed
EV/Revenue
EV/EBITDA

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Renovate America Competitors

Renovate America competitors include listed companies like NYAB, JinkoSolar and Array Technologies, and private ones like Chestnut Carbon, HIF Global and Fulcrum Bioenergy.

Public and private companies comparable to Renovate America
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
NYABSwedenSwedenPublicly listed$630M$41M$521M0.7x
Chestnut CarbonUnited StatesNew York City, NYPrivate--$450M-
JinkoSolarChinaChinaPublicly listed$9.8B($44M)$564M0.6x
HIF GlobalChileSantiagoPrivate--$600M-
Fulcrum BioenergyUnited StatesSan Francisco, CAPrivate--$603M-
Array TechnologiesUnited StatesUnited StatesPublicly listed$1.3B$34M$650M1.1x

Renovate America Public Comps

Renovate America is still privately-owned, but its public comps include Kalyon Güneş Teknolojileri, Hansen Technologies, eGuarantee, NYAB, Akfen Yenilenebilir Enerji, Chrysos Corp., Zephyrus Wing Energies, Aye Finance, CW Enerji and Aduro Clean Technologies.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Kalyon Güneş Teknolojileri------
Hansen Technologies$275M$52M1.9x1.9x9.8x6.3x
eGuarantee$71M$34M6.2x6.1x13.2x12.4x
NYAB$630M$41M0.8x0.7x12.3x9.8x
Akfen Yenilenebilir Enerji$119M$61M6.5x4.6x12.7x8.4x
Chrysos Corp.$63M$19M8.9x8.5x29.1x26.6x
Zephyrus Wing Energies$65M$34M11.8x-22.9x-
Aye Finance$168M$42M5.2x5.9x21.1x-

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Common questions about Renovate America

When was Renovate America founded?Renovate America was founded in 2008.
Where is Renovate America headquartered?Renovate America is headquartered in San Diego, CA, United States.
Is Renovate America publicly listed?No, Renovate America is a private, VC-backed company.
What is Renovate America's valuation?Renovate America was last valued at $500M in its undisclosed-stage round in October 2015.
How much funding has Renovate America raised?Renovate America has raised $144M across 3 funding rounds.
What was Renovate America's last funding round?Renovate America's last funding round was a $90M undisclosed-stage round in October 2015, led by DFJ Growth.
Who are Renovate America's investors?Renovate America's investors include Valor Equity Partners, Rockport Capital, Silver Lake, Macquarie Asset Management, Spring Creek Investment Management, DFJ Growth, 400 Capital Management and Spring Creek Group.
Which companies are comparable to Renovate America?Companies comparable to Renovate America include NYAB, Chestnut Carbon, JinkoSolar, HIF Global, Fulcrum Bioenergy and Array Technologies.
How many companies has Renovate America acquired?Renovate America has acquired 1 company, including CakeSystems.

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