Seattle-based renewable energy marketplace LevelTen Energy has raised a $65 million Series D round.
The funding, announced Tuesday, brings LevelTen's total funding since its 2016 founding to over $125 million. In a news release, LevelTen said it will use the funds to expand beyond its current 32 markets in North America and Europe, as well as serve more types of users.
"Our existential need to keep global warming in check requires us to scale procurement and bring new technologies to mass markets even more quickly," Bryce Smith, founder and CEO at LevelTen, said in the release.
On its website, LevelTen has an open role for a marketing intern and a senior product designer.
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LevelTen's marketplace allows buyers of renewable energy projects to connect with project developers. A large corporation aiming to pay for a renewable energy project to offset its carbon emissions, for example, could use LevelTen to find a project in search of a purchasing agreement. The project developer could then use the agreement to get financing.
Starbucks, Accenture and Gap are LevelTen users, according to the company's website. LevelTen raised a $35 million Series C round in 2021 and a $10 million follow-on round in December of last year. LevelTen said in the release it has facilitated more than $14.8 billion in renewable energy transactions, and it has more than 1,000 developers in its network.
Ryan Warren, LevelTen's chief commercial officer, at the time of the 2021 raise compared LevelTen with Zillow but for renewable energy projects.
B Capital led the Series D round, while Aster, Constellation, Google, Intercontinental Exchange Inc., Microsoft's Climate Innovation Fund, NGP, Prelude Ventures, ZOMA Capital and others participated. B Capital has also invested in local companies like Highspot and Icertis, last valued at $3.5 billion and $5 billion, respectively.
LevelTen had 54 employees, with about half based in Seattle, at the time of its 2021 raise and was planning to move to an office in the Fremont neighborhood. On its website, LevelTen now lists as its headquarters an address in Belltown. Smith previously co-founded the solar energy project company OneEnergy Renewables, according to his LinkedIn page.
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