StoreDot hits $1.5 billion valuation in its new funding round

The company from our pre-IPO portfolio announced the first close of its Series D funding round of up to $80 million. The majority of the funds have already been secured.

StoreDot is the developer behind ultra-fast EV batteries. The round is led by Vietnamese electric vehicle manufacturer, VinFast, which plans to scale up manufacturing and deploy StoreDot’s Extreme Fast Charging in its future EVs.

The current round will allow the company to take its time and determine if it should go public, whether via a merger with a SPAC or traditional IPO, depending on the state of the market. According to the company’s CEO Doron Myersdorf, StoreDot approached investment bank JP Morgan but the timing and likelihood of an IPO remain unclear.

We will notify our investors if StoreDot's share price changes on the UT platform.

Stay tuned for any updates!