By San Francisco Business Times

SolarCity has raised $21.5 million from Mayfield Fund to continue its expansion and give it fuel for potential acquisitions.

The Foster City-based solar installer pioneered the solar lease that allows some customers to adopt solar without putting any money down. SolarCity is installing solar in five states: California, Arizona, Colorado, Oregon and Texas and has more than 700 employees.

Mayfield Fund, based in Menlo Park, has $2.8 billion under management. Since its founding in 1969, the venture firm has taken more than 100 companies public and was an investor in companies including Compaq and Genentech.

Copyright 2010 American City Business Journals
Copyright 2010