Funding round
Solugen Series C
Solugen, which works in sustainable chemical manufacturing in Houston, raised $350M in a Series C round announced on 9 Sep 2021, led by GIC and Baillie Gifford. 7 firms took part. It is Solugen's third venture round on record; the one before was a Series B in May 2019.
$350M
Amount raised
Not disclosed
Post-money valuation
$1.50B pre-money
7
Investors
2 leads
Valuation
What this round says about the price
Solugen did not disclose a valuation in this round. It came 28 months after Solugen's Series B. It is 55% of the $636M Solugen has raised in the venture rounds on record. Solugen raised again 14 months later: a Series D round of $200M in Nov 2022, at $2.00B post-money.
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 22 May 2019, led by Founders Fund $32M
- Series C this round 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
GIC and Baillie Gifford led the round with 5 other firms.
Lead investors
- GIC backs 98 venture-backed companies new investor
- Baillie Gifford new investor
Also in the round
- Temasek backs 195 venture-backed companies new investor
- BlackRock new investor
- backs 12 venture-backed companies new investor
- backs 30 venture-backed companies new investor
- backs 51 venture-backed companies new investor
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
10 Series C rounds in Chemicals within a year either side disclosed an amount; the median was $43M, and this round was 8.1 times the median. The closest in time, other companies' Series C rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 22 Sep 2021 | $51M | not disclosed | Volta Energy Technologies |
| Chemicals | 17 Aug 2021 | $15M | not disclosed | Wave Equity Partners |
| Chemicals | 27 Jul 2021 | $118M | not disclosed | Novo Holdings |
| Chemicals | 13 Jan 2022 | $125M | not disclosed | Prime Movers Lab |
| Chemicals | 11 May 2021 | $35M | not disclosed | Novo Holdings |
| Chemicals | 20 Jan 2022 | $21M | not disclosed | Kouros |
| Chemicals | 13 Apr 2021 | $70M | not disclosed | Pontifax Global Food and Agriculture Technology Fund and Temasek |
| Chemicals | 16 May 2022 | $82M | not disclosed | Ordway Selections and Cavallo Ventures |
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did Solugen raise in its Series C round?
Solugen raised $350M in its Series C round, announced in Sep 2021.
Who led Solugen's Series C round?
GIC and Baillie Gifford led it, with Temasek, BlackRock, Carbon Direct Capital, Refactor Capital and Fifty Years.
What was Solugen's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Chemicals?
10 Series C rounds in Chemicals within a year either side disclosed an amount; the median was $43M, and this round was 8.1 times the median.
Did Solugen raise again after this round?
Yes: a Series D round in Nov 2022 of $200M at $2.00B post-money.