Funding round
Form Energy Series C
Form Energy, which works in energy storage technology development in Weirton, raised $76M in a Series C round announced on 30 Nov 2020, led by Coatue, at a $339M post-money valuation. 10 firms took part, 6 of them already investors. It is Form Energy's third venture round on record; the one before was a Series B in Aug 2019.
$76M
Amount raised
$339M
Post-money valuation
10
Investors
1 lead
22%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Form Energy at $339M after the new money. The $76M bought investors about 22% of the company. It came 15 months after Form Energy's Series B. It is 3.9% of the $1.93B Form Energy has raised in the venture rounds on record. Form Energy raised again 8 months later: a Series D round of $200M in Jul 2021.
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 29 Aug 2019, led by Eni $40M
- Series C this round 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
Coatue led the round with 9 other firms. Breakthrough Energy, Prelude Ventures, The Engine and Capricorn Investment Group and 2 more had backed Form Energy before.
Lead investor
- Coatue backs 229 venture-backed companies new investor
Also in the round
- Energy Impact Partners backs 99 venture-backed companies new investor
- NGP Energy Technology Partners III new investor
- Temasek backs 195 venture-backed companies new investor
- Breakthrough Energy backs 113 venture-backed companies existing investor
- backs 62 venture-backed companies existing investor
- backs 24 venture-backed companies existing investor
- Capricorn Investment Group existing investor
- Eni Next existing investor
- Macquarie backs 52 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
5 Series C rounds in Batteries within a year either side disclosed an amount; the median was $28M, and this round was 2.8 times the median. The closest in time, other companies' Series C rounds in Batteries:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Batteries | 22 Jul 2020 | $5.8M | not disclosed | Itochu Corporation |
| Batteries | 18 May 2020 | $28M | $228M | not named |
| Redwood Materials Batteries | 28 Jul 2021 | $700M | $3.70B | T. Rowe Price Associates, Inc. |
| Batteries | 18 Mar 2020 | $13M | not disclosed | 40 North Ventures |
| Batteries | 19 Aug 2021 | $160M | not disclosed | Moore Strategic Ventures |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Form Energy raise in its Series C round?
Form Energy raised $76M in its Series C round, announced in Nov 2020.
Who led Form Energy's Series C round?
Coatue led it, with Energy Impact Partners, NGP Energy Technology Partners III, Temasek, Breakthrough Energy and Prelude Ventures and 4 more.
What was Form Energy's valuation at the Series C round?
$339M post-money.
How does it compare with other Series C rounds in Batteries?
5 Series C rounds in Batteries within a year either side disclosed an amount; the median was $28M, and this round was 2.8 times the median.
Did Form Energy raise again after this round?
Yes: a Series D round in Jul 2021 of $200M.