Funding round
Solugen Series B
Solugen, which works in sustainable chemical manufacturing in Houston, raised $32M in a Series B round announced on 22 May 2019, led by Founders Fund. 5 firms took part. It is Solugen's second venture round on record; the one before was a Seed in Oct 2017.
$32M
Amount raised
Not disclosed
Post-money valuation
5
Investors
1 lead
Valuation
What this round says about the price
Solugen did not disclose a valuation in this round. It came 19 months after Solugen's Seed. It is 5.0% of the $636M Solugen has raised in the venture rounds on record. Solugen raised again 28 months later: a Series C round of $350M in Sep 2021. 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 24 Oct 2017, led by Social Capital $4.4M
- Series B this round 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
Founders Fund led the round with 4 other firms.
Lead investor
- Founders Fund backs 368 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 51 venture-backed companies new investor
- backs 33 venture-backed companies new investor
Joined the board: Brian Singerman (Founders Fund).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- 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 $11M, and this round was 2.9 times the median. The closest in time, other companies' Series B rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 20 May 2019 | $11M | not disclosed | Anzu Partners |
| Chemicals | 10 Jun 2019 | $40M | not disclosed | Novo Holdings |
| Chemicals | 12 Apr 2019 | $7.8M | not disclosed | not named |
| Chemicals | 12 Aug 2019 | $13M | not disclosed | Pangaea Ventures and S2G Investments |
| Chemicals | 27 Aug 2019 | $10M | not disclosed | not named |
| Chemicals | 5 Aug 2019 | $1.2M | not disclosed | not named |
| Chemicals | 5 Sep 2019 | $45M | not disclosed | Ospraie Ag Science and S2G Investments |
| Chemicals | 12 Nov 2019 | $4.0M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Solugen raise in its Series B round?
Solugen raised $32M in its Series B round, announced in May 2019.
Who led Solugen's Series B round?
Founders Fund led it, with Y Combinator, Refactor Capital, Fifty Years and KdT Ventures.
What was Solugen'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 $11M, and this round was 2.9 times the median.
Did Solugen raise again after this round?
Yes: a Series C round in Sep 2021 of $350M.