What is BlocPower?
Founded in 2014 and headquartered in Brooklyn, New York, BlocPower is at the forefront of the climate technology revolution. The company specializes in retrofitting older buildings with clean energy technologies, utilizing proprietary software to manage the process and partner with clean energy providers. By addressing the significant carbon footprint of the built environment, BlocPower is actively contributing to national greenhouse gas reduction goals. Its approach targets the substantial market of existing structures, offering a scalable solution for energy efficiency and emissions reduction.
How much funding has BlocPower raised?
BlocPower has raised a total of $247.3M across 5 funding rounds:
Debt
$350K
Series A
$63M
Unspecified
$30M
Debt
$130M
Series B
$24M
Debt (2020): $350K with participation from PPP
Series A (2021): $63M led by The Schmidt Family Foundation, Accelr8 Technology, Salesforce Ventures, Elemental Excelerator, Cityrock Venture Partners, The Goldman Sachs Urban Investment Group, American Family Insurance Institute for Corporate and Social Impact, and Kapor Capital
Unspecified (2022): $30M supported by Microsoft
Debt (2023): $130M featuring Goldman Sachs
Series B (2023): $24M backed by VoLo Earth Ventures, Gaingels, and Credit Suisse
Key Investors in BlocPower
Microsoft
Microsoft is a global technology giant known for its software, cloud computing, and hardware solutions. Its investment in BlocPower suggests a strategic interest in climate technology and sustainable business solutions, aligning with Microsoft's own environmental goals and its growing Azure for Sustainability offerings.
Goldman Sachs
Goldman Sachs, a leading global investment banking firm, provides significant financial backing and expertise. Its involvement indicates confidence in BlocPower's financial viability and growth potential, likely through debt financing or strategic investment vehicles focused on impactful industries.
VoLo Earth Ventures
VoLo Earth Ventures is a venture capital firm dedicated to investing in companies that drive the transformation of the global energy economy. Their focus on energy systems, mobility, and smart buildings makes them a strategic partner for BlocPower's mission to green existing buildings.
What's next for BlocPower?
With its recent major strategic investment and substantial overall capital, BlocPower is well-positioned for accelerated growth and market expansion. The enterprise-level funding suggests a transition towards scaling operations, potentially increasing deployment capacity, and further developing its technology platform. This strategic financing will likely enable BlocPower to deepen its impact on building decarbonization efforts, solidify its market leadership, and pursue new partnerships to drive the adoption of clean energy solutions in the commercial and residential building sectors. The company's trajectory indicates a strong focus on achieving significant milestones in sustainability and operational efficiency.
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