Proterra closes second round of Series C investment on strong sales performance
Proterra Inc. has closed round two of its Series C funding. More than $10 million was raised in this second round, bringing total Series C funding to date to more than $34 million. Funding was based in large measure on the company’s strong 2013 performance and aggressive sales.
The second round of Series C investment was led by Nick and Joby Pritzker through their family’s firm, Tao Invest, and selected existing shareholders. Previous investors include electric industry leaders Edison Energy, Inc. and Constellation, along with Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co. Global Investment, Inc., Vision Ridge Partners, Hennessey Capital and 88 Green Ventures.
Proterra expects to close Series C funding before the end of Q1 2014.
“There is no doubt that cities and campuses alike are choosing to explore and invest in more energy-efficient clean transit options to help reduce costs, meet environmental mandates and improve quality of life,” said Nick Pritzker. “With the growing trend toward re-urbanization, demand will only continue to grow. We chose to invest in Proterra based on its clear leadership in this burgeoning market.”
Proterra is the manufacturer of the only battery-electric buses purchased for revenue service anywhere in North America. Its BE35 is the only electric transit bus to ever pass stringent federally-required Altoona testing. The company has recently announced a host of new sales, including several from repeat customers. Proterra will use these additional Series C proceeds to continue to fund production growth and product development efforts to keep pace with accelerating demand.
“Thanks in large measure to our unparalleled technology and unwavering commitment to providing superior service, as well as the vision and advice of our investors, like the Pritzkers, Proterra is riding a wave of success right now,” said Proterra Chief Executive Officer Garrett Mikita. “We are closing sales, delivering buses and earning repeat business from satisfied customers at an incredibly rapid pace, and we only expect that to continue as more of our early adopters become evangelists for the value proposition presented by our fast-charge, lightweight EV buses.”