Funding round
Turbine Seed
Turbine, which works in virtual biology platform development in Budapest, raised $3.3M in a Seed round announced on 13 Nov 2019, led by Delin Ventures. 3 firms took part. It is Turbine's first venture round on record.
$3.3M
Amount raised
3,000,000 EUR converted
Not disclosed
Post-money valuation
3
Investors
1 lead
Valuation
What this round says about the price
Turbine did not disclose a valuation in this round. It is Turbine's first venture round on record, 3 years after it was founded in 2016. It is 6.8% of the $49M Turbine has raised in the venture rounds on record. Turbine raised again 36 months later: a Series A round of $21M in Nov 2022.
Investors
Who put money in
Delin Ventures led the round with 2 other firms.
Lead investor
- backs 9 venture-backed companies new investor
Also in the round
- backs 53 venture-backed companies new investor
- backs 14 venture-backed companies new investor
Joined the board: Alan Barge (Delin Ventures).
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
1,047 Seed rounds in Tech Companies within a year either side disclosed an amount; the median was $2.5M, and this round was 1.3 times the median. The closest in time, other companies' Seed rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 21 Nov 2019 | $12M | not disclosed | not named |
| Tech Companies | 4 Nov 2019 | $7.5M | not disclosed | Tiger Global and Slack Fund |
| Dream Games Tech Companies | 20 Nov 2019 | $7.5M | not disclosed | Makers Fund |
| Tech Companies | 4 Nov 2019 | $7.0M | not disclosed | IDI |
| Tech Companies | 13 Nov 2019 | $7.0M | not disclosed | Health Catalyst Capital |
| Tech Companies | 7 Nov 2019 | $6.4M | not disclosed | AV8 Ventures |
| Tech Companies | 12 Nov 2019 | $6.0M | not disclosed | Accel |
| Tech Companies | 1 Nov 2019 | $5.8M | not disclosed | Fika Ventures |
Sources
Where this comes from
Reported by 2 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Turbine raise in its Seed round?
Turbine raised $3.3M in its Seed round, announced in Nov 2019.
Who led Turbine's Seed round?
Delin Ventures led it, with Atlantic and o2h Ventures.
What was Turbine's valuation at the Seed round?
It was not disclosed.
How does it compare with other Seed rounds in Tech Companies?
1,047 Seed rounds in Tech Companies within a year either side disclosed an amount; the median was $2.5M, and this round was 1.3 times the median.
Did Turbine raise again after this round?
Yes: a Series A round in Nov 2022 of $21M.