Funding round
Turntide Growth
Reported as "Growth Equity"
Turntide, which works in electric motor manufacturing in Alpharetta, raised $80M in a Growth round announced on 3 Mar 2021, led by Breakthrough Energy. 6 firms took part, with 2 individual investors. It is Turntide's fourth venture round on record; the one before was a Growth in Sep 2020.
$80M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
Turntide did not disclose a valuation in this round. It came 6 months after Turntide's Growth. It is 47% of the $169M Turntide has raised in the venture rounds on record. No later venture round is on record for Turntide.
Turntide's funding rounds
Turntide has 4 venture rounds on record and 2 other deals. This one is highlighted.
- Series A 25 Jun 2019 $31M
- Series B 1 Jan 2020, led by BMW i Ventures $25M
- Growth 24 Sep 2020 $33M
- Growth this round 3 Mar 2021, led by Breakthrough Energy $80M
- Debt not a venture round 30 Jun 2021, led by Canada Pension Plan Investment Board, Monashee Investment Management LLC and JLL Spark $225M
- Grant not a venture round 10 Aug 2026 $23M
Investors
Who put money in
Breakthrough Energy led the round with 5 other firms.
Lead investor
- Breakthrough Energy backs 113 venture-backed companies new investor
Also in the round
- Amazon Climate Pledge Fund new investor
- backs 11 venture-backed companies new investor
- backs 11 venture-backed companies new investor
- Fifth Wall backs 103 venture-backed companies new investor
- Captain Planet LP new investor
Individual investors: Bill Gates and Robert Downey Jr..
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
The closest in time: 2 in Electric Supplies & Power Generation, then Growth rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| VoltaGrid Electric Supplies & Power Generation | 3 Feb 2021 | $73M | not disclosed | Canada Pension Plan Investment Board |
| VoltaGrid Electric Supplies & Power Generation | 20 Dec 2021 | $100M | not disclosed | not named |
| Amoun Pharmaceutical Pharmaceutical Products | 31 Mar 2021 | $740M | not disclosed | not named |
| Epidemic Sound Art & Music Publishers | 10 Mar 2021 | $450M | $1.40B | Blackstone |
| Dream Sports Tech Companies | 24 Mar 2021 | $400M | $5.00B | Technology Crossover Ventures and D1 Capital Partners |
| LIVEKINDLY Collective Food Production | 29 Mar 2021 | $335M | not disclosed | TPG |
| Dapper Labs Tech Companies | 30 Mar 2021 | $305M | $2.60B | Coatue |
| Vestiaire Collective Clothing Stores | 1 Mar 2021 | $216M | not disclosed | Kering and Tiger Global |
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 Turntide raise in its Growth round?
Turntide raised $80M in its Growth round, announced in Mar 2021.
Who led Turntide's Growth round?
Breakthrough Energy led it, with Amazon Climate Pledge Fund, FootPrint Coalition, Keyframe, Fifth Wall and Captain Planet LP.
What was Turntide's valuation at the Growth round?
It was not disclosed.