Funding round
Lilac Series C
Lilac, which works in lithium extraction technology licensing in Oakland, raised $145M in a Series C round announced on 12 Feb 2024, led by Mercuria, Lowercarbon Capital and Breakthrough Energy. 11 firms took part. It is Lilac's fourth venture round on record; the one before was a Series B in Sep 2021.
$145M
Amount raised
Not disclosed
Post-money valuation
11
Investors
3 leads
Valuation
What this round says about the price
Lilac did not disclose a valuation in this round; its last disclosed one was $554M at the Series B (Sep 2021). It came 29 months after Lilac's Series B. It is 41% of the $350M Lilac has raised in the venture rounds on record. Lilac raised again 28 months later: a Series D round of $34M in Jun 2026.
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 22 Sep 2021, led by Lowercarbon Capital and T. Rowe Price $150M$554M post-money
- Series C this round 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
Mercuria, Lowercarbon Capital and Breakthrough Energy led the round with 8 other firms.
Lead investors
- Mercuria new investor
- Lowercarbon Capital backs 110 venture-backed companies new investor
- Breakthrough Energy backs 113 venture-backed companies new investor
Also in the round
- T. Rowe Price Association, Inc. new investor
- backs 27 venture-backed companies new investor
- Aventurine new investor
- backs 37 venture-backed companies new investor
- backs 50 venture-backed companies new investor
- Mitsubishi Corporation new investor
- The Nature Conservancy new investor
- Prime Coalition 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
9 Series C rounds in Chemicals within a year either side disclosed an amount; the median was $47M, and this round was 3.1 times the median. The closest in time, other companies' Series C rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 21 Feb 2024 | $35M | not disclosed | not named |
| Chemicals | 5 Apr 2024 | $152M | not disclosed | not named |
| Chemicals | 1 Dec 2023 | $29M | not disclosed | El Camino Capital and MCP Group |
| Chemicals | 19 Jun 2024 | $28M | not disclosed | Woven Capital |
| Infinium Chemicals | 10 Sep 2024 | $1.10B | not disclosed | Brookfield |
| Chemicals | 11 Jul 2023 | $77M | not disclosed | Innovation Industries |
| Chemicals | 25 Sep 2024 | $53M | not disclosed | OPG Pension Plan |
| Chemicals | 21 Nov 2024 | $47M | not disclosed | Uniper and HYCAP Group |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Lilac raise in its Series C round?
Lilac raised $145M in its Series C round, announced in Feb 2024.
Who led Lilac's Series C round?
Mercuria, Lowercarbon Capital and Breakthrough Energy led it, with T. Rowe Price Association, Inc., Engine Ventures, Aventurine, Presidio Ventures and BMW i Ventures and 3 more.
What was Lilac's valuation at the Series C round?
It was not disclosed; its last disclosed one was $554M at the Series B (Sep 2021).
How does it compare with other Series C rounds in Chemicals?
9 Series C rounds in Chemicals within a year either side disclosed an amount; the median was $47M, and this round was 3.1 times the median.
Did Lilac raise again after this round?
Yes: a Series D round in Jun 2026 of $34M.