Sunrun, one of the biggest home installation solar companies in the US, has secured $60m in a financing round led by Madrone Capital Partners.
Existing investors Accel Partners, Sequoia Capital and Foundation Capital also committed additional capital and Sunrun will use the cash injection to continue to develop and scale the software and service expertise needed to lower the cost of photovoltaics further.
'We've proven that solar service is making solar adoption possible for more American families, and now the next phase is to innovate on the installation process, service, and cost reduction,' said Sunrun president and co-founder Lynn Jurich.
'The infrastructure required to deliver that impeccable service is complex and expensive, and this investment demonstrates our investors' belief that we are the right company to further develop and scale it.'
Sunrun now has more than 20,000 customers across ten states and said it installs over $1.5m in solar equipment every day.
'Madrone has high confidence in Sunrun, its management team, and its plan for scaling the processes and technologies needed to take affordable solar mainstream,' said Madrone general partner Jamie McJunkin.
Sequoia Capital partner Warren Hogarth added, 'This additional equity investment emphasizes the current success and long-term potential of the solar service business model. The downstream solar market is thriving right now, and Sunrun and its partners are leading that growth.'