Funding round
Form Energy Series B
Form Energy, which works in energy storage technology development in Weirton, raised $40M in a Series B round announced on 29 Aug 2019, led by Eni. 7 firms took part. It is Form Energy's second venture round on record; the one before was a Series A in Jun 2018.
$40M
Amount raised
Not disclosed
Post-money valuation
7
Investors
1 lead
Valuation
What this round says about the price
Form Energy did not disclose a valuation in this round. It came 14 months after Form Energy's Series A. It is 2.1% of the $1.93B Form Energy has raised in the venture rounds on record. Form Energy raised again 15 months later: a Series C round of $76M in Nov 2020, at $339M post-money.
Form Energy's funding rounds
Form Energy has 7 venture rounds on record and 2 other deals. This one is highlighted.
- Series A 1 Jun 2018 $9.0M
- Series B this round 29 Aug 2019, led by Eni $40M
- Series C 30 Nov 2020, led by Coatue $76M$339M post-money
- Series D 22 Jul 2021, led by ArcelorMittal $200M
- Series E 4 Oct 2022, led by TPG $450M
- Series F 9 Oct 2024, led by T. Rowe Price $405M
- Debt not a venture round 16 Dec 2024 $50M
- Series G 12 Aug 2026, led by T. Rowe Price $750M
- Debt not a venture round 22 Sep 2026 $270M
Investors
Who put money in
Eni led the round with 6 other firms.
Lead investor
- Eni new investor
Also in the round
- Capricorn Investment Group new investor
- Breakthrough Energy backs 113 venture-backed companies new investor
- backs 62 venture-backed companies new investor
- backs 24 venture-backed companies new investor
- Macquarie backs 52 venture-backed companies new investor
- Saudi Aramco new investor
Joined the board: Michael Skelly.
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
The closest in time: 1 in Batteries, then Series B rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Batteries | 11 Dec 2019 | $29M | $80M | Grand Oaks Capital |
| Clearco Loans & Financing | 9 Aug 2019 | $300M | not disclosed | Highland Capital |
| CRED Payment Processing & Point of Sale | 26 Aug 2019 | $120M | $450M | Sequoia Capital and Ribbit |
| Warehousing & Storage | 1 Aug 2019 | $100M | not disclosed | not named |
| Financial Services | 29 Aug 2019 | $50M | not disclosed | Founders Fund |
| Electronics Stores | 22 Aug 2019 | $44M | not disclosed | HOF Capital |
| Tech Companies | 13 Aug 2019 | $40M | not disclosed | Sutter Hill Ventures |
| Attentive Tech Companies | 12 Aug 2019 | $40M | not disclosed | Sequoia Capital |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Form Energy raise in its Series B round?
Form Energy raised $40M in its Series B round, announced in Aug 2019.
Who led Form Energy's Series B round?
Eni led it, with Capricorn Investment Group, Breakthrough Energy, Prelude Ventures, The Engine and Macquarie and 1 more.
What was Form Energy's valuation at the Series B round?
It was not disclosed.
Did Form Energy raise again after this round?
Yes: a Series C round in Nov 2020 of $76M at $339M post-money.