SunRun, 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.”