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- Fortera
Fortera Valuation, Funding & Investors
Fortera is valued at $355M as of August 2024.
Last Fortera valuation
$355M
Series C · Aug 2024
Last Fortera funding round
$85M
Series C · Aug 2024
Cumulative funding Fortera raised
$115M
across 2 funding rounds
Key investors in Fortera
Khosla Ventures
Temasek
Presidio Ventures
Saint-Gobain NOVA
Wollemi
About Fortera
Fortera is a Sunnyvale-based materials science company developing carbon-negative cement additives that mineralize CO2 into concrete during production. Founded in 2022, its SkyMaker process captures flue gas from cement kilns, producing aggregates that replace 10 percent of traditional clinker. Fortera pilots with manufacturers in California, aiming to cut industry emissions by gigatons annually through scalable electrochemical tech.
Founded
2007
HQ
Website
Status
Privately held
Customer focus
B2B
Revenue model
Product sales
Valuation
$355M (Aug 2024)
Fortera Valuation
Fortera is currently valued at $355M, based on its Series C in August 2024.
The $85M round included Temasek, Saint-Gobain NOVA, Wollemi, Khosla Ventures and Presidio Ventures.
Fortera valuation by funding round
| Date | Stage | Valuation |
|---|---|---|
| Aug 2024 | Series C | $355M |
Fortera Funding History
Fortera has raised a total of $115M across 2 funding rounds.
Fortera's first fundraising round was a $30M Series B in June 2021. The most recent completed round was a $85M Series C in August 2024.
Fortera funding rounds
| Date | Stage | Investors | Raised | Valuation | Deal Summary |
|---|---|---|---|---|---|
| Aug 2024 | Series C | Temasek; Saint-Gobain NOVA; Wollemi; Khosla Ventures; Presidio Ventures | $85M | $355M | Fortera is a San Jose, California-based advanced materials manufacturer developing low-carbon cement technology that captures industrial CO2 emissions and converts them into mineralized calcium carbonate, which replaces limestone in cement production while integrating with existing infrastructure. The company operates its first industrial-scale plant at CalPortland's facility in Redding, California, currently producing about 15,000 tons per year, with full-scale ReCarb plants expected to mineralize 165,000 tons of CO2 and produce 375,000 tons of low-carbon cement annually. Fortera has secured ASTM International approval for its product as a valid input for certified cement. On August 20, 2024, Fortera raised $85 million in a Series C funding round led by existing investors Khosla Ventures and Temasek, with participation from new investors Wollemi Capital, NOVA by Saint-Gobain, Presidio Ventures, and Alumni Ventures. The round values the company at $355 million post-money, according to reports from Global Cement and The Business Download. The funds will support front-end development for larger-scale projects, each estimated at $150-200 million, including permitting, engineering, and securing project financing to reach production scales competitive with standard cement plants producing 1 million tons per year. Fortera aims to address process emissions in the cement industry, which require capturing and reusing CO2 directly in the product. The company has multiple projects under development globally and is transitioning into a commercial project company to expand low- to zero-carbon cement deployment economically at industry scale. |
| Jun 2021 | Series B | Khosla Ventures (lead); Temasek (lead) | $30M | - | Fortera, a Campbell, California-based materials technology company founded in May 2019 and led by Dr. Ryan Gilliam, develops a novel carbon mineralization process to produce next-generation low CO2 cement. The company closed its $30 million Series B funding round on June 28, 2021, co-led by Temasek and Khosla Ventures, to initiate the commercialization phase of its technology and continue developing and launching low carbon cement solutions. Temasek is an investment company with a net portfolio value of S$306B (US$214B) as of March 2020, focused on sustainable solutions, while Khosla Ventures emphasizes bold, early investments in impactful technology companies across industries. The funding supports Fortera's mission to reduce CO2 emissions in cement production, targeting a net zero and sustainable global economy. The round marks a shift from development to commercialization for Fortera's cement technology. |
Who has invested in Fortera?
5 investors have backed Fortera across its funding rounds, including Khosla Ventures, Temasek, Presidio Ventures, Saint-Gobain NOVA and Wollemi.
Lead investors include Khosla Ventures and Temasek.
Fortera Investors
| Investor | HQ | Rounds | Role | First check |
|---|---|---|---|---|
| 2 | Lead | Jun 2021 | ||
| 2 | Lead | Jun 2021 | ||
| 1 | Participant | Aug 2024 | ||
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Benchmark 350K+ Funding Rounds and Disclosed VC Valuation Multiples
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Start Free TrialFortera Competitors
Fortera competitors include listed companies like eVISO and Alfa Solar, and private ones like Phoenix Tailings, Nanotech Energy, Green Li-ion and Plantd.
| Company | HQ | Status | Revenue | EBITDA | Valuation | Revenue Multiple |
|---|---|---|---|---|---|---|
| Private | - | - | $360M | - | ||
| Private | - | - | $550M | - | ||
| Private | - | - | $187M | - | ||
| Private | - | - | $120M | - | ||
| Publicly listed | $363M | $12M | $277M | 0.6x | ||
| Publicly listed | $169M | $10M | $256M | - |
Fortera Public Comps
Fortera is still privately-owned, but its public comps include Baticim Bati Anadolu, Maple Leaf Cement Factory, Holcim Argentina, Energy One, Forterra, Northern Region Cement, Konya Çimento, Misr Cement, Hanil holdings Co and Cemento Polpaico.
| Last FY | EV/Revenue | EV/EBITDA | ||||||
|---|---|---|---|---|---|---|---|---|
| Revenue | EBITDA | Last FY | LTM | 2027E | Last FY | LTM | 2027E | |
| $294M | $35M | 1.8x | - | 15.2x | - | |||
| $306M | $108M | 2.1x | 1.9x | 6.0x | - | |||
| $330M | $31M | 1.1x | - | 12.0x | - | |||
| $49M | $14M | 7.1x | 6.7x | 26.0x | 22.6x | |||
| $518M | $64M | 1.0x | 1.0x | 7.8x | 6.6x | |||
| $182M | $50M | 3.4x | - | 12.3x | - | |||
| $129M | $21M | 3.1x | - | 19.4x | - | |||
| $183M | $66M | 2.1x | 1.9x | 5.9x | 4.9x | |||
This data is available for Pro users. Sign up to see all Fortera competitors and their valuation data. Start Free Trial | ||||||||
Common questions about Fortera
| When was Fortera founded? | Fortera was founded in 2007. |
| Where is Fortera headquartered? | Fortera is headquartered in San Jose, CA, United States. |
| Is Fortera publicly listed? | No, Fortera is a private, VC-backed company. |
| What is Fortera's valuation? | Fortera was last valued at $355M in its Series C in August 2024. |
| How much funding has Fortera raised? | Fortera has raised $115M across 2 funding rounds. |
| What was Fortera's last funding round? | Fortera's last funding round was a $85M Series C in August 2024. |
| Who are Fortera's investors? | Fortera's investors include Temasek, Khosla Ventures, Saint-Gobain NOVA, Wollemi and Presidio Ventures. |
| Which companies are comparable to Fortera? | Companies comparable to Fortera include Phoenix Tailings, Nanotech Energy, Green Li-ion, Plantd, eVISO and Alfa Solar. |
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