EnergySage, the country’s leading online marketplace for solar, has closed a $1.4 million round of funding with investors including Launchpad Venture Group, Clean Energy Venture Group, Investors’ Circle (IC) members including the Massachusetts Clean Energy Center, and IC’s Patient Capital Collaborative fund.
“I’m very glad to have attended Investors’ Circle’s ‘Beyond the Pitch’ event in Boston, on the recommendation of the Massachusetts Clean Energy Center, an IC member and current EnergySage investor,”
says Vikram Aggarwal, founder and CEO of EnergySage. “I was able to speak to over a hundred mission-driven investors about our Solar Marketplace, which ultimately helped bring on the PCC fund as our latest investor and member of the EnergySage family.”
EnergySage sends an estimated $700 million worth of solar installation requests annually to more than 350 pre-screened, high-quality solar installation companies. EnergySage helps property owners go solar at a higher rate of adoption and a lower cost. Through its Marketplace, consumers request and compare competing installing quotes online. This has led to national companies such as National Grid, Sierra Club, World Wildlife Fund, and Staples to leverage the platform as they empower their audiences to consider adopting solar. Through its platform, EnergySage generates over 30 million kWh of solar energy per year and reduces 63 tons of CO2 emissions per day, or 23,000 tons per year.
The company will use the funds to expand the capabilities of its online platform and develop new offerings for consumers including community solar, energy storage, and related home energy products and services. The new round of funding brings the total private investment raised to $3.3 million, and adds to the $2.14 million in grants received from the U.S. Department of Energy’s SunShot Initiative and New York State Energy Research and Development Authority.
Says Justin Desrosiers, IC’s Director of Investments and PCC Principal,
“We are pleased to be co-investing in EnergySage with IC member MassCEC and other investors such as Launchpad and CEVG. The EnergySage team has built a robust but simple to use platform that will hopefully help hundreds of thousands of consumers go solar more efficiently and cost effectively. With a strong environmental impact, EnergySage is a great addition to our portfolio and will certainly help transition us to a more sustainable economy.”