Proterra, an electric bus manufacturer backed by corporates including carmakers General Motors and BMW, is raising $100m at a valuation of up to $840m, Recode has reported, citing a regulatory filing.
Founded in 2004, Proterra produces electric buses and charging systems, and has so far sold almost 550 buses to customers such as municipal, federal and commercial transit agencies in 30 US states.
The company had raised $410m in equity and debt financing as of June 2017 when it raised $55m from BMW subsidiary BMW i Ventures and investment firm Generation Investment Management.
General Motors unit GM Ventures had joined Edison Energy and Constellation Technology Ventures, the corporate venturing subsidiary of fellow energy company Exelon, for a $140m round led by an undisclosed investor six months earlier.
Middle East Venture Partners, Kleiner Perkins Caufield & Byers (KPCB), Obvious Ventures, Tao Capital Partners and 88 Green Ventures also backed the January round.
Proterra’s other backers include diversified conglomerate Mitsui, which joined GM Ventures, 88 Green and Vision Ridge Partners for a $30m round in 2011. GM Ventures and KPCB co-led a $30m round three years later that included Constellation Technology Ventures, Vision Ridge Partners, Tao Invest and Hennessey Capital.