Magrathea Metals Announces $10M Seed Financing
Gunderson Dettmer represented client Magrathea Metals, a metal production company, in its $10 million seed financing co-led by VoLo Earth and Capricorn Investment Group. Magrathea is developing a new generation of electrolytic processes for making carbon-neutral metal from seawater and brines for the era of electrification and decarbonization.
The new capital included participation from Valor Equity Partners, Exor Ventures, Counteract, Hyperguap, Necessary Ventures, Untitled and EQT Foundation.
In the announcement of the transaction, Magrathea CEO Alex Grant said, "Magnesium metal supply underpins trillions of dollars of trade and national security is impossible without it. Further, being so essential for light metal, magnesium has a lead role to play in making electric vehicles cheaper, higher performance, and more efficient, reducing pressure on battery supply chains. We’re excited to have the most respected technology investors on Earth see what we see: magnesium is the metal of motion. We’re honored to have their belief in our mission and team.”
The Gunderson Dettmer deal team was led by Nic Markman and included Garrett Darling.