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Tesla Motors Secures $45 Million Series D Round
11 May 2007
Tesla Motors, a manufacturer of high-performance electric cars, completed a $45 million Series D investment round.
The round was co-led by Technology Partners, a venture capital firm with a focus on Cleantech and Life Sciences, and by Elon Musk, entrepreneur and CEO of Space Exploration Technologies (SpaceX.) An additional significant investment was made by Capricorn Investment Group, a private investment firm.
All major investors from prior rounds of financing fully participated in this round, including Vantage Point Venture Partners, Draper Fisher Jurvetson, JP Morgan Bay Area Equity Fund, Valor Equity Partners and Compass Venture Partners.
The financing will be used for the continued development of the WhiteStar program, a four-door, five passenger sports sedan planned for introduction for the 2010 model year, the establishment of company-owned sales and service infrastructure, and the mass-production of the Tesla Roadster. To date, the company has taken over 400 reservations for the Roadster.
May 11, 2007 in Brief | Permalink | Comments (3) | TrackBack (0)
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Good, I am glad they got more funding. Some would say the first car is a toy for the rich, but sometimes you need to get that first product that you know will sell out there. It is limited production, but a good first quick win. Then you can go on to make other models that will be purchased and used by more people. If you want to do good in the world, sometimes it has to be widely adopted to make a significant difference. With transportation and more than 100 million vehicles, this is the case.
Posted by: SJC | May 11, 2007 at 08:42 AM
I wish Tesla Motors continued success and hope they don't get involved with Big Auto and Big Oil who don't want to get it.
Posted by: Lad | May 11, 2007 at 05:14 PM
I suspect that they are very wary of big auto and for that reason will not be going public any time soon.
Posted by: Neil | May 11, 2007 at 05:20 PM