Redaptive has raised a $156.5 million funding round led by CarVal Investors. The startup lets building owners cut their carbon footprint without buying expensive equipment.
- Dig Deeper: Redaptive offers energy-efficiency upgrades for buildings, and installs and owns the equipment such as new lighting or air conditioning systems. Customers can eventually choose to buy the gear. The San Francisco-based company has previously targeted large businesses with hundreds of offices, but we expect it to start targeting office landlords.
- Worth Noting. Existing investors CBRE, Engie New Ventures, Evergy Ventures, and Linse Capital participated in the new equity round. The company has now raised more than $181 million to date.
- Heard on the Street: Redaptive CEO Arvin Vohra: “What we’d like to get to is overseeing the entire utility experience and energy experience for these customers and take them down the glide path to carbon neutrality, while making it economic. We believe that sustainability is economic, and we’re out to prove that.” [Bloomberg]