Sustainable Spaces, a San Francisco-based company that offers home performance testing and retrofitting solutions, announced on Tuesday that it closed its Series A financing, receiving $6 million from RockPort Capital Partners and Shasta Ventures. The company said it will use the funding to invest in building its infrastructure to meet the growing demand for its services.
"We are very pleased to be working with investors who understand the value proposition and market potential of our business and are committed to successfully growing companies that can make a real impact on global climate change and the emerging green economy," said Pratap Mukherjee, CEO of Sustainable Spaces. "There are more than 70 million single-family, owner-occupied homes in the U.S. and they typically use one and a half to two times the energy required to achieve the homeowners' desired level of comfort. Finding the causes of wasted energy in homes and fixing the underlying problems represent the single most potent and cost-effective measure we can take to combat global warming."
"Sustainable Spaces has created a compelling value proposition for homeowners," said Chuck McDermott of RockPort Capital Partners. "By addressing each individual homeowner's concerns and constructing an improvement roadmap customized to that customer, they can work within any homeowner's budget to reduce their bills and make an impact on global climate change. Our investment enables the company to further increase the tremendous results they have seen in their local market and expand their programs into new markets."
"There's a massive opportunity to create the trusted brand in home performance to help homeowners sort through the dizzying array of green products and services in the most cost-effective way possible," said Tod Francis of Shasta Ventures. "Sustainable Spaces has been leading the way with a track record of providing a very high quality service enabled by leading building science know-how. We are very excited to be working with the company on the ground floor of this growing sector."
Sustainable Spaces is a licensed general and solar contractor and provides home testing and building performance retrofitting for existing homes to create environments that are comfortable, healthy, and energy efficient. The company has performed more than 400 home retrofits in the San Francisco Bay Area since its founding in 2004 and has been recognized by the U.S. Green Building Council as the case study in its REGREEN Green Remodeling Best Practice Guidelines.