Funding round
Solugen Series D
Solugen, which works in sustainable chemical manufacturing in Houston, raised $200M in a Series D round announced on 2 Nov 2022, led by Kinnevik, Lowercarbon Capital and Refactor Capital, at a $2.00B post-money valuation. 6 firms took part. It is Solugen's fourth venture round on record; the one before was a Series C in Sep 2021.
$200M
Amount raised
$2.00B
Post-money valuation
$1.80B pre-money
6
Investors
3 leads
10%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Solugen at $2.00B after the new money. The $200M bought investors about 10% of the company. It came 14 months after Solugen's Series C. It is 31% of the $636M Solugen has raised in the venture rounds on record. Solugen raised again 40 months later: a Growth round of $50M in Mar 2026.
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 9 Sep 2021, led by GIC and Baillie Gifford $350M
- Series D this round 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
Kinnevik, Lowercarbon Capital and Refactor Capital led the round with 3 other firms.
Lead investors
- Kinnevik backs 55 venture-backed companies new investor
- Lowercarbon Capital backs 110 venture-backed companies new investor
- backs 30 venture-backed companies new investor
Also in the round
- Temasek backs 195 venture-backed companies new investor
- Baillie Gifford 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, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 2 in Chemicals, then Series D rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 9 Aug 2022 | $12M | not disclosed | Climate Investment and Capricorn Partners |
| Chemicals | 12 May 2022 | $102M | not disclosed | Koch Strategic Platforms |
| Tech Companies | 15 Nov 2022 | $135M | $750M | Generation Investment Management |
| Insurance - Agents, Carriers & Brokers | 1 Nov 2022 | $70M | not disclosed | Dawn Capital |
| Dentists & Dental Clinics | 9 Nov 2022 | $67M | not disclosed | Investcorp |
| Batteries | 1 Nov 2022 | $54M | not disclosed | Helios Climate Ventures |
| Tech Companies | 22 Nov 2022 | $50M | not disclosed | Fonds de solidarité FTQ and Inovia |
| Garbage Collection & Waste Disposal | 15 Nov 2022 | $20M | not disclosed | Fifth Wall |
Sources
Where this comes from
Reported by 5 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Solugen raise in its Series D round?
Solugen raised $200M in its Series D round, announced in Nov 2022.
Who led Solugen's Series D round?
Kinnevik, Lowercarbon Capital and Refactor Capital led it, with Temasek, Baillie Gifford and Fifty Years.
What was Solugen's valuation at the Series D round?
$2.00B post-money ($1.80B pre-money).
Did Solugen raise again after this round?
Yes: a Growth round in Mar 2026 of $50M.