KoBold reportedly raises $537 million for its copper, cobalt exploration projects

KoBold Metals has reportedly raised $537 million in Series C equity funding, boosting its post-money valuation to $2.96 billion.

The funding will support its critical minerals exploration projects, including the Mingomba copper deposit in Zambia.

The company plans to expand exploration efforts across five continents, advance promising projects from discovery to production, and enhance its proprietary technology through cutting-edge research and development.

The funding round was co-led by Durable Capital Partners LP and two T. Rowe Price funds, with participation from existing investors like Andreessen Horowitz Growth, BOND Capital, and Mitsubishi, alongside new investors StepStone and WCM Investment Management.

Durable Capital Partners LP Managing Partner Henry Ellenbogen highlighted KoBold’s innovative approach.

Read more:kobold-metals-projects-investment-of-300-million-in-zambias-mingomba-mine-by-2025

“The combination of scientific excellence and artificial intelligence enables the discovery of critical metals essential for the global energy transition,” he said.

KoBold CEO Kurt House reaffirmed the company’s mission to expand and diversify the global supply of critical resources vital for energy technology, artificial intelligence, and security.

“Partnering with world-class investors will accelerate our progress as we address the growing demand for critical minerals,” House said.

KoBold’s Mingomba project in Zambia, a key focus of the investment, is expected to play a significant role in meeting the surging demand for materials like copper, driven by advancements in electric vehicles, renewable energy, and data centers.

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