Total amount raised
$944.5 Million
Latest funding date
10/1/2024
Location
KoBold Metals has successfully raised funds through five distinct funding rounds, with the latest being a Series C round. The company is backed by 21 investors, including notable names like Standard Investments and T. Rowe Price.
Keep reading to explore the intricacies of KoBold Metals' fundraising journey and the investors backing this innovative platform.
What Is KoBold Metals?
KoBold Metals is an AI-powered critical mineral startup based in Berkeley, California. The company focuses on discovering essential materials for electric vehicles and renewable energy. Founded with the mission to turn mineral exploration into a repeatable science, KoBold Metals combines artificial intelligence with human expertise to accelerate discoveries.
Operating globally, KoBold Metals employs between 101 and 250 people and is involved in significant projects like the Mingomba copper deposit in Zambia. The company is committed to ethical principles and is supported by leaders in the tech and climate sectors.
How Much Funding Has KoBold Metals Raised?
- Series A
- Amount Raised: USD 20,000,000
- Date: March 2019
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the company's AI-driven mineral exploration initiatives.
- Series B
- Amount Raised: USD 192,500,000
- Date: February 2022
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand their AI technology and support ongoing exploration projects.
- Series B
- Amount Raised: USD 195,000,000
- Date: June 2023
- Lead Investors: T. Rowe Price
- Valuation at Round: USD 1 billion
- Motivation Behind the Round: To further develop their AI capabilities and expand their mineral discovery operations.
- Series C
- Amount Raised: USD 537,000,000
- Date: October 2024
- Lead Investors: Durable Capital Partners, T. Rowe Price
- Valuation at Round: USD 2 billion
- Motivation Behind the Round: To develop the massive copper resource discovered in Zambia and support other exploration projects.
- Series C
- Amount Raised: USD 280,004,127
- Date: November 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue advancing their mineral exploration and development projects.
Total Amount Raised: USD 1,224,504,127. Current Valuation: USD 2 billion.
Key Investors
- Durable Capital Partners
- Details: Durable Capital Partners is a growth-oriented investment firm. They focus on long-term investments in high-growth companies.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Not publicly disclosed.
- T. Rowe Price
- Details: T. Rowe Price is a global investment management firm. They offer a broad range of mutual funds, subadvisory services, and separate account management for individual and institutional investors.
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Amazon, Google, Facebook.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm. They are known for investing in early-stage startups across various sectors.
- Investment Focus Areas: Technology, biotech, fintech.
- Notable Investments: Facebook, Airbnb, Lyft.
- Bill Gates
- Details: Bill Gates is the co-founder of Microsoft and a prominent philanthropist. He is known for his work in technology and global health initiatives.
- Investment Focus Areas: Technology, healthcare, sustainable energy.
- Notable Investments: Microsoft, Breakthrough Energy Ventures, TerraPower.
- Jeff Bezos
- Details: Jeff Bezos is the founder of Amazon and space exploration company Blue Origin. He is one of the wealthiest individuals in the world.
- Investment Focus Areas: E-commerce, space exploration, technology.
- Notable Investments: Amazon, Blue Origin, The Washington Post.
What's Next for KoBold Metals?
KoBold Metals stands on the brink of a transformative era, driven by the development of a massive high-grade copper deposit in Zambia. This project alone has the potential to produce hundreds of thousands of metric tons per year, marking a significant milestone in the company's journey. With AI at its core, KoBold is poised to revolutionize mineral exploration, focusing on critical minerals like lithium, nickel, and cobalt.
As the company secures $491 million out of a targeted $527 million round, future fundraising opportunities seem promising. The substantial interest from high-profile investors underscores the growth potential, paving the way for further capital to support extensive exploration and development projects. However, the path ahead is not without challenges. The high costs associated with developing large mineral deposits and the inherent risks in mineral exploration present significant hurdles. Yet, with a strategic focus and robust backing, KoBold Metals is well-positioned to navigate these challenges and lead the way in sustainable mining practices.
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