Funding round
Lilac Series B
Lilac, which works in lithium extraction technology licensing in Oakland, raised $150M in a Series B round announced on 22 Sep 2021, led by Lowercarbon Capital and T. Rowe Price, at a $554M post-money valuation. 15 firms took part, 2 of them already investors. It is Lilac's third venture round on record; the one before was a Series A in Feb 2020.
$150M
Amount raised
$554M
Post-money valuation
15
Investors
2 leads
27%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Lilac at $554M after the new money. The $150M bought investors about 27% of the company. It came 19 months after Lilac's Series A. It is 43% of the $350M Lilac has raised in the venture rounds on record. Lilac raised again 29 months later: a Series C round of $145M in Feb 2024.
Lilac's funding rounds
Lilac has 5 venture rounds on record and 3 other deals. This one is highlighted.
- Grant not a venture round 21 Feb 2017 $150K
- Seed 16 Jan 2018 $800K
- Other not a venture round 15 Jan 2019, led by Prime Impact Fund and Tribeca Early Stage Partners $2.5M$18M post-money
- Series A 20 Feb 2020, led by Breakthrough Energy $20M
- Series B this round 22 Sep 2021, led by Lowercarbon Capital and T. Rowe Price $150M$554M post-money
- Series C 12 Feb 2024, led by Mercuria, Lowercarbon Capital and Breakthrough Energy $145M
- Series D 30 Jun 2026 $34M
- Grant not a venture round 20 Aug 2026 $100M
Investors
Who put money in
Lowercarbon Capital and T. Rowe Price led the round with 13 other firms. Breakthrough Energy and The Engine had backed Lilac before.
Lead investors
- Lowercarbon Capital backs 110 venture-backed companies new investor
- T. Rowe Price new investor
Also in the round
- Mercuria new investor
- Valor backs 143 venture-backed companies new investor
- Breakthrough Energy backs 113 venture-backed companies existing investor
- backs 24 venture-backed companies existing investor
- SK Materials new investor
- backs 50 venture-backed companies new investor
- backs 37 venture-backed companies new investor
- backs 47 venture-backed companies new investor
- backs 16 venture-backed companies new investor
- backs 3 venture-backed companies new investor
- Oakdell Capital new investor
- new investor
- backs 6 venture-backed companies 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
15 Series B rounds in Chemicals within a year either side disclosed an amount; the median was $34M, and this round was 4.4 times the median. The closest in time, other companies' Series B rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 21 Jul 2021 | $9.0M | not disclosed | Aqua-Spark |
| Chemicals | 25 Jan 2022 | $75M | not disclosed | Temasek and Horizons Ventures |
| Chemicals | 31 Jan 2022 | $39M | not disclosed | not named |
| Chemicals | 6 Apr 2021 | $23M | not disclosed | Horizons Ventures |
| Chemicals | 19 Feb 2021 | $34M | not disclosed | not named |
| Chemicals | 5 May 2022 | $100M | $500M | Sequoia Capital India and Alpha Wave Global |
| Chemicals | 26 May 2022 | $44M | not disclosed | Lansdowne Partners and Oxford Science Enterprises |
| Chemicals | 23 Jun 2022 | $80M | not disclosed | Temasek |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Lilac raise in its Series B round?
Lilac raised $150M in its Series B round, announced in Sep 2021.
Who led Lilac's Series B round?
Lowercarbon Capital and T. Rowe Price led it, with Mercuria, Valor, Breakthrough Energy, The Engine and SK Materials and 8 more.
What was Lilac's valuation at the Series B round?
$554M post-money.
How does it compare with other Series B rounds in Chemicals?
15 Series B rounds in Chemicals within a year either side disclosed an amount; the median was $34M, and this round was 4.4 times the median.
Did Lilac raise again after this round?
Yes: a Series C round in Feb 2024 of $145M.