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- Sungevity
Sungevity Funding, Investors & Competitors
Sungevity has raised $263M across 4 funding rounds, most recently a $50M undisclosed-stage round in December 2015.
Last Sungevity funding round
$50M
Undisclosed stage · Dec 2015
Cumulative funding Sungevity raised
$263M
across 4 funding rounds
Key investors in Sungevity
GE Ventures
Vision Ridge Capital Partners
Brightpath Capital Partners
CCM Energy
Craton Equity Partners
Eastern Sun Capital Partners
Apollo Global Management
SharesPost Investment Management
About Sungevity
Sungevity is a Oakland-headquartered residential solar provider offering remote design, permitting, and installation of rooftop photovoltaic systems across the U.S. It uses aerial imagery for virtual assessments to customize panels and batteries matching homeowner energy needs. Operational since 2007, Sungevity financed and installed systems for over 50,000 homes before its 2017 acquisition by certain assets now under Solar Mosaic.
Founded
2007
HQ
Website
Status
Privately held
Customer focus
B2C
Revenue model
Subscription
Sungevity Funding History
Sungevity has raised a total of $263M across 4 funding rounds.
Sungevity's first fundraising round was a $125M undisclosed-stage round in January 2013. The most recent completed round was a $50M undisclosed-stage round in December 2015.
Sungevity funding rounds
| Date | Stage | Investors | Raised | Deal Summary |
|---|---|---|---|---|
| Dec 2015 | Undisclosed stage | Apollo Global Management (lead); MidCap Financial; SharesPost Investment Management; GE Ventures | $50M | Sungevity, a US-based residential solar system installer operating an online platform with a partner-based approach, completed a $650 million equity and project financing transaction on December 15, 2015, marking the largest financing for a private solar company that year. The deal included $50 million in equity funding from existing investors like GE Ventures and new investors including Apollo Investment Corporation (lead), with mentions of MidCap Financial Investment and SharesPost Investment Management aligning with the query. An additional up to $600 million in project financing came from a consortium led by Apollo to support solar project development across Sungevity's US footprint and international markets in the Netherlands, Germany, and UK. The funding aimed to optimize Sungevity's technology platform, expand into new markets and partnerships, and deploy up to 400 MW of solar energy capacity in the US over three years through project financing, tax equity, and consumer financing options like cash or long-term debt. Sungevity contrasted its model with vertically integrated installers, serving 12 US states plus DC, and had previously raised $70 million in 2014 from GE Ventures, E.ON, and Jetstream Ventures, bringing total equity to around $210 million pre-this round. At the time, Sungevity ranked third among US residential solar installers behind SolarCity and Vivint Solar, recently entering the North Carolina market and integrating with Google's Project Sunroof for cost comparisons. |
| Apr 2014 | Undisclosed stage | Jetstream Capital (lead); CCM Energy; Vision Ridge Capital Partners; GE Ventures; Brightpath Capital Partners | $73M | - |
| Jul 2013 | Series A | CCM Energy; Vision Ridge Capital Partners; Craton Equity Partners; Eastern Sun Capital Partners; GE Ventures; Brightpath Capital Partners | $15M | Sungevity, a U.S.-based residential solar company, secured up to $125 million in early 2013, comprising $40 million in equity financing led by Brightpath Capital Partners and Lowe's, with participation from Vision Ridge Partners, Craton Equity Partners, and Eastern Sun Capital Partners, plus $85 million in project financing from Energy Capital Partners and a commercial bank. The company operated in nine U.S. states including Arizona, California, Colorado, Connecticut, Delaware, Maryland, Massachusetts, New Jersey, and New York, and had international presence through an equity stake in Zonline in the Netherlands and a joint venture, Sungevity Australia. Funds were allocated to develop solar projects and support potential expansion into additional domestic markets. Some reports referenced a $28 million raise involving Brightpath Capital Partners, Lowe's, Vision Ridge Partners, Craton Equity Partners, and Eastern Sun Capital Partners, though primary sources confirm the larger $40 million equity component within the $125 million total. Sungevity's CEO Andrew Birch highlighted the funding as enabling the next phase of growth for its scalable model. |
| Jan 2013 | Undisclosed stage | Brightpath Capital Partners (lead); Vision Ridge Capital Partners; Craton Equity Partners; Eastern Sun Capital Partners | $125M | Sungevity, a California-based residential solar company offering photovoltaic leasing services, closed a financing round of up to $125 million around January 16, 2013. The round included $40 million in equity from lead investor Brightpath Capital Partners and Lowe's, with new equity investors Craton Equity Partners, Eastern Sun Capital Partners, and Vision Ridge Capital Partners. An additional $85 million came from Energy Capital Partners and a leading commercial bank as project financing. The funding supported Sungevity's expansion, which had rolled out services to nine U.S. states and established a presence in the Netherlands via Zonline, with a joint venture for Sungevity Australia launched in April. CEO Andrew Birch stated the capital would drive the next growth phase to build a network of solar-powered customers. Brightpath's Rob Davenport highlighted Sungevity's unique cost advantages and margin expansion in the residential solar leasing market, which was experiencing rapid growth despite challenges in solar manufacturing. |
Who has invested in Sungevity?
10 investors have backed Sungevity across its funding rounds, including GE Ventures, Vision Ridge Capital Partners, Brightpath Capital Partners, CCM Energy, Craton Equity Partners and Eastern Sun Capital Partners.
Lead investors include Apollo Global Management, Jetstream Capital and Brightpath Capital Partners.
Sungevity Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 3 | Participant | Jan 2013 | ||
| 3 | Participant | Jul 2013 | ||
| 3 | Lead | Jan 2013 | ||
| 2 | Participant | Jul 2013 | ||
| 2 | Participant | Jan 2013 | ||
| 2 | Participant | Jan 2013 | ||
| 1 | Lead | Dec 2015 | ||
| 1 | Participant | Dec 2015 | ||
This data is available for Pro users. Sign up to see all 10 Sungevity investors. Start Free Trial | ||||
Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
Sign up to see data on 350K+ funding rounds and disclosed revenue and EBITDA valuation multiples, from seed, through growth stage, to pre-IPO.
Start Free TrialAcquisitions by Sungevity
Sungevity has acquired 4 companies to date.
Last acquisition by Sungevity was on September 20th 2018. Sungevity acquired Hawaii Energy Connection for undisclosed valuation.
Latest Acquisitions by Sungevity
| Description | Hawaii Energy Connection is an Oahu-based contractor installing residential and commercial solar photovoltaic systems, battery storage, and EV chargers since 2007. Certified by the Hawaii Public Utilities Commission, it completes over 500 projects annually with SunPower panels and Tesla Powerwalls for clients including hotels and schools. The firm offers net metering setups reducing bills by up to 50 percent and maintains NABCEP-trained installers across Maui, Big Island, and Kauai. | - | Horizon Solar Power is an Anaheim-headquartered installer of solar electric systems for residential and commercial properties in Southern California. The company deploys grid-tied photovoltaic arrays, battery storage, and EV charging integrations, achieving permitting and activation within weeks. Serving Los Angeles, Orange, Riverside, and San Diego counties, it holds NABCEP certifications and partners with SunPower for high-efficiency panels. | Solar Spectrum is a provider of turnkey solar energy systems for residential and commercial customers in Texas. The company develops software platforms for project design, manages EPC processes, and enhances customer acquisition through digital tools. It focuses on rooftop installations in Dallas-Fort Worth and Houston areas, incorporating bifacial panels and energy storage from brands like Tesla Powerwall. |
| HQ Country | ||||
| HQ City | Honolulu, HI | - | Los Angeles, CA | San Francisco, CA |
| Deal Date | 20 Sep 2018 | 20 Sep 2018 | 22 Aug 2017 | 22 Aug 2017 |
| Valuation | undisclosed | undisclosed | undisclosed | undisclosed |
| EV/Revenue | ||||
| EV/EBITDA | ||||
This data is available for Pro users. Sign up to see all Sungevity acquisitions and their M&A valuation multiples. Start Free Trial | ||||
Sungevity Competitors
Sungevity competitors include listed companies like GE Vernova, TBEA and Siemens Energy India, and private ones like Base Power, Round-the-Clock and Enpal.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Publicly listed | $38B | $3.2B | $246B | 5.4x | ||
| Publicly listed | $15B | $2.4B | $13B | 1.4x | ||
| Private | - | - | $13B | - | ||
| Publicly listed | $811M | $158M | $12B | 10.9x | ||
| Private | - | - | $6.1B | - | ||
| Private | $1B | $24M | $2.5B | - |
Sungevity Public Comps
Sungevity is still privately-owned, but its public comps include GE Vernova, Reliance Industries, Iberdrola, Siemens Energy, Enbridge, China Yangtze Power, Constellation Energy, Quanta Services, Williams Companies and Enterprise Products.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $38B | $3.2B | 6.2x | 5.4x | 73.5x | 43.5x | |||
| $110B | $20B | 1.9x | 1.7x | 10.4x | 10.3x | |||
| $51B | $17B | 4.4x | 4.3x | 13.2x | 11.8x | |||
| $45B | $4.5B | 2.7x | 2.4x | 27.3x | 16.1x | |||
| $47B | $15B | 4.2x | 3.6x | 13.3x | 13.3x | |||
| $13B | $11B | 11.4x | 11.3x | 13.9x | 14.4x | |||
| $26B | $5B | 4.6x | 3.8x | 23.5x | 15.3x | |||
| $28B | $2.5B | 3.5x | 2.7x | 38.8x | 26.3x | |||
This data is available for Pro users. Sign up to see all Sungevity competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Sungevity
| When was Sungevity founded? | Sungevity was founded in 2007. |
| Where is Sungevity headquartered? | Sungevity is headquartered in San Francisco, CA, United States. |
| Is Sungevity publicly listed? | No, Sungevity is a private, VC-backed company. |
| How much funding has Sungevity raised? | Sungevity has raised $263M across 4 funding rounds. |
| What was Sungevity's last funding round? | Sungevity's last funding round was a $50M undisclosed-stage round in December 2015, led by Apollo Global Management. |
| Who are Sungevity's investors? | Sungevity's investors include Vision Ridge Capital Partners, GE Ventures, Brightpath Capital Partners, CCM Energy, Craton Equity Partners, Eastern Sun Capital Partners, Apollo Global Management, MidCap Financial, Jetstream Capital and SharesPost Investment Management. |
| Which companies are comparable to Sungevity? | Companies comparable to Sungevity include GE Vernova, TBEA, Base Power, Siemens Energy India, Round-the-Clock and Enpal. |
| How many companies has Sungevity acquired? | Sungevity has acquired 4 companies, including Hawaii Energy Connection, E-Gear, Horizon Solar Power and Solar Spectrum. |
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