SunRun Obtains $55 Million in Series C Funding

SunRunSunRun, a San Francisco-based home solar company, announced in late June that it closed a $55 Series C round of funding.  This round was led by Sequoia Capital and joined by existing investors Accel Partners and Foundation Capital.

The company stated that it intends to use the funding to meet increasing demand for its home solar plans and for expansion into new U.S. markets. SunRun was founded in 2007 and currently has more than 4,500 home solar customers in Arizona, California, Colorado, Massachusetts, and New Jersey.  A brief overview of SunRun is provided in the following video featuring SunRun founders CEO Edward Fenster and President Lynn Jurich:

“Many homeowners are looking for a better alternative to their utility” said Edward Fenster, CEO of SunRun. “SunRun gives them a real choice – clean solar energy that doesn’t cost a lot, and gives them control over what they’ll be paying in the future. Plus, they don’t need to take care of any solar equipment because it’s all serviced for them. It’s an attractive proposition for a lot of homeowners.”

“For cleantech energy to become mainstream, it has to come with both financing and service,” said Warren Hogarth, a Partner at Sequoia Capital. “SunRun is the company creating and leading this opportunity for residential solar. Their unique model puts solar within reach of the average American home owner.”

SunRun Raises $12 Million in Financing

SunRun

SunRun, a San Francisco-based residential solar electricity provider, announced on June 24 that it raised $12 million in financing, led by venture capital firm Foundation Capital.

"SunRun launched last year with a simple goal: to minimize homeowners’ power bills with hassle-free solar electricity,’ said Nat Kreamer, President, Co-Founder and COO of SunRun. "The investment from Foundation will accelerate our ability to deliver SunRun Solar Service to our rapidly growing market, and we’re very excited to partner with them."

"With the cost of fossil fuel based energy skyrocketing, SunRun’s pioneering approach of delivering solar as a service is a huge positive step toward making residential solar affordable to every homeowner," said Steve Vassallo of Foundation Capital. "We are deeply committed to building great companies with entrepreneurs whose goal is to rapidly deploy clean technologies that have the potential to change the world; SunRun is doing just that."

The video below provides an overview of SunRun:

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