Perch Energy, a Boston-based clean energy tech and services company that offers a diverse set of products and services for homeowners, renters, businesses, and solar project owners, raised $6.2 million in a Series A funding round.
The funding round was led by Arborview Capital.
An additional $1 million was committed and expected to close on or prior to May 1, 2022, bringing the Series A total to $7.2 million.
The company plans to use the new funds to add talent and resources to build upon its community solar services and management platform, expand its innovative direct-to-consumer energy platform, and accelerate the growth of its community solar services business into an expanding list of U.S. markets.
To date, Perch has delivered more than $9.7 million in customer savings by enabling more than 8,100 community solar subscriptions for homes, businesses, and municipalities.
According to Mercom Capital Group’s 2021 Annual Funding and M&A report for Storage, Grid & Efficiency, total corporate funding, including debt and public market financing, came to $2 billion in 38 deals compared to $758 million in 41 deals in 2020.
Smart grid companies raised $1.2 billion in VC funding in 35 deals in 2021, a 55% increase compared to $748 million raised in 38 deals in 2020.
Earlier this week, David Energy, an electricity supplier whose software platform analyzes and controls customer demand in real-time, raised $20.5 million in a Series A funding round. The funding round was led by Keyframe Capital and Union Square Venture (USV)’s climate fund. Additional investors participated in the round, including existing seed investors -Equal Ventures, Box Group, MCJ Collective, new investors – Toba Capital, Turntide, James Dice, and others.