The company, which makes plastics that convert solar power to electricity, announced it had raised $45 million in exchange for less than 20% of its equity in December, putting its enterprise value at $225 million.
That’s a significant step up from the valuation it had a year ago, when the firm raised a $45 million Series F at a valuation of $75 million, according to data from Thomson Reuters (publisher of PE Week).
The latest investment comes as part of a Series G investment round. The company has already raised $53.5 million for the Series G round, according to a regulatory filing.
Before its Series G, Konarka had raised a total of $98.4 million from venture capitalists, records show. Backers include
The Lowell, Mass.-based company reported revenue between $1 million and $5 million, according to its most recent regulatory filing.
Venture capitalists were bullish on solar in 2008, backing 69 companies with $2.35 billion, according to Thomson Reuters. —Alexander Haislip