Elevation Secures Series A Funding After Strong Growth
Elevation, a national leader in residential energy solutions including solar, energy efficiency, and smart energy technology, announced today the initial close of a Series A financing led by Vesta Ventures, a residential-focused proptech venture capital fund founded by industry veterans Rich Ford and Clayton Wyatt.
This latest funding will allow Elevation to invest in and expand its proprietary technology platforms for homeowners, renters, institutional operators of single family rental portfolios, and utility companies.
“We are thrilled to lead this investment into such an innovative and rapidly expanding company,” said Rich Ford, co-founder of Vesta Ventures.
“The institutional rental market is one of the fastest growing segments in commercial real estate. Technology-based solutions, like Elevation, that increase ancillary revenues and reduce operating costs are critical to scale. Elevation’s ability to reduce residential energy consumption and expense is an obvious benefit to every homeowner, but their unique ability to tie thousands of homes together through the institutional relationships we jointly share is a unique opportunity to have a major impact on energy consumption that is massively beneficial to owners, tenants and landlords in addition to the environment. We are thrilled to join with Elevation at the forefront of this [ESG] revolution.”
Elevation is currently one of the top 20 largest residential solar developers in the U.S. and a national leader in energy efficiency and energy monitoring technology. The company has received multiple local and national awards for its commitment to excellence and customer service, including its third straight year as a Department of Energy Contractor of the Year in 2021 for its work on improving residential energy efficiency.
Already a leader in residential solar, storage, and energy efficiency, Elevation expanded its technology platform with the 2020 acquisition of Austin, Texas-based Curb Energy and completed a successful pilot deploying energy technology to create virtual power plants. This combination of solar, energy efficiency, and smart energy technology has enabled Elevation to create a unique Whole Home Energy Solution that dramatically decreases the cost of electricity for homeowners and renters while reducing operational costs for institutional real estate operators and reducing environmental impact.
Jerry Coleman, Elevation’s chairman and co-founder, continues his extensive track record of innovation with Elevation. An early leader in the single family rental industry as co-founder of Invitation Homes [INVH], and founder of proptech innovator Offerpad, Coleman has pioneered new real estate solutions throughout his career.
“At Elevation, we are passionate about improving the way homeowners, renters and institutional operators understand and consume energy. We are excited to partner with Rich and the team at Vesta Ventures after working with them at Invitation Homes and Offerpad,” said Coleman. “I’ve spent my career leveraging technology to help families across the country buy and lease homes. Now, we are committed to helping those families and others reduce energy use and cost without sacrificing comfort.”