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Total amount raised
$1.2B
Latest funding date
2025-11-14
Location
KoBold Metals has successfully raised funds through five distinct funding rounds, with the latest being a Series C round. The company is backed by 21 investors, including notable names like Standard Investments and T. Rowe Price.
What Is KoBold Metals?
KoBold Metals is an AI-powered critical mineral startup based in Berkeley, California. The company focuses on discovering essential materials for electric vehicles and renewable energy. Founded with the mission to turn mineral exploration into a repeatable science, KoBold Metals combines artificial intelligence with human expertise to accelerate discoveries.
Operating globally, KoBold Metals employs between 101 and 250 people and is involved in significant projects like the Mingomba copper deposit in Zambia. The company is committed to ethical principles and is supported by leaders in the tech and climate sectors.
How Much Funding Has KoBold Metals Raised?
- Series A
- Amount Raised: USD 20,000,000
- Date: March 2019
- Lead Investors: Andreessen Horowitz, Breakthrough Energy Ventures
- Valuation at Round: USD 34,120,000 (post-money)
- Motivation Behind the Round: To kickstart the company's AI-driven mineral exploration initiatives.
- Series B
- Amount Raised: USD 192,500,000
- Date: February 2022
- Lead Investors: T. Rowe Price
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand AI technology and support ongoing exploration projects, with new investors including Canada Pension Plan Investment Board, BHP Ventures, Standard Investments, and Apollo Projects.
- Series C
- Amount Raised: USD 195,000,000
- Date: June 2023
- Lead Investors: T. Rowe Price
- Valuation at Round: USD 1,150,000,000 (post-money, unicorn milestone)
- Motivation Behind the Round: To further develop AI capabilities and expand mineral discovery operations; new investors included Standard Investments, Equinor Ventures, BHP Ventures, Mitsubishi Corporation, Earthshot Ventures, and July Fund.
- Series C (Extension)
- Amount Raised: USD 537,000,000
- Date: January 2025
- Lead Investors: Durable Capital Partners, T. Rowe Price
- Valuation at Round: USD 2,960,000,000 (post-money)
- Motivation Behind the Round: To develop the massive Mingomba copper deposit in Zambia and expand AI-powered critical mineral exploration worldwide; participants included Andreessen Horowitz Growth, Breakthrough Energy Ventures, Mitsubishi, StepStone Group, WCM Investment Management, Bond Capital, Earthshot VC, Equinor, and Standard Investments.
- Series C (Second Extension)
- Amount Raised: USD 280,004,127 (targeting USD 200,000,000; SEC filing as of November 14, 2025 shows USD 163,430,000 closed)
- Date: November 2025
- Lead Investors: Not publicly disclosed
- Valuation at Round: USD 4,170,000,000 (post-money, per secondary market data)
- Motivation Behind the Round: To continue advancing mineral exploration and development projects globally.
Total Amount Raised: At least USD 1,224,504,127 based on disclosed funding. Current Valuation: Approximately USD 4.17 billion (post-money, latest available).
Key Investors
- Durable Capital Partners
- Details: Durable Capital Partners is a growth-oriented investment firm focused on long-term investments in high-growth companies. They co-led the $537M Series C extension in January 2025.
- Investment Focus Areas: Technology, healthcare, consumer goods.
- Notable Investments: Not publicly disclosed.
- T. Rowe Price
- Details: T. Rowe Price is a global investment management firm offering a broad range of mutual funds, subadvisory services, and separate account management for individual and institutional investors. T. Rowe Price has led multiple KoBold rounds including the Series B (2022), Series C (2023), and co-led the Series C extension (2025).
- Investment Focus Areas: Technology, healthcare, financial services.
- Notable Investments: Amazon, Google, Facebook.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm known for investing in early-stage startups across various sectors. They have been involved in KoBold since the Series A in 2019.
- Investment Focus Areas: Technology, biotech, fintech.
- Notable Investments: Facebook, Airbnb, Lyft.
- Bill Gates
- Details: Bill Gates is the co-founder of Microsoft and a prominent philanthropist. He is known for his work in technology and global health initiatives, and invests in KoBold via Breakthrough Energy Ventures.
- Investment Focus Areas: Technology, healthcare, sustainable energy.
- Notable Investments: Microsoft, Breakthrough Energy Ventures, TerraPower.
- Jeff Bezos
- Details: Jeff Bezos is the founder of Amazon and space exploration company Blue Origin. He is one of the wealthiest individuals in the world and a participant in Breakthrough Energy Ventures, which backs KoBold.
- Investment Focus Areas: E-commerce, space exploration, technology.
- Notable Investments: Amazon, Blue Origin, The Washington Post.
What's Next for KoBold Metals?
KoBold Metals stands on the brink of a transformative era, driven by the development of a massive high-grade copper deposit in Zambia. This project alone has the potential to produce hundreds of thousands of metric tons per year, marking a significant milestone in the company's journey. With AI at its core, KoBold is poised to revolutionize mineral exploration, focusing on critical minerals like lithium, nickel, and cobalt.
As the company secures $491 million out of a targeted $527 million round, future fundraising opportunities seem promising. The substantial interest from high-profile investors underscores the growth potential, paving the way for further capital to support extensive exploration and development projects. However, the path ahead is not without challenges. The high costs associated with developing large mineral deposits and the inherent risks in mineral exploration present significant hurdles. Yet, with a strategic focus and robust backing, KoBold Metals is well-positioned to navigate these challenges and lead the way in sustainable mining practices.
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