Funding round
Phoenix Tailings Series B
Phoenix Tailings, which works in rare earth metals refining and production in Exeter, raised $40M in a Series B round announced on 19 Feb 2026, led by Olive Tree Capital. 8 firms took part. It is Phoenix Tailings' second venture round on record; the one before was a Series A in Aug 2021.
$40M
Amount raised
of which $10M debt
Not disclosed
Post-money valuation
8
Investors
1 lead
Valuation
What this round says about the price
Phoenix Tailings did not disclose a valuation in this round. It came 54 months after Phoenix Tailings' Series A. It is 80% of the $50M Phoenix Tailings has raised in the venture rounds on record. No later venture round is on record for Phoenix Tailings.
Phoenix Tailings' funding rounds
Phoenix Tailings has 2 venture rounds on record and 2 other deals. This one is highlighted.
- Series A 1 Aug 2021 $10M
- Grant not a venture round 4 Dec 2025, led by U.S. Department of Energy Advanced Research Projects Agency-Energy (ARPA-E) $1.6M
- Series B this round 19 Feb 2026, led by Olive Tree Capital $40M
- Debt not a venture round 16 Jun 2026, led by Office of Strategic Capital $500M
Investors
Who put money in
Olive Tree Capital led the round with 7 other firms.
Lead investor
- backs 35 venture-backed companies new investor
Also in the round
- Nomura new investor
- Traxys new investor
- Eni Next new investor
- Geodesic Capital backs 45 venture-backed companies new investor
- Aether VC new investor
- backs 9 venture-backed companies new investor
- backs 10 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to scaling operations and working capital.
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Series B rounds in Metal Fabrication Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Metal Fabrication Services | 19 Feb 2026 | $67M | not disclosed | not named |
| Metal Fabrication Services | 22 Jan 2026 | undisclosed | not disclosed | Mubadala Capital and Arbor Ventures |
| Metal Fabrication Services | 17 Mar 2025 | $48M | not disclosed | SPARX and Development Bank of Japan |
Sources
Where this comes from
Reported by 7 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Phoenix Tailings raise in its Series B round?
Phoenix Tailings raised $40M in its Series B round, announced in Feb 2026.
Who led Phoenix Tailings' Series B round?
Olive Tree Capital led it, with Nomura, Traxys, Eni Next, Geodesic Capital and Aether VC and 2 more.
What was Phoenix Tailings' valuation at the Series B round?
It was not disclosed.