Funding round
Pivot Bio Series B
Pivot Bio, which works in microbial nitrogen product manufacturing in Berkeley, raised $70M in a Series B round announced on 2 Oct 2018, led by Breakthrough Energy. 2 firms took part, with 1 individual investor. It is Pivot Bio's third venture round on record; the one before was a Series A in Jan 2016.
$70M
Amount raised
Not disclosed
Post-money valuation
2
Investors
1 lead
Valuation
What this round says about the price
Pivot Bio did not disclose a valuation in this round. It came 33 months after Pivot Bio's Series A. It is 11% of the $617M Pivot Bio has raised in the venture rounds on record. Pivot Bio raised again 18 months later: a Series C round of $100M in Apr 2020. Its next priced round, a Series D in Jul 2021, valued it at $2.00B.
Pivot Bio's funding rounds
Pivot Bio has 5 venture rounds on record. This one is highlighted.
- Seed 1 Jan 2014, led by DCVC and Monsanto Growth Ventures $750K
- Series A 1 Jan 2016, led by DCVC and Prelude Ventures $16M
- Series B this round 2 Oct 2018, led by Breakthrough Energy $70M
- Series C 30 Apr 2020, led by Breakthrough Energy and Temasek $100M
- Series D 19 Jul 2021, led by DCVC and Temasek $430M$2.00B post-money
Investors
Who put money in
Breakthrough Energy led the round with 1 other firm.
Lead investor
- Breakthrough Energy backs 113 venture-backed companies new investor
Also in the round
- Temasek backs 195 venture-backed companies new investor
Individual investors: Alan Cohen. Joined the board: Cooper Rinzler (Breakthrough Energy Ventures) and Dheeraj Mehta (Temasek).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
11 Series B rounds in Chemicals within a year either side disclosed an amount; the median was $13M, and this round was 5.6 times the median. The closest in time, other companies' Series B rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 17 Jul 2018 | $16M | not disclosed | IA Ventures and First Round |
| Chemicals | 6 Apr 2018 | $13M | not disclosed | Cottonwood Technology Fund |
| Chemicals | 12 Apr 2019 | $7.8M | not disclosed | not named |
| Solugen Chemicals | 22 May 2019 | $32M | not disclosed | Founders Fund |
| Chemicals | 20 May 2019 | $11M | not disclosed | Anzu Partners |
| Chemicals | 10 Jun 2019 | $40M | not disclosed | Novo Holdings |
| Chemicals | 1 Jan 2018 | undisclosed | not disclosed | not named |
| Chemicals | 12 Aug 2019 | $13M | not disclosed | Pangaea Ventures and S2G Investments |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Pivot Bio raise in its Series B round?
Pivot Bio raised $70M in its Series B round, announced in Oct 2018.
Who led Pivot Bio's Series B round?
Breakthrough Energy led it, with Temasek.
What was Pivot Bio's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Chemicals?
11 Series B rounds in Chemicals within a year either side disclosed an amount; the median was $13M, and this round was 5.6 times the median.
Did Pivot Bio raise again after this round?
Yes: a Series C round in Apr 2020 of $100M.