SolarCity Raises $21.5 Million in Financing

SolarCity SolarCity, a full-service solar provider for homeowners, businesses and government organizations, announced earlier this month that it closed a $21.5 million round of private financing. The round was led by Mayfield Fund and supported by additional investments from existing SolarCity investors Draper Fisher Jurvetson, DBL Investors and Generation Investment Management LLP. In addition, Navin Chaddha, Mayfield Managing Director, will join SolarCity’s board of directors as an observer.

The company stated that it will use the new funding to accelerate its growth and expansion to new markets. The company currently has more than 13 installation centers, 700 employees and 8,000 customers in Arizona, California, Colorado, Oregon, and Texas.  An overview of SolarCity is provided in the following video:

“Mayfield has an excellent track record and we’re excited to add them as an investor,” said Lyndon Rive, SolarCity’s CEO. “We remain focused on our ultimate goal of providing clean power to millions of homes and businesses at a lower cost than polluting power sources. The new financing will accelerate our geographic expansion and give us the option to consider additional acquisitions.”

"SolarCity's world-class team and proven momentum in the design, delivery and financing of solar power systems make it an ideal addition to our Energytech portfolio," said Navin Chaddha, Mayfield Managing Director.