Funding round
Pivot Bio Series C
Pivot Bio, which works in microbial nitrogen product manufacturing in Berkeley, raised $100M in a Series C round announced on 30 Apr 2020, led by Breakthrough Energy and Temasek. 10 firms took part, 2 of them already investors. It is Pivot Bio's fourth venture round on record; the one before was a Series B in Oct 2018.
$100M
Amount raised
Not disclosed
Post-money valuation
10
Investors
2 leads
Valuation
What this round says about the price
Pivot Bio did not disclose a valuation in this round. It came 18 months after Pivot Bio's Series B. It is 16% of the $617M Pivot Bio has raised in the venture rounds on record. Pivot Bio raised again 15 months later: a Series D round of $430M in Jul 2021, at $2.00B post-money.
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 2 Oct 2018, led by Breakthrough Energy $70M
- Series C this round 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 and Temasek led the round with 8 other firms. Breakthrough Energy and DCVC had backed Pivot Bio before.
Lead investors
- Breakthrough Energy backs 113 venture-backed companies existing investor
- Temasek backs 195 venture-backed companies new investor
Also in the round
- DCVC backs 171 venture-backed companies existing investor
- backs 62 venture-backed companies new investor
- backs 4 venture-backed companies new investor
- Codon Capital new investor
- Bunge Ventures new investor
- backs 16 venture-backed companies new investor
- backs 6 venture-backed companies new investor
- Pavilion Capital new investor
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
5 Series C rounds in Chemicals within a year either side disclosed an amount; the median was $22M, and this round was 4.5 times the median. The closest in time, other companies' Series C rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 19 May 2020 | $22M | not disclosed | S2G Investments |
| Chemicals | 20 Feb 2020 | $31M | not disclosed | JSR Corporation |
| Chemicals | 20 Jul 2020 | $12M | not disclosed | Phoenix Venture Partners |
| Chemicals | 28 Jan 2020 | $12M | not disclosed | HG Ventures and Chanel |
| Chemicals | 13 Apr 2021 | $70M | not disclosed | Pontifax Global Food and Agriculture Technology Fund and Temasek |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Pivot Bio raise in its Series C round?
Pivot Bio raised $100M in its Series C round, announced in Apr 2020.
Who led Pivot Bio's Series C round?
Breakthrough Energy and Temasek led it, with DCVC, Prelude Ventures, Spruce Capital Partners, Codon Capital and Bunge Ventures and 3 more.
What was Pivot Bio's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Chemicals?
5 Series C rounds in Chemicals within a year either side disclosed an amount; the median was $22M, and this round was 4.5 times the median.
Did Pivot Bio raise again after this round?
Yes: a Series D round in Jul 2021 of $430M at $2.00B post-money.