CODA Holdings, a developer of all-electric vehicles and advanced battery systems, announced the successful completion of its Series D preferred investment round, totaling $147 million. (Earlier post.) Oversubscribed from a target of $125 million, CODA expanded the round to further develop its businesses.
This brings the company’s total funding raised to more than $300 million as it begins final preparations to launch its flagship five-passenger CODA sedan in the United States.
CODA had announced an initial closing of the D round in January totaling $76 million. The second tranche was led by New World Strategic Investment Limited. Joining New World were Indus Capital, Och-Ziff and high net worth individual investors.
These new investors augmented CODA’s base of existing investors who participated in the first tranche of Series D round, which include Miles Rubin, CODA’s Founder; Steven “Mac” Heller, CODA’s Executive Chairman; AERIS Capital; Angeleno Group; Harbinger Capital Partners and Riverstone Holdings.
In addition to supporting the launch of the CODA sedan, Series D proceeds will be used for the development of its solutions in energy storage and in the development of its proprietary EV propulsion systems.