Tuesday, June 20, 2023

Andreessen/Bezos/Gates-Backed Kobold Metals Raises Another $200 Million At Unicorn Valuation

note: there is a discrepancy in the amount raised in this round, the Journal says $200mm.

Following on Saturday's "More On The Andreessen/Bezos/Gates Backed Company Using AI To Search For Cobalt" we see this via CrunchBase News, June 20:

Mining Startup KoBold Metals Hits Unicorn Status After $195M Raise 

Nevertheless, Berkeley, California-based KoBold Metals pulled off the feat after a $195 million raise from a number of big-named investors, including Andreessen Horowitz and Bill Gates and Jeff Bezos-backed Breakthrough Energy Ventures

The new cash values the climate-tech startup at $1.15 billion.

The round — first reported by the Wall Street Journal — was led by T. Rowe Price. The total funding amount was reported by Axios.

Hot trends
KoBold Metals has tied two hot trends together for investors — artificial intelligence and alternative energy sources....


Additionally, CrunchBase News goes on to say this round will go toward the existing Zambian copper mine that KoBold is buying into. As discussed in our June 17 post the company had announced they were buying into the copper deposit using a portion of the earlier $192.5 million round. However, all money is fungible [except, note to Jon Corzine: Don't co-mingle the client funds] so who knows where it is directed and when.