Dandelion Raises $12MM Series A-1 from Existing Investors
NEW YORK, Jan. 15, 2020 /PRNewswire/ -- Dandelion Energy, the leading home geothermal company, which offers homeowners a clean and cost-effective heating and cooling solution, has completed its Series A-1 funding of $12MM, bringing the company's total funding to $35MM. Investors include Comcast Ventures, GV, Lennar Corporation, NEA, Collaborative Fund, and Ground Up, among others. Dandelion announced the completion of their Series A in early 2019. The latest round of investment comes after a year of substantial growth for Dandelion, during which the company tripled its customer base and employee headcount. The new investment enables the company to expand operations, while further investing in the innovative research and development that has made Dandelion an industry leader.
Dandelion Energy has also named Michael Sachse to the role of CEO. Kathy Hannun, the company's Co-founder, will transition to the position of President, where she will continue to lead the company's industry-leading work in innovation and technological advancement.
"2019 was a breakthrough year for Dandelion and residential geothermal. The strong interest we have continued to receive from investors is a testament to the team's achievements in rapidly scaling our geothermal sales and installations, and the company's strong business fundamentals," said Hannun. "Now that we have achieved product-market fit and begun the process of scaling, I've decided to welcome Michael Sachse to the team as Dandelion's new CEO. I'm excited to focus my time on product innovation and technological advancement in my role as Dandelion's President. I look forward to working side-by-side with Michael to lead Dandelion."
"Home geothermal heating and cooling offers an incredible climate and economic opportunity. We've just begun to tap the potential of the 28 million households that could realize significant savings with home geothermal. Dandelion is already the leading provider of cost-effective, fossil-free home heating and cooling, and we're poised for continued strong growth," said Sachse. "I'm honored to have earned the team's trust, and I look forward to working with Kathy and the rest of the incredible Dandelion team."
Michael Sachse is an experienced executive who has previously scaled start-ups through periods of rapid growth. Sachse was previously CEO of Stardog, an Entrepreneur-in-Residence at NEA, and Chief Marketing Officer at Opower, where he helped to guide the company through its IPO and acquisition by Oracle.
"Dandelion is delivering on the promise of their proprietary technology, by providing a better heating and cooling product, at a lower price than the fossil fuel alternatives, all while materially reducing a customer's carbon footprint. We are thrilled to invest more into Dandelion, as Kathy and Michael bring together their strengths in technology innovation and business operations to propel Dandelion into the next phase of growth," said Sam Landman, Comcast Ventures Managing Director.
Dandelion's mission is to enable the widespread adoption of geothermal. The company offers homeowners affordable geothermal heating & cooling systems as an alternative to gas, oil, propane, or electric heating. Dandelion began at Google parent company Alphabet's X lab before launching as an independent company in New York City in May 2017. Dandelion now operates out of New York City and Upstate New York. To learn more, visit: www.dandelionenergy.com.
SOURCE Dandelion Energy