The round was led by existing investors, including First Round Capital, XYZ Venture Capital, Congruent Ventures, and Garuda Ventures. This brings Evergrow's total funding to $14M after a $7M seed round that closed in late 2021. Evergrow will use this additional funding to expand the platform's diligence, risk management, and transactional capabilities, in order to accelerate the market for clean energy projects and tax credits. The company also announced that it now has over $150M worth of clean energy projects on its platform that are expected to come online over the next year.

Evergrow provides funding for clean energy projects in the United States by financing clean energy tax credits. By partnering with Evergrow, developers, corporations, brokers, syndicators, and other market participants can easily transact in green tax credits, which provides funding for new clean energy infrastructure projects.