Funding round
Twelve Series B
Twelve, which works in carbon transformation technology development in Berkeley, raised $130M in a Series B round announced on 1 Jul 2022, led by DCVC. 7 firms took part. It is Twelve's second venture round on record; the one before was a Series A in Jul 2021.
$130M
Amount raised
Not disclosed
Post-money valuation
7
Investors
1 lead
Valuation
What this round says about the price
Twelve did not disclose a valuation in this round. It came 12 months after Twelve's Series A. It is 19% of the $672M Twelve has raised in the venture rounds on record. Twelve raised again 26 months later: a Growth round of $400M in Sep 2024.
Twelve's funding rounds
Twelve has 4 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
DCVC led the round with 6 other firms.
Lead investor
- DCVC backs 171 venture-backed companies new investor
Also in the round
- Capricorn Technology Impact Fund new investor
- backs 12 venture-backed companies new investor
- Breakout Ventures new investor
- Munich Re Ventures new investor
- backs 6 venture-backed companies new investor
- Microsoft Climate Innovation Fund new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to scaling operations.
- Scaling operations
Comparable rounds
How it compares
21 Series B rounds in Chemicals within a year either side disclosed an amount; the median was $44M, and this round was 3.0 times the median. The closest in time, other companies' Series B rounds in Chemicals:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Chemicals | 11 Jul 2022 | $20M | not disclosed | Woodside Energy |
| Chemicals | 23 Jun 2022 | $80M | not disclosed | Temasek |
| Chemicals | 18 Aug 2022 | $18M | not disclosed | Climate Innovation Capital |
| Chemicals | 5 May 2022 | $100M | $500M | Sequoia Capital India and Alpha Wave Global |
| Chemicals | 26 May 2022 | $44M | not disclosed | Lansdowne Partners and Oxford Science Enterprises |
| Chemicals | 9 Sep 2022 | $25M | not disclosed | Ara Partners |
| Chemicals | 23 Sep 2022 | $19M | not disclosed | Schlumberger and Schlumberger’s New Energy business |
| Chemicals | 26 Oct 2022 | $55M | not disclosed | Samsung Venture Investment and Anzu Partners |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Twelve raise in its Series B round?
Twelve raised $130M in its Series B round, announced in Jul 2022.
Who led Twelve's Series B round?
DCVC led it, with Capricorn Technology Impact Fund, Carbon Direct Capital, Breakout Ventures, Munich Re Ventures and Elementum Ventures and 1 more.
What was Twelve's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Chemicals?
21 Series B rounds in Chemicals within a year either side disclosed an amount; the median was $44M, and this round was 3.0 times the median.
Did Twelve raise again after this round?
Yes: a Growth round in Sep 2024 of $400M.