DC Community Ventures (DCCV), a community development venture capital firm based in Washington DC, announced a follow-on investment in Nextility (formerly Skyline Innovations). The commitment is part of a larger $7 million round that Nextility will use to expand services, improve technology and launch into new markets.
In addition to its core solar offerings, the company recently launched an energy brokerage line of business (Nextility Power and Gas), which utilizes innovative new technology to provide small businesses with a better way to buy and manage their energy.
'Nextility is built on the premise that small businesses want lights, cold air, hot water for the lowest amount of money and time they can spend,' said Zach Axelrod, Nextility CEO. 'With the launch of our second offering, we've rebranded the company to reflect our improved ability to help customers manage their energy spending while they run their businesses.'
'We are thrilled to continue to support Nextility as it creates jobs, protects the environment and saves money for small businesses, particularly in the areas of affordable and multifamily housing,' said Candler Young, co-Managing Partner for DC Community Ventures. 'Zach and his team have done a tremendous job in growing Nextility and this investment reflects our continued commitment to the businesses and communities that they serve.'
About DC Community Ventures
Established in 2011, DC Community Ventures is a community development venture capital fund that seeks to invest in companies that deliver above-average financial returns as well as social impact for the communities in which they operate. We target investments in underserved areas to promote environmental change, social improvement and/or economic opportunity for low and moderate income workers. We offer flexible and patient growth capital through mezzanine debt and structured equity investments with a long-term investment horizon.