The bigger the solar project, the more money can be saved by finding incremental efficiencies, Terabase contends. The startup raised seed funding of just under $2 million last year from individual investors and firms including Powerhouse Ventures, City Light Capital and Trancoso Partners. Those three joined the new round, led by SJF Ventures, which invested in NEXTracker and groSolar, both of which exited via acquisition. “They know utility-scale solar, they like utility-scale solar, they made money in it,” Campbell said. The circumstances of fundraising in quarantine were far from what the team might have expected a year ago. To close the round, Terabase held dozens of pitch meetings over Zoom in Campbell’s garage — the company’s original headquarters — with a whiteboard and solar panels as a backdrop. In the last year, the startup grew to more than 20 employees around the world and attracted more than 200 companies to its digital platform. Terabase broke even in the second quarter with revenue from those early customers, but the Series A will allow new hires to expand the platform, Campbell said. The company also recently hired Allan Daly as vice president of software; he previously held that title at NEXTracker […]
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