Dandelion Raises $4.5MM in Funding, Led by New Enterprise Associates (NEA), Bringing Total Funding to $6.5MM
New York, NY, March 27, 2018 – Dandelion, a residential geothermal company that offers homeowners clean and cost-saving heating and cooling technology, announced that it has raised $4.5MM, bringing the company’s total funding to $6.5MM. The round was led by New Enterprise Associates (NEA), with participation from BoxGroup, Daniel Yates, and Ground Up, as well as prior investors Borealis Ventures, Collaborative Fund, and ZhenFund.
In conjunction with the financing, Daniel Yates, former CEO & Founder of Opower, joins Dandelion as Executive Board Member and investor. Yates led Opower from its founding to a $1Bn IPO in 2014 and sale to Oracle Corp. in 2016. Opower is the leading consumer energy efficiency software provider to utilities.
“Over the next decade, homeowners across America will replace their expensive, conventional home heating systems with Dandelion geothermal,” said Daniel Yates. “I’m thrilled to be part of the team that will lead this transition.”
“NEA is excited to partner with Dandelion as they scale,” said Andrew Schoen, Principal at NEA. “Dandelion delivers meaningful business and environmental returns, providing customers with cost savings and a seamless experience.”
Dandelion’s innovations have cut the cost of home geothermal heating and cooling systems in half. The company’s geothermal systems provide heating, cooling, and hot water, and include built-in performance monitoring and a Nest thermostat.
Dandelion’s goal is to enable the widespread adoption of home geothermal. Dandelion started at Alphabet’s X on Google’s campus and launched as an independent company in Spring 2017. Since then, it has had its first successful summer season of home geothermal installations, built a waitlist of thousands of homeowners nationally, and is gearing up for expansion. Earlier this month, Dandelion acquired Geo-Connections, the nation’s leading geothermal Software as a Service (SaaS) company.
“We have been overwhelmed with demand and support from homeowners across the country,” said Kathy Hannun, Co-Founder & CEO of Dandelion, “This round will help us ramp up operations to serve these customers and launch our new and improved 2018 offering.”
Dandelion’s mission is to enable the widespread adoption of geothermal. The company offers homeowners affordable geothermal heating & cooling systems as an alternative to gas, oil, propane or electric heating. Dandelion began at Google parent company Alphabet’s X lab before launching as an independent company in New York City in May 2017. Dandelion now operates out of New York City. To learn more, visit: www.dandelionenergy.com.
NEA is a leading venture capital firm focused on helping entrepreneurs build transformational companies across multiple stages, sectors and geographies. With more than $20 billion in committed capital, the firm invests in technology companies at all stages, from seed through IPO. NEA ranks among the top venture firms in portfolio IPOs every year, with a track record of successful investing that includes more than 220 portfolio company IPOs and more than 370 acquisitions. For additional information, visit: http://www.nea.com.
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