Global solar energy provider Sungevity has raised $70 million in new funding led by Jetstream Ventures and joined by investors including E.ON and GE Ventures. The company is focused on making it easy and affordable for homeowners to benefit from solar power, leveraging remote solar design technology to deliver a firm quote instantly without a home visit and providing homeowners with savings on their electricity bills. Sungevity continues to grow its global customer base and now services nine U.S. states, the District of Columbia, The Netherlands and Australia.
Sungevity has completed a number of financings since its founding in 2007. It previously raised $41 million of Series D funding at a $184 million valuation in 2012. Additional company investors include Sun Capital Partners, Craton Equity Partners and Vision Ridge Partners, among others. Sungevity will use the funds to extend its technology platform to service customers in the growing list of grid parity markets around the world.
Sungevity's major round is a bright spot for the alternative energy industry, which otherwise has experienced a dark stretch in terms of venture capital investment. Since 2010, the number of deals completed each year in the industry has decreased, dropping from 138 in 2010 to 87 in 2013, according to the PitchBook Platform. Capital invested each year has decreased as well, going from $2.27 billion in 2010 to $724 million in 2013.
So what happened? Maybe a number of companies have established a presence and are making it harder for others to enter the market; maybe the world isn't quite ready to fully adopt alternative energy products and services. Whatever the reason, it's surprising that an industry that so obviously affects the future of our planet isn't attracting more capital.