US residential solar financier GoodLeap has raised US$800 million to expand into the broader market for sustainable home improvement, other carbon-reducing products and later commercial offerings and electric vehicles (EVs).
The raise, which now places GoodLeap’s value at US$12 billion, was led by MSD Partners, with funds managed by BDT Capital Partners, LLC, Davidson Kempner Capital Management LP and additional investors, including current shareholders.
The raise builds on a strong year for solar corporate funding, which has almost doubled on last year, and places GoodLeap atop the highest venture capital deals so far this year, on par with the US$800 million raised by California residential group Loanpal.
GoodLeap’s proprietary marketplace provides businesses with the digital tools needed to finance sustainable home products at scale, including the ability to group multiple products into a single loan.
Sustainable home upgrades represent an estimated US$430 billion annual market opportunity in the US alone, according to GoodLeap.
“Our technology is fundamentally reshaping how the sustainable improvement industry can operate by removing friction between consumers, installers, manufactures, and financial institutions,” said GoodLeap chairman and CEO Hayes Barnard.
Since 2018, GoodLeap has supported the deployment of more than US$9 billion in capital to allow customers to upgrade their homes with carbon-reducing solutions. The platform is actively used by more than 17,000 sales professionals, helping to support more than 40,000 clean energy jobs across the United States, according to a company media release.