OAKLAND — Mosaic, the nation’s leading provider of affordable solar financing solutions for homeowners, has secured an equity financing of up to $220 million led by NY private equity firm Warburg Pincus. Core Innovation Capital and Obvious Ventures also participated in the round. Mosaic will use the funds to continue its rapid growth in the rooftop solar loan market.
Founded in 2010 by Billy Parish and Daniel Rosen, Mosaic provides financing to homeowners to purchase rooftop solar systems, which typically result in savings of tens of thousands of dollars in energy costs over the life of the system. Mosaic offers loan products and a technology platform that are built with both the consumer and solar installer in mind. Mosaic has a network of over 250 solar companies that offer the Company’s financing products, including 21 of the top 25 installers nationally. These firms represent more than 85% of the residential solar market in the U.S.
“The Mosaic team has built the country’s top solar lending platform that offers a simple and affordable solar finance solution with a best-in-class customer experience,” commented Arjun Thimmaya, Managing Director, Financial Services, Warburg Pincus. “We are excited about partnering with the company as it continues to grow its footprint in solar and adjacent verticals.”
“Securing this investment from Warburg Pincus, one of the world’s leading private equity firms, is a major validation for Mosaic and provides an open runway for growth,” said Billy Parish, Founder and Chief Executive Officer at Mosaic. “They are a uniquely qualified equity partner given their deep experience in the energy, technology and financial services sectors, and strong track record in supporting management teams to build businesses of scale – all of which will be invaluable to Mosaic as we pursue our vision to make clean energy accessible and affordable for everyone.”
“The U.S. residential solar market is set to grow rapidly for the foreseeable future,” added Saurabh Agarwal, Principal in the Energy Group at Warburg Pincus. “Mosaic has quickly become the preferred partner for installers and consumers alike across the nation, and we look forward to working with Billy and his team to build the Company and meet the growing demand in this space.”