Checkerspot Valuation, Funding & Investors

Checkerspot is valued at $396M as of February 2023.

Last Checkerspot valuation

$396M

Series C · Feb 2023

Last Checkerspot funding round

$55M

Series C · Feb 2023

Cumulative funding Checkerspot raised

$109M

across 4 funding rounds

Key investors in Checkerspot

  • Viking Global Investors
  • Builders VC
  • KdT Ventures
  • Breakout Ventures
  • Sahsen Ventures
  • Godfrey Capital

Checkerspot Overview

About Checkerspot

Checkerspot is a Berkeley-headquartered biotechnology firm engineering omega-3 rich oils and structured lipids via precision fermentation. The platform produces alternatives to fish oil for infant formula, pet food, and nutraceuticals. Partners with DSM and Cargill license molecules for commercial scale-up in the United States and Europe.


Founded

2016

HQ

United StatesSan Francisco, CA

Status

Privately held

Customer focus

B2B

Revenue model

Licensing

Valuation

$396M (Feb 2023)

Checkerspot Valuation

Checkerspot is currently valued at $396M, based on its Series C in February 2023.

The $55M round was led by ArrowMark Partners, with participation from Cox Enterprises.

Checkerspot valuation by funding round

Checkerspot valuation by funding round
DateStageValuation
Feb 2023Series C$396M

Checkerspot Funding History

Checkerspot has raised a total of $109M across 4 funding rounds.

Checkerspot's first fundraising round was a $5M seed round in June 2018. The most recent completed round was a $55M Series C in February 2023.

Checkerspot funding rounds

Checkerspot funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Feb 2023Series CArrowMark Partners (lead); Cox Enterprises$55M$396MCheckerspot is a biotechnology company headquartered in Alameda, California with operations in Salt Lake City, Utah that designs materials and ingredients at a molecular level to enable more sustainable, high-performing products. The company uses its vertically integrated WING Platform to biomanufacture unique oils from optimized microalgae that reduce dependence on commodity oils and petroleum derivatives while improving performance properties in consumer products including hardgoods, textiles, personal care, and food. Checkerspot has commercialized its technology through WNDR Alpine, an award-winning outdoor recreation brand producing high-performance skis and snowboards made with biobased materials derived from the company's proprietary microalgae-based oils. On February 14, 2023, Checkerspot closed a $55 million Series C financing round led by ArrowMark Partners, with participation from Cox Enterprises and other new and existing investors. The round achieved a post-money valuation of $395.98 million, with the capital accelerating the company's expansion into new and adjacent markets including industrial applications, personal care, and food and nutrition. The funding enables Checkerspot to scale development and commercialization of high-performance, biobased alternatives while forging commercial partnerships to drive consumer adoption of biobased materials and ingredients at scale.
May 2020Series BViking Global Investors (lead); Breakout Ventures; Cavallo Ventures; Builders VC$36M-Checkerspot, Inc. is a materials innovation company based in Berkeley, Calif. and Salt Lake City, developing high-performance, sustainable materials through its precision fermentation platform as an alternative to petroleum-based and commodity vegetable oil products like palm and soy. The company closed a $36 million Series B financing round announced on August 19, 2020, led by Viking Global Investors, with participation from existing investors Builders VC and Breakout Ventures, and new strategic investor Cavallo Ventures from Wilbur-Ellis. This round brought total funding raised to over $50 million, with proceeds directed toward commercial development, expansion of its product and innovation platform, and scaling partnerships. Checkerspot's platform enables rapid formulation, fabrication, and prototyping of materials in as little as 72 hours, targeting consumer and industrial supply chains for product differentiation and revenue growth. The company has co-development partnerships with W.L. Gore, DIC Corporation, and Beyond Surface Technologies, with plans for additional strategic collaborations. CEO Charles Dimmler highlighted the financing as a milestone reflecting accomplishments to date and an opportunity to deepen ties with Viking Global Investors.
Apr 2019Series ABuilders VC (lead); Plug and Play; Godfrey Capital; Breakout Ventures; KdT Ventures; Sahsen Ventures; Viking Global Investors$13M-Checkerspot, a materials innovation company based in Berkeley, California, closed a $13 million Series A financing round on April 16, 2019. The round was led by Builders VC, with participation from Breakout Ventures, Viking Global Investors, KdT Ventures, Plug and Play Ventures, Sahsen Ventures, and Godfrey Capital, among others. Jim Kim, general partner of Builders VC, joined the board of directors. Checkerspot develops performance materials using microalgae through an integration of biotechnology, chemistry, and materials science. The company focuses on producing novel triglycerides and polyols for applications across industries. The funding supports infrastructure development, commercial activities with partners like Beyond Surface Technologies and DIC, and completion of a direct-to-consumer product. Checkerspot's approach aims to modernize industries by rapidly bringing high-value, sustainable materials to market that are unavailable through traditional manufacturing.
Jun 2018SeedGodfrey Capital; Refactor; KdT Ventures; Sahsen Ventures; Viking Global Investors$5M-Checkerspot is a biotechnology company designing high-performance, sustainable materials and ingredients at a molecular level using its WING Platform to optimize microalgae for unique oils that replace petroleum-based inputs in products like hardgoods, textiles, personal care, and food. The company programs microalgae to produce fatty acids with unique properties for large-scale fermentation-based production of biochemicals and consumer products. In 2018, Checkerspot received investments including from Godfrey Capital, KdT Ventures, Sahsen Ventures, and Viking Global Investors, around a Seed VC round listed on May 10, 2018. DIC Corporation invested in Checkerspot in April 2018 and signed a joint development agreement in June 2018 to create sustainable materials. Checkerspot assesses market traction through quantitative metrics like website visits and social media impressions, alongside qualitative feedback from gear reviewers, professionals, and consumer communities on platforms like Instagram.

Who has invested in Checkerspot?

11 investors have backed Checkerspot across its funding rounds, including Viking Global Investors, Builders VC, KdT Ventures, Breakout Ventures, Sahsen Ventures and Godfrey Capital.

Lead investors include ArrowMark Partners, Viking Global Investors and Builders VC.


Checkerspot Investors

Investors in Checkerspot by funding rounds participated
InvestorHQRoundsRoleFirst check
Viking Global InvestorsUnited StatesStamford, CT3LeadJun 2018
Godfrey CapitalUnited StatesSan Francisco2ParticipantJun 2018
Breakout VenturesUnited StatesSan Francisco, CA2ParticipantApr 2019
KdT VenturesUnited StatesAustin, TX2ParticipantJun 2018
Sahsen VenturesUnited StatesSeattle, WA2ParticipantJun 2018
Builders VCUnited StatesSan Francisco, CA2LeadApr 2019
Plug and PlayUnited StatesSan Francisco, CA1ParticipantApr 2019
RefactorUnited StatesSan Francisco, CA1ParticipantJun 2018
Cox EnterprisesUnited StatesAtlanta, GA1ParticipantFeb 2023

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Checkerspot Competitors

Checkerspot competitors include listed companies like Itafos, Intrepid Potash and Grupa Azoty, and private ones like Bestzyme, Remilk and Unibio.

Public and private companies comparable to Checkerspot
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
BestzymeChinaJinanPrivate--$344M-
ItafosUnited StatesUnited StatesPublicly listed$558M$189M$335M0.6x
RemilkIsraelTel AvivPrivate--$325M-
UnibioDenmarkRoskildePrivate--$496M-
Intrepid PotashUnited StatesUnited StatesPublicly listed$298M$50M$531M1.3x
Grupa AzotyPolandPolandPublicly listed$3.5B($865M)$532M0.9x

Checkerspot Public Comps

Checkerspot is still privately-owned, but its public comps include Itafos, Ginkgo Bioworks, Intrepid Potash, Grupa Azoty, Easy Holdings Co, Cabio Biotech (Wuhan) Co, Anhui Huaheng, Gujarat State Fertilizers, Codexis and Cibus.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Itafos$558M$189M0.7x0.6x1.9x3.4x
Ginkgo Bioworks$170M($277M)3.7x5.8x(2.3x)(4.3x)
Intrepid Potash$298M$50M1.2x1.3x7.1x5.3x
Grupa Azoty$3.5B($865M)0.9x0.9x(3.8x)13.8x
Easy Holdings Co$2.5B$163M0.5x-7.2x-
Cabio Biotech (Wuhan) Co$84M$33M2.2x-5.5x-
Anhui Huaheng$427M$56M2.1x2.0x16.2x12.1x
Gujarat State Fertilizers$1.1B$97M0.4x0.4x5.1x6.0x

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Common questions about Checkerspot

When was Checkerspot founded?Checkerspot was founded in 2016.
Where is Checkerspot headquartered?Checkerspot is headquartered in San Francisco, CA, United States.
Is Checkerspot publicly listed?No, Checkerspot is a private, VC-backed company.
What is Checkerspot's valuation?Checkerspot was last valued at $396M in its Series C in February 2023.
How much funding has Checkerspot raised?Checkerspot has raised $109M across 4 funding rounds.
What was Checkerspot's last funding round?Checkerspot's last funding round was a $55M Series C in February 2023, led by ArrowMark Partners.
Who are Checkerspot's investors?Checkerspot's investors include Viking Global Investors, Godfrey Capital, Breakout Ventures, KdT Ventures, Sahsen Ventures, Builders VC, Plug and Play, Refactor, Cox Enterprises, ArrowMark Partners and 1 other.
Which companies are comparable to Checkerspot?Companies comparable to Checkerspot include Bestzyme, Itafos, Remilk, Unibio, Intrepid Potash and Grupa Azoty.

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