Funding round
KoBold Metals Series C
KoBold Metals, which works in critical mineral exploration and development in Berkeley, raised $537M in a Series C round announced on 3 Jan 2025, led by Durable Capital Partners and T. Rowe Price, at a $2.96B post-money valuation. 12 firms took part, 9 of them already investors. It is KoBold Metals' third venture round on record; the one before was a Growth in Oct 2024.
$537M
Amount raised
$2.96B
Post-money valuation
$2.42B pre-money
12
Investors
2 leads
1.5x
Step-up from the Growth
$2.00B in Oct 2024
18%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced KoBold Metals at $2.96B after the new money, 1.5 times the $2.00B of its Growth (Oct 2024). The $537M bought investors about 18% of the company. It came 3 months after KoBold Metals' Growth. It is 44% of the $1.22B KoBold Metals has raised in the venture rounds on record. No later venture round is on record for KoBold Metals.
Investors
Who put money in
Durable Capital Partners and T. Rowe Price led the round with 10 other firms. T. Rowe Price, Andreessen Horowitz, BOND and Breakthrough Energy and 5 more had backed KoBold Metals before.
Lead investors
- Durable Capital Partners backs 39 venture-backed companies new investor
- T. Rowe Price existing investor
Also in the round
- Andreessen Horowitz backs 722 venture-backed companies existing investor
- BOND backs 91 venture-backed companies existing investor
- Breakthrough Energy backs 113 venture-backed companies existing investor
- backs 16 venture-backed companies existing investor
- Equinor existing investor
- July Fund existing investor
- Mitsubishi existing investor
- Standard Investments existing investor
- StepStone Group new investor
- WCM Investment Management 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
The closest in time: Series C rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Truveta Tech Companies | 13 Jan 2025 | $320M | $1.00B | not named |
| Stoke Space Aerospace and Defence | 15 Jan 2025 | $260M | not disclosed | not named |
| Biotechnology | 7 Jan 2025 | $208M | not disclosed | Omega Funds and TCG Crossover |
| Colossal Biotechnology | 17 Jan 2025 | $200M | $10.20B | TWG Global |
| ElevenLabs Tech Companies | 30 Jan 2025 | $180M | $3.30B | Andreessen Horowitz and ICONIQ Growth |
| Aerospace and Defence | 14 Jan 2025 | $170M | not disclosed | Tikehau Capital and AXIAL PARTNERS |
| Cryptocurrency | 16 Jan 2025 | $150M | $3.00B | Sequoia Capital and Paradigm |
| Quince Clothing Stores | 29 Jan 2025 | $120M | not disclosed | Notable Capital and Wellington Management |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did KoBold Metals raise in its Series C round?
KoBold Metals raised $537M in its Series C round, announced in Jan 2025.
Who led KoBold Metals' Series C round?
Durable Capital Partners and T. Rowe Price led it, with Andreessen Horowitz, BOND, Breakthrough Energy, Earthshot Ventures and Equinor and 5 more.
What was KoBold Metals' valuation at the Series C round?
$2.96B post-money ($2.42B pre-money).