Funding rounds are key milestones in the startup investment lifecycle. A funding round refers to a form of investment in a company that takes place when investors put in money to help fund the company. Series B rounds are the second round of funding for a company and are often called the “second series”. It usually takes place when the startup has achieved a significant level of profitability or progress and the company is mature enough to be able to expand. In this article, we list down the top companies that raised the highest Series B funding in Q1 2022.
Series B funding for startups
During this round, the company is likely to be established, have a proven business model, and achieve significant progress and profits. Series B funding is crucial for the company’s further development, including gaining access to corporate investors and funding for expansion. Usually, Series B investors pay a higher price per share compared to Series A investors. At the same time, Series B funding is indeed important for startups in order to scale, grow and achieve profitability.
Series B funding and how does it work
In the early stages of the business, startups often receive seed funding within one to two years. Investors who invest in startup companies with an expectation for higher profits or significant returns are most likely to invest in the Series A or Series B funding round.
Series B is considered to be the second round of financing for a business. The main process and purpose of series B funding for startups are to provide capital for further expansion and growth capital. Thus, startups that successfully raise Series B funding will likely secure a large and lucrative market: high-growth startups with huge potential.
30 Companies with the Highest Series B Funding in Q1 2022
In this section, we will rank 30 companies with the highest series B funding round in the first quarter of the year 2022. In addition, we will also provide you with overviews of each startup, the round that they raised Series B funding, and their approximate value.
|Si No||Organization Name||Money Raised Currency (in USD)||Organization Industries||Location||Total Funding Amount Currency||Total Funding Amount Currency (in USD)||Announced Date|
|1||Commonwealth Fusion||1,800,000,000||Clean Energy||USA||USD||2,000,000,000||01/12/2021|
|2||Svolt Energy Technology Co.||942,000,000||Battery, Electric Vehicle||China||CNY||3,210,000,000||13/12/2021|
|3||Flink Food||750,000,000||Food Delivery, Grocery||Germany||USD||1,050,000,000||10/12/2021|
|7||Celsius Network||350,000,000||Blockchain, FinTech||UK||USD||864,000,000||24/11/2021|
|8||Future Meat Technologies||347,000,000||Biotechnology, Food and Beverage||Israel||USD||388,000,000||17/12/2021|
|9||Daki||260,000,000||Delivery, Food and Beverage||Brazil||USD||260,000,000||02/12/2021|
|11||Vastai Technologies||251,000,000||Artificial Intelligence||China||USD||378,000,000||20/12/2021|
|14||Incode Technologies||220,000,000||FinTech, Identity Management||USA||USD||257,000,000||07/12/2021|
|16||Arbor Biotechnologies||215,000,000||Biopharma, Biotechnology||USA||USD||231,000,000||09/11/2021|
|17||Scalapay||213,000,000||Financial Services, Payments||Italy||USD||700,000,000||23/02/2022|
|18||Lusha||205,000,000||Big Data, Information Technology||USA||USD||245,000,000||10/11/2021|
|19||Galactic Energy Aerospace Technology||201,000,000||Aerospace, Energy||China||CNY||222,000,000||24/01/2022|
|20||Amber Group||200,000,000||Cryptocurrency, Trading Platform||Hong Kong||USD||328,000,000||21/02/2022|
|23||Route||200,000,000||E-Commerce, Mobile Apps||USA||USD||249,000,000||21/01/2022|
|24||Wayve||200,000,000||Autonomous Vehicles, Electric Vehicle||UK||USD||257,000,000||17/01/2022|
|25||Alumis||200,000,000||Biotechnology, Life Science||USA||USD||270,000,000||06/01/2022|
|26||KoBold Metals||193,000,000||Machine Learning, Mineral, Mining||USA||USD||213,000,000||10/02/2022|
|27||NAVER Z||189,000,000||3D Technology, AR, VR||South Korea||KRW||193,000,000||30/11/2021|
|28||Inceptio Technology||188,000,000||Freight Service, Logistics||China||USD||678,000,000||28/02/2022|
|29||Meike Solar||188,000,000||Service Industry, Solar||China||CNY||188,000,000||20/12/2021|
|30||ICON||185,000,000||3D Printing, Mechanical Design||USA||USD||451,000,000||18/02/2022|
Top 10 companies with the highest series B funding
The following companies raised the highest Series B funding in the first quarter of 2022:
1. Commonwealth Fusion
Funding Amount – 2,000,000,000 USD
Commonwealth Fusion is an MIT research company that is developing fusion energy technology. The company uses innovative plasma physics and high-field superconducting magnets to explore the potential of nuclear fusion as an unlimited source of clean energy. The team at Commonwealth Fusion uniquely combines expertise from the fields of physics, engineering, and business. Commonwealth Fusion aims to commercialize fusion energy for the next generation of clean power devices.
In the greatest private investment in nuclear fusion ever, Commonwealth Fusion Systems LLC announced that it had raised more than $1.8 billion in the race to provide carbon-free energy like the sun. Microsoft Corp. co-founder Bill Gates and George Soros, who founded Soros Fund Management LLC, are among the investors backing the Massachusetts-based company’s Series B investment round.
2. Svolt Energy Technology Co.
Funding Amount – 3,210,000,000 USD
Svolt Energy Technology provides battery materials for the electric vehicle, cells, BMS, and solar energy R&D and manufacturing. They are dedicated to providing the best value of energy conversion and management solutions by developing technology that delivers high performance. Svolt believes in investing in the most promising niche markets. Svolt plans to develop and commercialize electric vehicle systems and continue innovating, bringing about sustainable energy for the future. They are the leading fully integrated battery supplier that is committed to excellence in the research, development, and manufacturing of advanced energy storage systems.
Svolt hosted a B Round Financing Transaction Ceremony in Changzhou, Jiangsu on July 28, 2021. China’s leading banks and venture capitalists led the company to a total of RMB 10.28 billion ($US 1.58 billion) in equity funding in less than five months. Their heavy focus will be on new technology development and the construction of new factories with the Series B funds that were recently raised.
3. Flink Food
Funding Amount – 1,050,000,000 USD
Flink Food is a marketplace for online grocery ordering with ten-minute delivery. The idea for Flink Food was to eliminate the hassles people have when shopping for food on their own, from not knowing what to get and where to go to ruining special food items that can’t be left out in the heat or cold. With Flink Food’s cutting-edge technology, delivery is normally less than ten minutes. They strive to deliver complete satisfaction with on-demand groceries, convenience, and speed.
After raising $750 million in a Series B round of funding headed by strategic backer DoorDash, Flink now confirms it has raised $2.1 billion in pre-money valuation ($2.85 billion in post-money) for its food and other basic delivery service. This money will be used to expand Flink’s footprint in 60 locations across four countries and potentially acquire competitors, both organically and through acquisitions.
Funding Amount – 910,000,000 USD
Forte offers a platform that allows game publishers to integrate blockchain technologies into their games, with features like embeddable token wallets, NFT minting and selling, and other services. They want to give the players a complete gaming experience and make the publishers’ jobs a lot easier. Forte plans to provide blockchain solutions to the gaming industry and wants to revolutionize blockchain in game publishing through its technology. Forte’s mission is to build the future of gaming by integrating blockchain technology.
In a Series B round of funding, Forte has raised $725 million. Andreessen Horowitz (a16z), Solana, Tiger, Cosmos, Animoca Brands, Polygon Studios, and Warner Music Group were among the high-profile venture companies and investors that participated in the round. Forte has big ambitions for the future, including bringing on more game developers and publishers.
5. Eikon Therapeutics
Funding Amount – 666,000,000 USD
Eikon Therapeutics is a biopharmaceutical company dedicated to developing live-cell resolution microscopy and drug discovery mechanisms. They are strongly dedicated to developing and commercializing a breakthrough technology to make an impact in the biopharmaceutical industry. Eikon Therapeutics will pursue this mission by developing a new technology that enables live-cell resolution microscopy and applying this technology to drug discovery.
Eikon’s Series B round raised around $517.8 million which comes after a $148 million round last May, giving the company a total of more than $665 million in funding in its two-year history. The company will use the money to speed up not just drug discovery, but also the process of making drugs. The money will be used to speed up the development of the company’s live-cell imaging platform, quickly grow the company, and move “multiple” new drug-ready programs forward.
6. Generate Biomedicines
Funding Amount – 420,000,000 USD
Generate Biomedicines is a medical technology company that develops and commercializes innovative solutions for breakthrough medicines. Their machine learning platform can generate custom protein drugs with near-infinite precision. They aim to change the world by developing customized, next-generation therapeutics to help patients live better lives. Generate Biomedicines believes in leveraging the power of machine learning to revolutionize the adaptive medicines industry.
Investing in the pharmaceutical industry is on the rise. Generate Biomedicines, another key participant announced $370 million raised in Series B funding. While many pharmaceutical companies are using platforms to generate new drugs, Generate Biomedicines is using proteins as its primary emphasis.
7. Celsius Network
Funding Amount – 864,000,000 USD
Celsius Network is a blockchain-based lending platform that enables people to earn, borrow, buy, and pay interest on cryptocurrency. They aim to bring cryptocurrency adoption to the masses by making it easier for people to use digital money. Celsius Network’s goal is to eliminate the volatility of cryptocurrencies by providing a stable medium for people to use their cryptocurrency. The company wants to change the way we transact through its technological innovation.
Celsius Network has raised its $400 million Series B investment from October to $750 million after oversubscribing. The company’s new funds will be used to expand its product offerings, expand into new markets, and further connect centralized finance and Defi via CelsiusX.
8. Future Meat Technologies
Funding Amount – 388,000,000 USD
Future Meat Technologies is a company that develops and commercializes “clean meat”, a more efficient, environmentally-friendly way of producing meat. This food technology company focuses on using clean meat and cellular agriculture to replace traditional animal agriculture. They are dedicated to building the world’s most efficient food production system. By using new technology, they aim to transform the concept of animal agriculture from a brutal system into a more moral and sustainable alternative to producing meat. Future Meat Technologies strives to make the world a better place.
For the first time in the history of the farmed meat industry, Future Meat Technologies has raised the most money ever. ADM Ventures, Menora Mivtachim, S2G Ventures, and meat giant Tyson Foods participated in its $347 million Series B financing, which was co-led by ADM Ventures. Future Meats cites the funding as validation of its leadership position in the market and as opening the door to “huge expansion”.
Funding Amount – 260,000,000 USD
Daki is an online grocery delivery marketplace delivered in 15 minutes. Daki wants to provide convenient service delivery for customers that want to buy groceries from their favorite brands. They want to eradicate the hassle of shopping for groceries and deliver them within fifteen minutes. The company wants to introduce the convenience of online shopping and improve the quality of life of people with its innovative service delivery platform. Daki wants to help people enjoy their everyday life with its platform.
With a market capitalization of US$ 1.2 billion and a delivery company in Brazil, Daki, has become the first unicorn company in Brazil. After the second round of financing, which raised US$ 260 million, the value was achieved. Currently, the company has 66 locations, and it aims to expand to 100 locations across Brazil.
Funding Amount – 430,000,000 USD
JOKR is a grocery and delivery platform that offers a new way of purchasing and paying for products for daily use. The company wants to make buying groceries more convenient, fast, and enjoyable. JOKR wants to be the leader in providing a new ordering method and paying for goods. They are dedicated to delivering squeaky clean products and organized delivery packaging. The quality of their product is their main priority because they want to provide the best shopping experience. JOKR aims to provide the best service and delivery packages at the lowest price possible.
Jokr has become a unicorn less than a year after it was created after announcing that it had received $260 million in a Series B round. Investors in the round included Activant Capital, Greycroft, GGV Capital, and Tiger Global. Instant-delivery business has now raised $430 million in investment.
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Series B Funding is usually done to speed up a company’s growth and enhance its current business model. To raise Series B funding effectively, you need to create a feasible business model and market your product properly and efficiently while building a strong team. Eqvista is here to help you with the business valuation in order to raise funding successfully. The team at Eqvista is available to help you with the valuation and structuring of your business. If you have any questions or need help valuing your company, feel free to reach out to us.