Funding round
Enpal Series D
Enpal, which works in solar energy solutions in Berlin, raised $230M in a Series D round announced on 9 Jan 2023, led by TPG, at a $2.35B post-money valuation. 6 firms took part. It is Enpal's second venture round on record; the one before was a Series C in Oct 2021.
$230M
Amount raised
$2.35B
Post-money valuation
$2.12B pre-money
6
Investors
1 lead
2.1x
Step-up from the Series C
$1.10B in Oct 2021
9.8%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Enpal at $2.35B after the new money, 2.1 times the $1.10B of its Series C (Oct 2021). The $230M bought investors about 9.8% of the company. It came 15 months after Enpal's Series C. It is 44% of the $524M Enpal has raised in the venture rounds on record. Enpal raised again 27 months later: a Growth round of $120M in Apr 2025.
Enpal's funding rounds
Enpal has 3 venture rounds on record and 3 other deals. This one is highlighted.
Investors
Who put money in
TPG led the round with 5 other firms.
Lead investor
- TPG backs 114 venture-backed companies new investor
Also in the round
- backs 22 venture-backed companies new investor
- backs 29 venture-backed companies new investor
- HV Capital backs 124 venture-backed companies new investor
- SoftBank Vision Fund backs 234 venture-backed companies new investor
- Princeville Climate Tech new 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: 2 in Solar Energy Company, then Series D rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Sun King Solar Energy Company | 15 Dec 2022 | $70M | $330M | LeapFrog Investments |
| Solar Energy Company | 24 Oct 2023 | $43M | not disclosed | STOA Infra & Energy |
| Plastics Products | 2 Jan 2023 | $145M | not disclosed | not named |
| Carbon Health Health Care Services | 1 Jan 2023 | $100M | not disclosed | CVS Health Ventures |
| Tech Companies | 31 Jan 2023 | $50M | not disclosed | HealthQuest Capital |
| Tech Companies | 1 Jan 2023 | $50M | not disclosed | BDT & MSD Partners |
| Medical Supply Manufacturers | 5 Jan 2023 | $35M | not disclosed | H3 Healthcare and Undisclosed strategic investor |
| Aerospace and Defence | 16 Jan 2023 | $30M | not disclosed | not named |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Enpal raise in its Series D round?
Enpal raised $230M in its Series D round, announced in Jan 2023.
Who led Enpal's Series D round?
TPG led it, with The Westly Group, Activate Capital, HV Capital, SoftBank Vision Fund and Princeville Climate Tech.
What was Enpal's valuation at the Series D round?
$2.35B post-money ($2.12B pre-money).
Did Enpal raise again after this round?
Yes: a Growth round in Apr 2025 of $120M.