Participated · Equity · Apr 2024

Arcadia operates a utility data platform and manages a community solar program that unlocks energy data for businesses. Its platform is used to power solutions aimed at electrification and decarbonization. The company plans to use the recent financing to grow its community solar program and to invest in product innovation leveraging AI to enable new use cases built on its trove of energy data. Financially, Arcadia raised $50M in equity and concurrently closed a $30M credit facility with J.P. Morgan, and it amended an existing facility with TriplePoint Capital to lower its cost of capital. Macquarie Asset Management joined as a new equity investor alongside a group of existing backers. Founded in 2014 and led by CEO and founder Kiran Bhatraju, Arcadia is based in Washington, D.C. Arcadia builds the Arc platform, which unlocks energy data and exposes APIs so companies can build climate tech products and act on their environmental impact. The platform is used by over 300 new energy companies to personalize energy products and generate auditable carbon accounting reports, optimize EV charging schedules, create rooftop solar and storage proposals, and deliver community solar savings on a single bill. Led by founder and CEO Kiran Bhatraju, Arcadia focuses on enabling a zero-carbon economy through data-driven energy products. The company raised $125M to support continued development of the Arc platform and to accelerate its community solar business. Eric Scheyer of Magnetar will join Arcadia’s board as part of the financing. Arcadia is headquartered in Washington, DC. Arcadia operates the Arc data and API platform that supplies easy-to-use utility data, clean energy, and developer APIs to companies building climate and energy products. The company says its platform helps customers monitor, report, and act on their carbon impact and removes barriers around access to comprehensive utility data. Arcadia will use the new funding to expand data coverage — including commercial utility data — and to accelerate new product development and use cases. More than 100 innovators, including Ford, EnelX, Aurora Solar, and STEM, use Arc APIs across verticals such as EVs, solar, storage, and smart-home IoT. Recent momentum includes 155% year-over-year organic revenue growth in 2021, the November launch of the Arc platform, and passing a 700MW managed milestone as a leading manager of community solar in the U.S. The company has also added senior product and board hires as it scales the platform. Arcadia operates a platform that provides access to energy data and manages renewable energy programs, including the nation’s largest community solar subscriber portfolio. The company says the Arcadia Platform accesses more than 80 percent of U.S. electric utility accounts nationwide and manages a community solar portfolio expanded to 500 megawatts. Arcadia has pursued growth by acquiring Real Simple Energy and Nanogrid and by expanding product capabilities across new verticals such as electric vehicles and distributed energy resources. The company strengthened its executive team with hires including CFO John Rucker and Chief Data Officer Nancy Hersh. Arcadia plans to use new capital to accelerate its technology roadmap, scale its community solar offerings across residential and business sectors, attract talent, and broaden its product scope to make renewables more accessible and affordable. The company frames its work as enabling a decentralized, decarbonized power grid and advancing a 100 percent clean energy vision. Arcadia provides software that aggregates, analyzes, and packages a variety of energy options for residential utility customers, enabling access to community solar, wind, and virtual power purchase products. The company acts as a community solar manager and broker, connecting developers with buyers rather than financing or building projects itself. Arcadia reports hundreds of thousands of customers and finances hundreds of megawatts of community solar for developer partners. It is considered the country’s largest residential broker for retail electricity providers in competitive markets, with over $200 million in utility payments to date. The company currently serves customers in New York, Maryland, Rhode Island, and Washington, D.C., and plans expansion to Illinois, New Jersey, Colorado, and Massachusetts next year. Arcadia plans to release new energy subscription models in 2020 and expand financing options for in-home devices such as smart thermostats and LED lighting.

Participated · Series D · May 2023

Measurabl develops an ESG platform that helps real estate businesses manage, benchmark, report and track sustainability from building operations through capital‑markets activities. The product automates collection of electricity, water, fuel, district and waste data and can maintain social and governance documents alongside environmental data. Customers use the platform to decarbonize buildings, mitigate physical climate risk, comply with regulation and underwrite sustainability risks in transactions. Measurabl says it has over 1,000 customers and is used by 40% of global real estate asset managers. The company plans to further enhance its ESG technologies and expand to new geographies. Its recent financing positions it to continue growing amid regulatory and market pressure on real estate sustainability. Measurabl offers a widely adopted platform to measure, manage, and disclose environmental, social, and governance (ESG) performance for commercial real estate. Its software is used across 80 countries and covers more than 11 billion square feet of owned and corporate-occupied property, representing over $1 trillion in asset value. Measurabl’s product supports clients in meeting ESG regulation, decarbonization goals, climate and transition risk assessment, and capital markets reporting. The company plans to invest the latest funding into new product lines including data and professional services and to enhance its platform capabilities. Measurabl positions its tools to help property owners and occupiers collect transparent ESG data, improve performance, and access capital markets. Measurabl provides software to measure, manage and report ESG performance for commercial real estate. The company is led by founder and CEO Matt Ellis and is based in San Diego, CA. Its platform is used across more than 30,000 commercial buildings representing nearly 7 billion square feet in 70 countries, covering offices, industrial sites, sporting venues, education facilities, government campuses, data centers and retail centers. Measurabl plans to use the new funding for product R&D, partnerships, customer service, and geographic expansion into Asia along with continued growth in European and North American markets. The description focuses on the company’s core product, scale, leadership, and stated expansion priorities. Measurabl is a San Diego, CA-based software platform focused on sustainability data management, benchmarking, and reporting for the built environment. Led by founder and CEO Matt Ellis, the platform benchmarks sustainability performance across property types. Its database covers over 26,000 commercial buildings representing more than 5 billion square feet across 67 countries. The dataset includes traditional office and industrial buildings as well as major sporting venues, universities, data centers, and malls. Measurabl offers a free base version and a paid release that provides premium features such as integrations with third-party software and utility companies, investor reporting standards, and data quality assurance tools. The company closed a $7M Series A to support growth of its product and user base. Measurabl provides cloud-based software that automatically aggregates non-financial (sustainability) data and simplifies disclosure to third-party surveys and benchmarks. Its platform includes open APIs to help companies worldwide collect data and report. The company's first commercial product for GRESB reporting completed industry pilots in 2013 and launched commercially in 2014, and is used by real estate firms such as Clarion Partners, CBRE Global Investors, and TA Realty. Measurabl is piloting a Carbon Disclosure Project reporting solution with Intuit, VMware, and Jack Morton Worldwide and is recruiting participants for a Global Reporting Initiative pilot. It recently launched Utility Sync, a utility data aggregation service that can push data to ENERGY STAR Portfolio Manager. The company plans to use new funding for product R&D, new hires, and growth.

Participated · Equity · May 2023

M-KOPA uses a pay-as-you-go (PAYG) financing model that lets customers build ownership of appliances via an initial deposit followed by flexible micro-payments. The company operates in Kenya, Uganda, Nigeria, and Ghana and is known for a prominent solar product in Kenya and Uganda. M-KOPA is expanding its digital financial services and plans to extend its financial services offerings and product sets. Last year it secured over USD 250M in new debt and equity funding to grow its financial services to underbanked consumers across Sub-Saharan Africa. Most recently M-KOPA obtained a USD 51M loan from the U.S. International Development Finance Corporation (DFC) to enable provision of affordable smartphones and enhance digital connectivity for underserved communities in Kenya. The company also intends to reduce greenhouse gas emissions in Kenya and Uganda, leveraging its solar products as part of that effort. M-KOPA provides asset financing that lets underbanked customers buy productive assets such as smartphones and solar home systems and pay via digital micro-installments. It operates across Kenya, Uganda, Ghana and Nigeria and builds customer credit histories through repayments; default rates sit a little above 10%. The company sells products directly and cross-sells financial services (eg, loans and health insurance) via partnerships and an agent network of over 10,000 people. M-KOPA reports roughly 3 million customers today, has directly employed nearly 2,000 people, and has provided over $600M in cumulative credit historically (now exceeding $1B). It has sold more than a million solar home systems, helping avoid about 2 million tonnes of CO2, and uses sustainability-linked financing tied to impact goals. Future plans include extending its financial-services and product sets, narrowing the gender gap in ownership, piloting in South Africa, and testing electric mobility products such as electric motorcycles. M-KOPA began in 2011 as a solar-power PAYG provider and has expanded its model to finance smartphones, TVs, refrigerators, solar lighting and digital financial services such as cash loans and health insurance. The company serves underbanked customers across Kenya, Uganda, Nigeria and Ghana, having pulled out of Tanzania. M-KOPA has surpassed 2 million customers and says it has unlocked over $600 million in financing for those users. Its model requires a modest deposit (example given: ~$30) followed by daily payments of roughly $0.30–$1, with an average monthly interest rate of about 3.1%. M-KOPA has scaled its field salesforce and staff — the active seller base grew from 2,500 pre-2020 to 10,000 in 2021 and the company added over 500 full-time positions across four markets in the last two years. The company plans to expand product offerings in Nigeria later this year and in Ghana in early 2023, launch in one new market this year and next, and scale its financial-services products and customer-relationship technology. M-Kopa began as a solar home systems provider and has evolved into a connected asset-financing platform selling a diversified range of devices including smartphones, solar home systems, and digital financial services such as cash loans. Its products are sold through a pay-as-you-go (PAYG) model requiring an initial deposit followed by daily instalments collected via mobile money. The company is positioned to become a leading African personal asset financing provider and operates in the East Africa region. British International Investment (then CDC Group) first made an equity investment in M-Kopa in 2016 when the product offering was primarily solar home systems. BII later committed additional equity in June 2021. The investment record lists the domicile as the United Kingdom and shows the investment status as active. M-KOPA has built an advanced pay-as-you-go platform that unlocks solar, information, technology and finance for millions of people. The company’s systems sit at the heart of the home, connecting lights, phone charging, radios, TVs and refrigerators and enabling customers to upgrade to additional appliances and financial services. Subscribers choose flexible daily payment plans that can be paid from any place with a mobile signal. M-KOPANET is M-KOPA’s patented telemetry and IoT platform that powers connected devices, while the M-KOPAIQ Analytics Suite analyses device performance, customer preferences and payment behaviour to drive operations and surface new service opportunities. Through its platform M-KOPA targets households moving beyond unreliable utilities toward owned distributed energy and digital services.

Participated · Equity · Nov 2022

EV Realty identifies under-utilized pockets of electrical grid capacity and converts nearby real-estate parcels into high-power charging hubs that can be shared by multiple commercial EV fleets. Its proprietary site-selection software layers grid data with vehicle density, traffic patterns and real-estate usage to pinpoint optimal locations. The company already runs five hubs across California situated near warehouses, ports and other industrial centers. It is now constructing a 76-stall fast-charging facility in San Bernardino that will include four pull-through Megawatt Charging System plugs capable of serving more than 200 Class 8 trucks daily. Modeled after the data-center REIT Digital Realty, EV Realty treats charging depots as a new infrastructure asset class. The recent capital infusion will fund additional California hubs and expand its portfolio beyond the current tens-of-megawatts scale. No revenue or user figures were disclosed, but management reports rising demand from fleets that have already begun electrifying.

Participated · Series B · Feb 2022

Revel builds and operates public fast-charging stations for electric vehicles, with an initial focus on New York City. The company secured a $60 million loan from NY Green Bank to expand its fast-charging network in NYC. That funding will support nine sites that together will add 267 new fast-charging stalls by 2027; over the next 12 months Revel plans to complete five public sites with about 158 stalls, including a JFK airport station. Revel broke ground at JFK in November and expects that site to open in Q1 2025; its Maspeth, Queens site will include 60 stalls, making it one of the largest public charging stations in the nation. NY Green Bank's loan is its first investment in EV charging infrastructure, which the article frames as a sign that debt lenders are beginning to see charging infrastructure as a returnable investment. Revel is continuing to raise both equity and debt to build additional stations in California and hopes to launch a Bay Area site this year, aiming to serve ride-hail drivers and the emerging electric robotaxi industry. Revel operates high-volume public EV fast-charging Superhubs designed for multiple use cases, including general consumers, Revel’s all-electric rideshare fleet, third-party rideshare operators and light-duty delivery vehicles. Its flagship Superhub is in Bed-Stuy, Brooklyn, and the company plans to open additional sites in US cities in 2023. All new Superhubs will be future-proofed with a large number of stalls and charging speeds of at least 150kW. Revel is led by CEO Frank Reig. The company raised $50M in debt financing led by BlackRock Alternatives through its Climate Infrastructure fund to grow its Superhub network. The investment follows a $126M Series B announced in February that was led by BlackRock. Revel began as a Brooklyn-based operator of shared electric mopeds and has expanded into building public EV fast-charging “Superhubs” and an all-EV ride-hail service. The company launched its first Superhub in Brooklyn last June with 25 charge points and plans to build additional hubs with 10 to 15 universal DC-fast chargers each. Revel says new hubs will be open 24/7 and accessible to any brand of EV. It launched an all-Tesla ride-hail service in Manhattan six months ago with a fleet of 50 Tesla Model Ys and has provided over 93,000 rides to date. Revel is winding down its e-bike subscription unit while continuing its moped service. The company plans to use the new funding to expand its Superhub network across NYC and potentially other major U.S. cities. Revel operates a shared electric-moped service with more than 1,400 mopeds across Washington, D.C., and Brooklyn and Queens in New York. Its core product is motor-vehicle mopeds capped at 30 mph that are intended to ride in the street and require license plates and third-party auto liability insurance. The company provides two helmets (with single-use liners) per ride and requires users be licensed drivers aged 21 or older who pass an initial safe-driving history check. Vehicles have about a 50-mile range, an estimated three-year asset life, and Revel performs battery swaps and routine maintenance every four to six months using full-time employees rather than gig workers. Pricing is $1 to start, $0.25 per minute to ride and $0.10 per minute while parked, and Revel offers a Revel Access program that cuts costs by 40% for eligible riders. The company says the capital will be used to scale its fleet within current cities and expand into new markets, targeting about 10 cities by mid-2020. Revel deploys shared, safety-certified electric mopeds that include insurance and helmets and are registered with the New York Department of Motor Vehicles. After a nine-month pilot that used 68 mopeds, Revel has launched 1,000 new two-rider mopeds across more than 20 neighborhoods in Brooklyn and Queens. Riders must register in the Revel app with a driver’s license and pay a one-time $19 fee for a motor vehicle license check. The company opened a 10,000-square-foot operations facility in Red Hook to support the commercial launch and expanded service area. Revel introduced a new pricing structure — $1 to start plus $0.25 per minute (free first minute), $2 to start for two riders, and $0.10 per minute to pause — and offers a 40% discount for SNAP recipients and NYCHA residents. According to the company, it has raised equity and debt financing to support the rollout.