The Munich-based company, from the founding team of Bastian Nominacher (HM alumnus), Alexander Rinke and Martin Klenk, was valued at more than $11 billion in June 2021. The current expansion of this Series D round brings the company's valuation to nearly $13 billion. The $1 billion financing is comprised of a $400 million expansion of the round and a $600 million unused line of credit with a syndicate of global banks that can be drawn down at any time, for example, if acquisition opportunities arise.
The $400 million investment is led by the Qatar Investment Authority (QIA) and also includes new investors such as Activant Capital, Neuberger Berman, Alta Park Capital and Commonfund Capital. Existing investors including Arena Holdings, funds and clients advised by T. Rowe Price Associates, Franklin Templeton, Durable Capital Partners LP, TCV, 83North, Accel Partners and Sator Grove also participated in the funding round expansion, according to the company.
The detailed article on this from Munich Startup can be found here.