Funding round
Ascend Elements Series C
Ascend Elements, which works in advanced battery materials manufacturing in Westborough, raised $300M in a Series C round announced on 26 Oct 2022, led by Fifth Wall. 14 firms took part, 7 of them already investors. It is Ascend Elements' third venture round on record; the one before was a Growth in Sep 2022.
$300M
Amount raised
Not disclosed
Post-money valuation
14
Investors
1 lead
Valuation
What this round says about the price
Ascend Elements did not disclose a valuation in this round; its last disclosed one was $55M at the Series B (Apr 2021). It came 1 month after Ascend Elements' Growth. It is 36% of the $830M Ascend Elements has raised in the venture rounds on record. Ascend Elements raised again 11 months later: a Series D round of $460M in Sep 2023.
Ascend Elements' funding rounds
Ascend Elements has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Fifth Wall led the round with 13 other firms. Hitachi Ventures, InMotion Ventures, TDK Ventures and Orbia Ventures and 3 more had backed Ascend Elements before.
Lead investor
- Fifth Wall backs 103 venture-backed companies new investor
Also in the round
- SK ecoplant new investor
- Oman Investment Authority new investor
- Lithium Americas Corporation new investor
- GLy Capital Management’s New Mobility Fund new investor
- Mirae Asset Capital & LS new investor
- Shinhan GIB new investor
- backs 50 venture-backed companies existing investor
- backs 24 venture-backed companies existing investor
- backs 28 venture-backed companies existing investor
- Orbia Ventures existing investor
- At One Ventures existing investor
- TRUMPF Venture existing investor
- Doral Energy-Tech Ventures existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development and scaling operations.
- Product development
- Scaling operations
Comparable rounds
How it compares
6 Series C rounds in Batteries within a year either side disclosed an amount; the median was $98M, and this round was 3.1 times the median. The closest in time, other companies' Series C rounds in Batteries:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Batteries | 29 Sep 2022 | $25M | not disclosed | not named |
| Batteries | 19 Jul 2022 | $100M | not disclosed | Vitol |
| Group14 Batteries | 4 May 2022 | $400M | not disclosed | Porsche Ventures |
| Batteries | 6 Jun 2023 | $50M | not disclosed | Hanwha Corporate Venture Capital |
| Batteries | 13 Jan 2022 | $95M | $700M | B. Thomas Golisano |
| Batteries | 30 Jul 2023 | undisclosed | not disclosed | not named |
| Verkor Batteries | 14 Sep 2023 | $912M | $2.10B | Macquarie |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Ascend Elements raise in its Series C round?
Ascend Elements raised $300M in its Series C round, announced in Oct 2022.
Who led Ascend Elements' Series C round?
Fifth Wall led it, with SK ecoplant, Oman Investment Authority, Lithium Americas Corporation, GLy Capital Management’s New Mobility Fund and Mirae Asset Capital & LS and 8 more.
What was Ascend Elements' valuation at the Series C round?
It was not disclosed; its last disclosed one was $55M at the Series B (Apr 2021).
How does it compare with other Series C rounds in Batteries?
6 Series C rounds in Batteries within a year either side disclosed an amount; the median was $98M, and this round was 3.1 times the median.
Did Ascend Elements raise again after this round?
Yes: a Series D round in Sep 2023 of $460M.