Company: Enphase Energy
Source: Greentech Solar
In a solar universe of more than 250 early-stage startups, many of them shipping PowerPoints in volume (See Solar Bloodbath 2010), microinverter builder Enphase has essentially created a new market sector and run with it. This approach has won them more funding and strong market acceptance.
Today Enphase announced that it has won $40 million in funding in an oversubscribed round, with new investor Bay Partners leading the equity financing. This round of financing also includes Horizon Technology Finance (that’s debt finance, not VC), more debt from Bridge Bank (NASDAQ:BBNK), and VC from existing investors Third Point Ventures, RockPort Capital Partners, Madrone Capital Partners and Applied Ventures.