Funding round
Mainspring Energy Series D
Mainspring Energy, which works in linear generator manufacturing in Menlo Park, raised $95M in a Series D round announced on 4 May 2021, led by Devonshire Investors, at a $440M post-money valuation. 13 firms took part, with 1 individual investor. It is Mainspring Energy's second venture round on record; the one before was a Series C in Jan 2018.
$95M
Amount raised
$440M
Post-money valuation
13
Investors
1 lead
22%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Mainspring Energy at $440M after the new money. The $95M bought investors about 22% of the company. It came 40 months after Mainspring Energy's Series C. It is 16% of the $586M Mainspring Energy has raised in the venture rounds on record. Mainspring Energy raised again 12 months later: a Series E round of $150M in May 2022.
Mainspring Energy's funding rounds
Mainspring Energy has 4 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
Devonshire Investors led the round with 12 other firms.
Lead investor
- Devonshire Investors new investor
Also in the round
- Princeville Capital new investor
- 40 North Ventures new investor
- Chevron Technology Ventures new investor
- Khosla Ventures backs 396 venture-backed companies new investor
- ClearSky new investor
- AEP new investor
- backs 9 venture-backed companies new investor
- Equinor new investor
- backs 6 venture-backed companies new investor
- Alumni Ventures Group new investor
- Gates Frontier Fund new investor
- NextEra Energy new investor
Individual investors: Bill Gates.
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations, working capital, geographic expansion and acquisitions.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
- Geographic expansion
- Acquisitions
Comparable rounds
How it compares
The closest in time: 1 in Electric Supplies & Power Generation, then Series D rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Electric Supplies & Power Generation | 17 May 2022 | $80M | not disclosed | Riverstone Holdings |
| Back Market Electronics Stores | 1 May 2021 | $335M | $3.20B | General Atlantic |
| Tech Companies | 6 May 2021 | $220M | $1.00B | Advent International |
| Inari Biotechnology | 12 May 2021 | $208M | $1.20B | Flagship Pioneering and Alexandria Venture Investments |
| DailyPay Financial Services | 18 May 2021 | $175M | not disclosed | Carrick Capital Partners |
| Tech Companies | 26 May 2021 | $160M | not disclosed | Neuberger Berman Funds |
| HoneyBook Tech Companies | 4 May 2021 | $155M | $1.00B | Durable Capital Partners |
| Tech Companies | 25 May 2021 | $150M | $1.50B | Tiger Global |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Mainspring Energy raise in its Series D round?
Mainspring Energy raised $95M in its Series D round, announced in May 2021.
Who led Mainspring Energy's Series D round?
Devonshire Investors led it, with Princeville Capital, 40 North Ventures, Chevron Technology Ventures, Khosla Ventures and ClearSky and 7 more.
What was Mainspring Energy's valuation at the Series D round?
$440M post-money.
Did Mainspring Energy raise again after this round?
Yes: a Series E round in May 2022 of $150M.