Funding round
Redwood Materials Series C
Redwood Materials, which works in critical materials manufacturing in Carson City, raised $700M in a Series C round announced on 28 Jul 2021, led by T. Rowe Price Associates, Inc., at a $3.70B post-money valuation. 11 firms took part. It is Redwood Materials' second venture round on record; the one before was a Seed in Apr 2017.
$700M
Amount raised
$3.70B
Post-money valuation
$3.00B pre-money
11
Investors
1 lead
902x
Step-up from the Seed
$4.1M in Apr 2017
19%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Redwood Materials at $3.70B after the new money, 902.4 times the $4.1M of its Seed (Apr 2017). The $700M bought investors about 19% of the company. It came 51 months after Redwood Materials' Seed. It is 33% of the $2.13B Redwood Materials has raised in the venture rounds on record. Redwood Materials raised again 25 months later: a Series D round of $1.00B in Aug 2023, at $5.25B post-money.
Redwood Materials' funding rounds
Redwood Materials has 4 venture rounds on record and 2 other deals. This one is highlighted.
- Seed 27 Apr 2017 $2.0M$4.1M post-money
- Series C this round 28 Jul 2021, led by T. Rowe Price Associates, Inc. $700M$3.70B post-money
- Debt not a venture round 3 Jan 2023 $200M
- Debt not a venture round 9 Feb 2023, led by U.S. Department of Energy $2.00B
- Series D 29 Aug 2023, led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund and T. Rowe Price Associates, Inc. $1.00B$5.25B post-money
- Series E 28 Jan 2026, led by GV and Eclipse $425M$6.00B post-money
Investors
Who put money in
T. Rowe Price Associates, Inc. led the round with 10 other firms.
Lead investor
- T. Rowe Price Associates, Inc. new investor
Also in the round
- Goldman Sachs Asset Management new investor
- Baillie Gifford new investor
- Canada Pension Plan Investment Board new investor
- Fidelity new investor
- Capricorn's Technology Impact Fund new investor
- Breakthrough Energy backs 113 venture-backed companies new investor
- Amazon’s Climate Pledge Fund new investor
- Valor backs 143 venture-backed companies new investor
- Emerson Collective backs 76 venture-backed companies new investor
- Franklin Templeton new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
6 Series C rounds in Batteries within a year either side disclosed an amount; the median was $98M, and this round was 7.2 times the median. The closest in time, other companies' Series C rounds in Batteries:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Batteries | 19 Aug 2021 | $160M | not disclosed | Moore Strategic Ventures |
| Batteries | 13 Jan 2022 | $95M | $700M | B. Thomas Golisano |
| Form Energy Batteries | 30 Nov 2020 | $76M | $339M | Coatue |
| Group14 Batteries | 4 May 2022 | $400M | not disclosed | Porsche Ventures |
| Batteries | 19 Jul 2022 | $100M | not disclosed | Vitol |
| Batteries | 22 Jul 2020 | $5.8M | not disclosed | Itochu Corporation |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Redwood Materials raise in its Series C round?
Redwood Materials raised $700M in its Series C round, announced in Jul 2021.
Who led Redwood Materials' Series C round?
T. Rowe Price Associates, Inc. led it, with Goldman Sachs Asset Management, Baillie Gifford, Canada Pension Plan Investment Board, Fidelity and Capricorn's Technology Impact Fund and 5 more.
What was Redwood Materials' valuation at the Series C round?
$3.70B post-money ($3.00B pre-money).
How does it compare with other Series C rounds in Batteries?
6 Series C rounds in Batteries within a year either side disclosed an amount; the median was $98M, and this round was 7.2 times the median.
Did Redwood Materials raise again after this round?
Yes: a Series D round in Aug 2023 of $1.00B at $5.25B post-money.