Funding round
Solugen Seed
Solugen, which works in sustainable chemical manufacturing in Houston, raised $4.4M in a Seed round announced on 24 Oct 2017, led by Social Capital. 6 firms took part. It is Solugen's first venture round on record.
$4.4M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
Solugen did not disclose a valuation in this round. It is Solugen's first venture round on record, 1 year after it was founded in 2016. It is under 1% of the $636M Solugen has raised in the venture rounds on record. Solugen raised again 19 months later: a Series B round of $32M in May 2019. Its next priced round, a Series D in Nov 2022, valued it at $2.00B.
Solugen's funding rounds
Solugen has 5 venture rounds on record and 1 other deal. This one is highlighted.
- Seed this round 24 Oct 2017, led by Social Capital $4.4M
- Series B 22 May 2019, led by Founders Fund $32M
- Series C 9 Sep 2021, led by GIC and Baillie Gifford $350M
- Series D 2 Nov 2022, led by Kinnevik, Lowercarbon Capital and Refactor Capital $200M$2.00B post-money
- Debt not a venture round 13 Jun 2024, led by U.S. Department of Energy $214M
- Growth 17 Mar 2026, led by Idealist Capital $50M
Investors
Who put money in
Social Capital led the round with 5 other firms.
Lead investor
- Social Capital backs 94 venture-backed companies new investor
Also in the round
- Y Combinator backs 1,295 venture-backed companies new investor
- backs 30 venture-backed companies new investor
- backs 227 venture-backed companies new investor
- Massachusetts Institute of Technology new investor
- MIT
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
The closest in time, other companies' Seed rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Lilac Chemicals | 16 Jan 2018 | $800K | not disclosed | not named |
| Chemicals | 1 Jan 2018 | undisclosed | not disclosed | not named |
| Chemicals | 4 Apr 2017 | $1.3M | not disclosed | not named |
| Chemicals | 7 Mar 2017 | $800K | not disclosed | Rhapsody Venture Partners |
| Chemicals | 1 Nov 2016 | undisclosed | not disclosed | not named |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Solugen raise in its Seed round?
Solugen raised $4.4M in its Seed round, announced in Oct 2017.
Who led Solugen's Seed round?
Social Capital led it, with Y Combinator, Refactor Capital, Liquid 2, Massachusetts Institute of Technology and MIT.
What was Solugen's valuation at the Seed round?
It was not disclosed.
Did Solugen raise again after this round?
Yes: a Series B round in May 2019 of $32M.