Funding round
Carbon Series E
Carbon, which works in 3D printing hardware manufacturing in Redwood City, raised $260M in a Series E round announced on 25 Jun 2019, led by Madrone Capital Partners and Baillie Gifford, at a $2.40B post-money valuation. 9 firms took part, 7 of them already investors. It is Carbon's fifth venture round on record; the one before was a Series D in Dec 2017.
$260M
Amount raised
$2.40B
Post-money valuation
$2.14B pre-money
9
Investors
2 leads
1.4x
Step-up from the Series D
$1.70B in Dec 2017
11%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Carbon at $2.40B after the new money, 1.4 times the $1.70B of its Series D (Dec 2017). The $260M bought investors about 11% of the company. It came 18 months after Carbon's Series D. It is 37% of the $712M Carbon has raised in the venture rounds on record. Carbon raised again 77 months later: a Growth round of $60M in Nov 2025.
Carbon's funding rounds
Carbon has 6 venture rounds on record. This one is highlighted.
- Series A 1 Dec 2013 $11M
- Growth 1 Aug 2015, led by GV $100M
- Series C 1 Sep 2016, led by BMW i Ventures and GE Ventures $81M$1.00B post-money
- Series D 20 Dec 2017 $200M$1.70B post-money
- Series E this round 25 Jun 2019, led by Madrone Capital Partners and Baillie Gifford $260M$2.40B post-money
- Growth 13 Nov 2025, led by Sequoia Capital $60M
Investors
Who put money in
Madrone Capital Partners and Baillie Gifford led the round with 7 other firms. Madrone Capital Partners, Baillie Gifford, Sequoia Capital and Johnson & Johnson Innovation – JJDC, Inc. (JJDC) and 3 more had backed Carbon before.
Lead investors
- Madrone Capital Partners existing investor
- Baillie Gifford existing investor
Also in the round
- Temasek backs 195 venture-backed companies new investor
- Arkema new investor
- Sequoia Capital backs 589 venture-backed companies existing investor
- Johnson & Johnson Innovation – JJDC, Inc. (JJDC) existing investor
- Fidelity Management & Research Company existing investor
- adidas Ventures existing investor
- JSR Corporation existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: Series E rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Collective Health Insurance - Agents, Carriers & Brokers | 17 Jun 2019 | $205M | not disclosed | SoftBank Vision Fund and SoftBank |
| Tech Companies | 12 Jun 2019 | $165M | $1.40B | Standard Chartered and MUFG Innovation Partners |
| Tech Companies | 10 Jun 2019 | $100M | not disclosed | Technology Crossover Ventures |
| Payment Processing & Point of Sale | 30 Jun 2019 | $76M | not disclosed | GV and Salesforce Ventures |
| Digital & Marketing Agencies | 12 Jun 2019 | $29M | not disclosed | Union Square Ventures |
| GetYourGuide Travel Agencies | 16 May 2019 | $484M | not disclosed | SoftBank Vision Fund |
| Carta Tech Companies | 6 May 2019 | $300M | $1.70B | Andreessen Horowitz |
| Impossible Foods Food Production | 14 May 2019 | $300M | not disclosed | Temasek and Horizons Ventures |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Carbon raise in its Series E round?
Carbon raised $260M in its Series E round, announced in Jun 2019.
Who led Carbon's Series E round?
Madrone Capital Partners and Baillie Gifford led it, with Temasek, Arkema, Sequoia Capital, Johnson & Johnson Innovation – JJDC, Inc. (JJDC) and Fidelity Management & Research Company and 2 more.
What was Carbon's valuation at the Series E round?
$2.40B post-money ($2.14B pre-money).
Did Carbon raise again after this round?
Yes: a Growth round in Nov 2025 of $60M.