Mentioned:
John Doerr is one of the most successful venture capitalists in Silicon Valley history and was an early investor in Google, Amazon and Netscape. And now, he’s making a new bet on a small solar company on the Nasdaq.
What’s happening:
- SunPower (NASDAQ: SPWR) has raised $26.2M USD in a new equity financing round
By the numbers:
- SunPower currently has a market capitalization of approximately $53M USD
Why it matters:
- The new funding round was anchored by legendary Silicon Valley venture capitalist John Doerr’s family office Foris Ventures
Going deeper:
- Silicon Valley entrepreneur T.J. Rodgers has taken over leadership of SunPower after financing the acquisition of SunPower’s core assets and brand out of bankruptcy through his company Complete Solar
- T.J. Rodgers and John Doerr previously were strategic investors in Enphase Energy (NASDAQ: ENPH) together at roughly $1.00 USD per share, with T.J. Rodgers joining the board of directors and Enphase Energy later trading above $300.00 USD per share five years later
The intrigue:
- John Doerr also previously invested in SunPower through a 10% secured convertible note round
The fine print:
- The exact financing terms and structure of SunPower’s $26.2M USD capital raise have not yet been publicly disclosed
