Funding Alert

Zetwerk Secures $120 Million in Funding from Avenir and Lightspeed.

• ByStartupStory     |    October 18, 2023

Zetwerk, a B2B manufacturing unicorn, has secured $120 million in Series F funding, with Avenir Growth Capital leading the investment and participation from existing investors such as Lightspeed, Greenoaks Capital, and Steadview Capital. Notably, Avenir had acquired a 2.96% stake in Zetwerk earlier in May via AZK4 LLC.

This equity funding round follows closely on the heels of Zetwerk’s $210 million funding round in December 2021, which was spearheaded by Greenoaks and valued the company at $2.7 billion. Additionally, the B2B unicorn had raised INR 100 Crores (approximately $12 million) in debt funding in March.

To facilitate this latest investment, Zetwerk’s board approved a special resolution to issue 2,37,29,324 Series F2 Compulsory Convertible Preference Shares (CCPS) at an issue price of INR 407.4 per share, raising INR 966.7 Crores ($118 million), as indicated by filings with the Registrar of Companies (RoC).

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Avenir Growth Capital contributed INR 617 Crores ($75.2 million), while Footpath Ventures injected an additional INR 193 Crores ($23.5 million). Meanwhile, Greenoaks Capital, Steadview Capital, D1 Capital, and Lightspeed collectively invested approximately INR 156 Crores in this funding round.

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