Less than a month after pulling its IPO, energy-efficiency startup Redaptive raised $200M from Canada Pension Plan Investment Board.
The San Francisco-based company, which funds and installs sustainable upgrades for commercial buildings, was valued at close to $1B in the funding round, an anonymous source told Bloomberg News. Existing investors, including CBRE and Linse Capital, will also be committing capital, according to a news release.
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"This funding gives Redaptive the capability to accelerate our growth and help more customers reach and exceed their energy efficiency and sustainability goals,” CEO Arvin Vohra said in a statement. “In CPP Investments, we have found a partner who understands our mission and shares our passion for making carbon reduction an attainable goal for organizations around the world.”
Late last year, Redaptive filed to raise $100M in an IPO, per Seeking Alpha. Revenue totaled $68M in 2021, though the energy-as-a-service provider reported a net loss of $35M, according to a filing with the Securities and Exchange Commission.
The company scrapped plans to go public in November, according to MarketWatch. The filing did not include reasons for the withdrawal; however, Vohra said the company could consider another IPO within the next couple of years.
“It’s a phenomenal time for Redaptive, despite the macro environment,” Vohra told Bloomberg.
Redaptive is expected to announce a second fund close early next year, per the release.
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