Funding round
Crusoe Series C
Crusoe, which works in AI cloud platform development in Denver, raised $350M in a Series C round announced on 21 Apr 2022, led by G2 Venture Partners, at a $1.75B post-money valuation. 21 firms took part. It is Crusoe's fourth venture round on record; the one before was a Series B in Jan 2021.
$350M
Amount raised
$1.75B
Post-money valuation
$1.40B pre-money
21
Investors
1 lead
20%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Crusoe at $1.75B after the new money. The $350M bought investors about 20% of the company. It came 15 months after Crusoe's Series B. It is 5.5% of the $6.39B Crusoe has raised in the venture rounds on record. Crusoe raised again 32 months later: a Series D round of $600M in Dec 2024, at $2.80B post-money.
Crusoe's funding rounds
Crusoe has 7 venture rounds on record and 4 other deals. This one is highlighted.
- Seed 1 Mar 2019 $4.5M
- Growth 6 Dec 2019, led by Bain Capital Ventures and KCK Financial Services $30M
- Series B 1 Jan 2021, led by Valor $128M
- Debt not a venture round 21 Apr 2022 $155M
- Series C this round 21 Apr 2022, led by G2 Venture Partners $350M$1.75B post-money
- Series D 12 Dec 2024, led by Founders Fund $600M$2.80B post-money
- Debt not a venture round 27 Mar 2025, led by Upper90 $225M
- Other not a venture round 11 Jun 2025, led by Brookfield $750M
- Debt not a venture round 25 Aug 2025, led by Victory Park Capital $175M$2.80B post-money
- Series E 24 Oct 2025, led by Valor and Mubadala Capital $1.38B$10.00B post-money
- Series F 17 Sep 2026, led by Atreides Management, Mubadala Capital and Valor $3.90B$30.90B post-money
Investors
Who put money in
G2 Venture Partners led the round with 20 other firms.
Lead investor
- backs 33 venture-backed companies new investor
Also in the round
- Valor backs 143 venture-backed companies new investor
- Lowercarbon Capital backs 110 venture-backed companies new investor
- backs 87 venture-backed companies new investor
- Bain Capital Ventures backs 220 venture-backed companies new investor
- Founders Fund backs 368 venture-backed companies new investor
- backs 47 venture-backed companies new investor
- backs 38 venture-backed companies new investor
- backs 11 venture-backed companies new investor
- backs 33 venture-backed companies new investor
- backs 31 venture-backed companies new investor
- Atreides Management backs 53 venture-backed companies new investor
- Exor Seeds new investor
- backs 62 venture-backed companies new investor
- backs 23 venture-backed companies new investor
- Inclusive Capital Partners new investor
- backs 2 venture-backed companies new investor
- backs 17 venture-backed companies new investor
- Felicis backs 237 venture-backed companies new investor
- backs 47 venture-backed companies new investor
- backs 48 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
8 Series C rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $101M, and this round was 3.5 times the median. The closest in time, other companies' Series C rounds in Hosting & Cloud Infrastructure Providers:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Hosting & Cloud Infrastructure Providers | 26 Jan 2022 | $207M | $3.25B | Sapphire Ventures and Tiger Global |
| Hosting & Cloud Infrastructure Providers | 20 Dec 2021 | $110M | $1.40B | Thoma Bravo |
| Hosting & Cloud Infrastructure Providers | 23 Aug 2022 | $99M | $1.00B | Addition and Intel Capital |
| Hosting & Cloud Infrastructure Providers | 16 Nov 2021 | $50M | not disclosed | Kleiner Perkins |
| Hosting & Cloud Infrastructure Providers | 19 Oct 2021 | $60M | $2.00B | World Innovation Lab and Institutional Venture Partners |
| Vercel Hosting & Cloud Infrastructure Providers | 23 Jun 2021 | $102M | $1.10B | Bedrock and CRV |
| Hosting & Cloud Infrastructure Providers | 12 May 2021 | $50M | not disclosed | Anatole Investment and Prospect Avenue Capital |
| Wasabi Hosting & Cloud Infrastructure Providers | 29 Apr 2021 | $112M | $700M | Fidelity Management & Research Company |
Sources
Where this comes from
Reported by 11 sources.
Questions
Frequently asked
How much did Crusoe raise in its Series C round?
Crusoe raised $350M in its Series C round, announced in Apr 2022.
Who led Crusoe's Series C round?
G2 Venture Partners led it, with Valor, Lowercarbon Capital, Polychain, Bain Capital Ventures and Founders Fund and 15 more.
What was Crusoe's valuation at the Series C round?
$1.75B post-money ($1.40B pre-money).
How does it compare with other Series C rounds in Hosting & Cloud Infrastructure Providers?
8 Series C rounds in Hosting & Cloud Infrastructure Providers within a year either side disclosed an amount; the median was $101M, and this round was 3.5 times the median.
Did Crusoe raise again after this round?
Yes: a Series D round in Dec 2024 of $600M at $2.80B post-money.