ImpactAlpha, February 23 — BlocPower works with utility companies, government agencies and property owners to retrofit city buildings in underserved communities and finance environmental-friendly heating and cooling systems for small and mid-sized property owners.
BlocPower has retrofitted more than 1,000 buildings and has projects underway in two dozen cities. The company has raised $63 million in a Series A investment round, which includes $8 million in equity and $55 million in debt.
“By combining emerging technologies, our software platform and our new innovative green financing solution, we can now provide sustainable upgrades to millions of buildings in underserved communities,” says BlocPower’s Donnel Baird.
The fundraising round was led by American Family Institute, AccelR8 and Goldman Sachs. American Family Institute is affiliated with American Family Insurance, which is announcing a commitment of $105 million over five years to investments in social impact startups, as well as grants, in the company’s ‘Free to Dream’ pillars: economic empowerment, education and health equity, climate resilience, criminal justice reform and workforce diversity, equity and inclusion.
Also participating in the BlocPower financing are Kapor Capital, Elemental Excelerator, CityRock Venture Partners, The Schmidt Family Foundation and Salesforce Ventures.
A growing network of Black investors, entrepreneurs and operators are using proximity to communities and their own lived experiences to create companies focused on building a more inclusive green economy (see, “Solving for climate justice is giving these Black investors an edge in the green economy”).