Funding round
Redwood Materials Series D
Redwood Materials, which works in critical materials manufacturing in Carson City, raised $1.00B in a Series D round announced on 29 Aug 2023, led by Goldman Sachs Asset Management, Capricorn's Technology Impact Fund and T. Rowe Price Associates, Inc., at a $5.25B post-money valuation. 7 firms took part. It is Redwood Materials' third venture round on record; the one before was a Series C in Jul 2021.
$1.00B
Amount raised
$5.25B
Post-money valuation
$4.25B pre-money
7
Investors
3 leads
1.4x
Step-up from the Series C
$3.70B in Jul 2021
19%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Redwood Materials at $5.25B after the new money, 1.4 times the $3.70B of its Series C (Jul 2021). The $1.00B bought investors about 19% of the company. It came 25 months after Redwood Materials' Series C. It is 47% of the $2.13B Redwood Materials has raised in the venture rounds on record. Redwood Materials raised again 29 months later: a Series E round of $425M in Jan 2026, at $6.00B 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 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 this round 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
Goldman Sachs Asset Management, Capricorn's Technology Impact Fund and T. Rowe Price Associates, Inc. led the round with 4 other firms.
Lead investors
- Goldman Sachs Asset Management new investor
- Capricorn's Technology Impact Fund new investor
- T. Rowe Price Associates, Inc. new investor
Also in the round
- OMERS new investor
- Caterpillar Venture Capital new investor
- Microsoft’s Climate Innovation Fund new investor
- Deepwater Asset Management 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
The closest in time: 2 in Batteries, then Series D rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Ascend Elements Batteries | 6 Sep 2023 | $460M | not disclosed | Decarbonization Partners and Temasek |
| Batteries | 1 Nov 2022 | $54M | not disclosed | Helios Climate Ventures |
| Ramp Tech Companies | 21 Aug 2023 | $300M | $5.80B | not named |
| Neuralink Medical Supply Manufacturers | 7 Aug 2023 | $280M | not disclosed | Founders Fund |
| Tech Companies | 24 Aug 2023 | $235M | $4.50B | Salesforce Ventures |
| Tech Companies | 23 Aug 2023 | $110M | not disclosed | Riverwood Capital |
| Electronical Components Manufacturing | 17 Aug 2023 | $102M | not disclosed | Gates Frontier and Tracker Capital |
| Tech Companies | 29 Aug 2023 | $100M | $1.60B | Bain Capital Ventures |
Sources
Where this comes from
Reported by 4 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Redwood Materials raise in its Series D round?
Redwood Materials raised $1.00B in its Series D round, announced in Aug 2023.
Who led Redwood Materials' Series D round?
Goldman Sachs Asset Management, Capricorn's Technology Impact Fund and T. Rowe Price Associates, Inc. led it, with OMERS, Caterpillar Venture Capital, Microsoft’s Climate Innovation Fund and Deepwater Asset Management.
What was Redwood Materials' valuation at the Series D round?
$5.25B post-money ($4.25B pre-money).
Did Redwood Materials raise again after this round?
Yes: a Series E round in Jan 2026 of $425M at $6.00B post-money.