San Francisco-based Xpansiv has had quite a start to 2023. In the first two weeks of the year, it has acquired another company and raised $125 million.
Blackstone Energy Partners led the round, including participation from new investors Bank of America and Goldman Sachs. Blackstone Energy Partners has previously invested in the San Francisco greentech company. In August 2022, Blackstone invested $400 million in Xpansiv.
Founded in 2019, Xpansiv is a carbon and environmental commodities marketplace. It employs over 300 workers and has offices in eight cities, including New York, Seattle and San Francisco.
“We support Xpansiv’s effort to develop market infrastructure and trade advisory services to deliver seamless environmental solutions to companies globally,” Patrick Street, head of Goldman Sachs’ Global Markets Net Zero Solutions, said in a statement.
Besides the raise, Xpansiv also completed the acquisition of Evolution Markets Inc.
Founded in 2000, Evolution Markets Inc. provides financial and transactional advisory services to companies in the environmental and energy sectors. The company is based in White Plains, NY, and works with over 2,000 clients.
Terms of the acquisition were not made publicly available.
According to a press release, the acquisition will enable Xpansiv to expand its services and product development capabilities.
“Evolution Markets and Xpansiv are two market leaders who share a common vision of paving the way forward to a successful energy transition using the power of global markets,” Evolution Markets CEO Evan Ard said in a statement. “As our clients manage risk in global energy and environmental markets, we are eager to leverage the capabilities of both organizations to improve overall client outcomes.”
