Funding round
Arcadia Series C
Arcadia, which works in utility data platform development in Washington, raised $30M in a Series C round announced on 10 Dec 2019, led by G2 Venture Partners. 7 firms took part, 3 of them already investors. It is Arcadia's third venture round on record; the one before was a Series B in Aug 2018.
$30M
Amount raised
Not disclosed
Post-money valuation
7
Investors
1 lead
Valuation
What this round says about the price
Arcadia did not disclose a valuation in this round. It came 16 months after Arcadia's Series B. It is 6.2% of the $486M Arcadia has raised in the venture rounds on record. Arcadia raised again 21 months later: a Series D round of $100M in Sep 2021. Its next priced round, a Growth in Dec 2022, valued it at $1.50B.
Arcadia's funding rounds
Arcadia has 6 venture rounds on record and 1 other deal. This one is highlighted.
- Series A 2 Jun 2017, led by Energy Impact Partners $6.0M
- Series B 16 Aug 2018, led by G2 Venture Partners $25M
- Series C this round 10 Dec 2019, led by G2 Venture Partners $30M
- Series D 15 Sep 2021, led by Tiger Global and Drawdown Fund $100M
- Growth 10 May 2022, led by J.P. Morgan Asset Management’s Sustainable Growth Equity Team $200M
- Growth 16 Dec 2022, led by Magnetar Capital $125M$1.50B post-money
- Debt not a venture round 1 Apr 2024 $30M
Investors
Who put money in
G2 Venture Partners led the round with 6 other firms. Energy Impact Partners, BoxGroup and ValueAct Capital had backed Arcadia before.
Lead investor
- backs 33 venture-backed companies new investor
Also in the round
- Macquarie backs 52 venture-backed companies new investor
- new investor
- Mitsui USA new investor
- Energy Impact Partners backs 99 venture-backed companies existing investor
- BoxGroup backs 175 venture-backed companies existing investor
- backs 3 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
276 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $38M, and this round was 80% of the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Gong Tech Companies | 1 Dec 2019 | $65M | $750M | Sequoia Capital |
| Tech Companies | 5 Dec 2019 | $50M | not disclosed | Idinvest Partners |
| Tech Companies | 18 Dec 2019 | $50M | $280M | Scale Venture Partners |
| Tech Companies | 13 Dec 2019 | $40M | not disclosed | Goldman Sachs |
| Tech Companies | 19 Dec 2019 | $30M | not disclosed | Horizons Ventures |
| Tech Companies | 9 Dec 2019 | $21M | not disclosed | Knuru |
| Tech Companies | 12 Dec 2019 | $20M | not disclosed | Sageview Capital |
| Tech Companies | 20 Dec 2019 | $17M | not disclosed | McRock Capital |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Arcadia raise in its Series C round?
Arcadia raised $30M in its Series C round, announced in Dec 2019.
Who led Arcadia's Series C round?
G2 Venture Partners led it, with Macquarie, Seek Ventures, Mitsui USA, Energy Impact Partners and BoxGroup and 1 more.
What was Arcadia's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Tech Companies?
276 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $38M, and this round was 80% of the median.
Did Arcadia raise again after this round?
Yes: a Series D round in Sep 2021 of $100M.