Funding round
Group14 Series C
Group14, which works in silicon battery material manufacturing in Woodinville, raised $400M in a Series C round announced on 4 May 2022, led by Porsche Ventures. 6 firms took part. It is Group14's third venture round on record; the one before was a Series B in Dec 2020.
$400M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
Group14 did not disclose a valuation in this round. It came 17 months after Group14's Series B. It is 45% of the $898M Group14 has raised in the venture rounds on record. Group14 raised again 39 months later: a Series D round of $463M in Aug 2025.
Group14's funding rounds
Group14 has 4 venture rounds on record and 2 other deals. This one is highlighted.
- Series A 25 Nov 2019, led by Amperex Technologies Limited (ATL) $18M
- Series B 21 Dec 2020, led by SK Materials $17M
- Grant not a venture round 1 Jan 2022, led by U.S. Department of Energy $100M
- Series C this round 4 May 2022, led by Porsche Ventures $400M
- Grant not a venture round 20 Sep 2024, led by U.S. Department of Energy $200M
- Series D 20 Aug 2025, led by SK, Inc. $463M
Investors
Who put money in
Porsche Ventures led the round with 5 other firms.
Lead investor
- backs 30 venture-backed companies new investor
Also in the round
- OMERS Capital Markets new investor
- Decarbonization Partners new investor
- Riverstone Holdings LLC new investor
- backs 33 venture-backed companies new investor
- Moore Strategic Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
6 Series C rounds in Batteries within a year either side disclosed an amount; the median was $130M, and this round was 3.1 times the median. The closest in time, other companies' Series C rounds in Batteries:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Batteries | 19 Jul 2022 | $100M | not disclosed | Vitol |
| Batteries | 13 Jan 2022 | $95M | $700M | B. Thomas Golisano |
| Batteries | 29 Sep 2022 | $25M | not disclosed | not named |
| Ascend Elements Batteries | 26 Oct 2022 | $300M | not disclosed | Fifth Wall |
| Batteries | 19 Aug 2021 | $160M | not disclosed | Moore Strategic Ventures |
| Redwood Materials Batteries | 28 Jul 2021 | $700M | $3.70B | T. Rowe Price Associates, Inc. |
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did Group14 raise in its Series C round?
Group14 raised $400M in its Series C round, announced in May 2022.
Who led Group14's Series C round?
Porsche Ventures led it, with OMERS Capital Markets, Decarbonization Partners, Riverstone Holdings LLC, Vsquared and Moore Strategic Ventures.
What was Group14's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Batteries?
6 Series C rounds in Batteries within a year either side disclosed an amount; the median was $130M, and this round was 3.1 times the median.
Did Group14 raise again after this round?
Yes: a Series D round in Aug 2025 of $463M.