Venture Capital News: Proterra Gains $24M in Series C Funding
GREENVILLE, SC, Proterra, a company producing zero-emissions electric buses, has closed a Series C financing round of $24 million, and projects 225 percent revenue growth for the close of 2013.
A South Carolina company producing zero-emissions electric buses has closed a $24 million Series C financing round.
Proterra, a Greenville company that produces a fast-charge battery powered electric bus called EcoRide, received the $24 million from new and existing investors, and will use the funds to fund production growth and product development in an effort to keep pace with increased demand. New investors Edison Energy and Constellation joined existing investors Kleiner Perkins Caufield & Byers, GM Ventures, Mitsui & Co., Vision Ridge Partners, Hennessey Capital, and 88 Green Ventures.
This funding round comes at the heels of a $23 million Series B funding round in November 2012. Proterra is projecting 225 percent revenue growth for the close of 2013. Its original alternative fuel buses, made in the 1990s, still serve the 16th Street Mall in Denver today; the company currently has fuel-cell buses in Austin, Burbank, Calif., and Fort Lewis, Wash., and all-electric buses in Pomona, Calif., San Antonio, Seneca, S.C., Stockton, Calif., Tallahassee, Reno, and Worcester, Mass.
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