CleanFund Commercial Capital, a client of Evolve Capital Partners, closed a $15 million equity financing round led by Vulcan Capital affiliated entities. The financing will accelerate CleanFund’s growth across the U.S. and help the company continue to meet growing demand for clean energy from commercial property owners.

As the sole advisor on the transaction, Evolve Capital Partners ran a process using its relationships with investment funds that are dedicated to opportunities in the specialty finance sector. This process helped secure a package of financing for CleanFund.

“Technology and financial innovation have enabled the alternative lending asset class to proliferate and we have seen, first-hand, rapid growth across the sector,” said Alex Koles, CEO and founder of Evolve Capital.

In 2008, the founders of CleanFund collectively helped to create the first PACE legislation in California, with their sights on the $60 billion commercial energy efficiency and solar market. Since forming the company back in 2009, CleanFund’s growth doubled year over year, with the company financing about 25% of all C-PACE transactions across the U.S.

“We are excited to complete the first closing of our Series B funding round, enabling us to further accelerate our growth,” said Greg Saunders, CEO of CleanFund. “Working with a trusted partner like Evolve Capital Partners, who has extensive industry experience in the financial and technology sectors, helped make this transaction a seamless and efficient process.”

Evolve Capital Partners is a specialized investment bank focused on businesses serving industries at the intersection of finance.