Funding profile · Industrial biotechnology
Solugen
Four Form D filings report $425.9 million sold between 2018 and 2021. Press accounts put the total above $640 million. The gap is one announced round with no filing, plus a federal loan guarantee committed but not shown to close.
$425.9MEquity sold across four Form D filings, 2018 to 2021
$356.9MSold in the Series C, 16 investors, first sale Sep 2, 2021
$213.6MDOE loan guarantee, conditional commitment Jun 13, 2024
$15.8MMinnesota state support: Forward Fund plus Job Creation Fund
Data as of September 22, 2026. Company-reported figures are labeled.
Rounds at a glance
| When | Round | Amount | Investors | Source |
|---|---|---|---|---|
| 2017 | Y Combinator, Winter 2017 | Not disclosed | Y Combinator | YC data |
| Oct 2018 | Equity, first sale Oct 17, 2018 | $18,771,998 | 50 investors. Brian Singerman of Founders Fund first invested 2017 | Form D |
| Apr 2019 | Equity, first sale Apr 23, 2019 | $20,000,001 | 14 investors | Form D |
| Mar 2020 | Equity, first sale Mar 20, 2020 | $30,147,990 | 17 investors. Forbes names Founders Fund and Valor Equity, at a $250M valuation | Form D |
| Sep 2021 | Series C, first sale Sep 2, 2021 | $356,949,936 filed; $357M announced | 16 investors. Led by GIC and Baillie Gifford, with Temasek, BlackRock affiliates, Carbon Direct, Refactor, Fifty Years | Form D and release |
| Oct 2022 | Series D, reported | $200M reported; no Form D found | Reported as led by Kinnevik, Lowercarbon Capital and Refactor | Reported, not filed |
| Jun 2024 | DOE loan guarantee, conditional | $213.6M | US Department of Energy Loan Programs Office, to Bioforge Marshall LLC | Public record |
| 2024 | State support, Minnesota | $15.76M | Minnesota Forward Fund $15M; DEED Job Creation Fund $760,000 | Public record |
What the filings show
Solugen, Inc. · Form D · filed Oct 19, 2021
- First sale
- Sep 2, 2021
- Offered
- $356,949,936 equity
- Sold
- $356,949,936 · $0 remaining
- Investors
- 16 · average about $22.3 million
- Exemption
- Rule 506(b)
- Related persons
- Gaurab Chakrabarti (executive officer, director); Sean Hunt (executive officer, director); Seth Bannon (director); Brian Singerman (director)
- Filing
- SEC EDGAR, CIK 0001756965
Solugen, Inc. · Form D · filed Jul 9, 2020
- First sale
- Mar 20, 2020
- Offered
- $30,147,990 equity
- Sold
- $30,147,990 · $0 remaining
- Investors
- 17 · average about $1.77 million
- Exemption
- Rule 506(b)
- Related persons
- Chakrabarti, Hunt, Bannon, Singerman
- Filing
- SEC EDGAR, CIK 0001756965
Solugen, Inc. · Form D · filed May 24, 2019
- First sale
- Apr 23, 2019
- Offered
- $20,000,001 equity
- Sold
- $20,000,001 · $0 remaining
- Investors
- 14 · average about $1.43 million
- Exemption
- Rule 506(b)
- Related persons
- Chakrabarti, Hunt, Bannon, Singerman
- Filing
- SEC EDGAR, CIK 0001756965
Solugen, Inc. · Form D · filed Nov 1, 2018
- First sale
- Oct 17, 2018
- Offered
- $18,771,998 equity
- Sold
- $18,771,998 · $0 remaining
- Investors
- 50 · average about $375,000
- Exemption
- Rule 506(b)
- Related persons
- Chakrabarti, Hunt, Bannon. Singerman is not listed on this filing.
- Filing
- SEC EDGAR, CIK 0001756965
Reading the filings
- Announced and filed match to five figures.The September 2021 release said $357 million. The Form D reports $356,949,936 sold to 16 investors, about $22.3 million each. That is sovereign and crossover money, not a venture syndicate.
- The money moved before the press release.First sale on the Series C was September 2, 2021. The announcement came September 9 and the Form D on October 19.
- The investor count collapsed after 2018.Fifty investors at about $375,000 each, then 14, 17 and 16, at averages of $1.43 million, $1.77 million and $22.3 million. The angel base gave way to institutions in one step.
- Roughly $214 million of announced capital has no Form D.Filings total $425,869,925 through 2021 against press figures above $640 million. The difference is close to the $200 million round reported for October 2022, which has no Form D on EDGAR. A company raising under Section 4(a)(2) rather than Regulation D files none, so the gap does not prove the round did not happen.
- The stated valuations do not agree.Chakrabarti said $1.8 billion on a podcast recorded September 10, 2021. InnovationMap that week reported $1.5 billion pre-money, attributed to Axios. A later analysis put the October 2022 round post-money at $2 billion. None are filed numbers.
- The federal $213.6 million is committed, not drawn.The June 2024 instrument is a conditional commitment for a loan guarantee to a subsidiary, Bioforge Marshall LLC, and the company release lists conditions still to be met. Several outlets and the Minnesota governor’s office called it a loan already secured. No record of closing was found as of September 22, 2026.
- Outside vehicles show up around the name.Linqto Liquidshares LLC, which packages private company shares for accredited buyers, filed Form D notices on February 6 and December 17, 2024 that reference Solugen. Those are secondary vehicles, not company raises, and none of that money reaches the balance sheet.
Commercial signals
| Signal | Detail | Source type |
|---|---|---|
| Capacity | Bioforge Houston online 2021, about 10,000 to 12,000 tonnes a year. Bioforge Marshall designed for up to 120 kilotonnes a year, target fall 2025. | Public record |
| Feedstock | ADM dextrose by two dedicated pipelines from the adjacent Marshall complex, about 150 million pounds a year at full rate. | Company and partner |
| Offtake | Sasol Chemicals evaluation agreement Oct 2023. Kurita America collaboration Jul 2024, with a Tower NG line using a Solugen inhibitor. Diamond Wipes peroxide supply since 2017. | Partner-stated |
| Revenue | $12 million in 2019 per Forbes. Described as on pace for over $100 million in 2022. No audited figures. | Company-stated |
| Healthcare exposure | None regulated. No FDA record, no trials, no NIH or NSF awards. Personal care and wipes are end markets, not medical products. | Not found |
| Headcount | About 70 in 2020, about 200 in mid 2024 per CNBC, over 230 per Manufacturing Dive the same month. | Independent |
What to watch
- A Form D or any filing covering the reported October 2022 round.
- Evidence the DOE loan guarantee closed, was funded, or was withdrawn.
- Any 2026 filing under CIK 0001756965. The last one is from 2021.
- First production and nameplate throughput at Bioforge Marshall.
- Whether Kinnevik, a listed holder, marks the position up or down.
The Solugen story on Healthcare DiscoveryHealthcare Discovery
Related companies
Sources
- Public recordForm D, Solugen, Inc., CIK 0001756965, filed Nov 1, 2018
- Public recordForm D, Solugen, Inc., filed May 24, 2019
- Public recordForm D, Solugen, Inc., filed Jul 9, 2020
- Public recordForm D, Solugen, Inc., filed Oct 19, 2021
- Public recordDOE/EA-2246, Solugen, Inc., Bioforge Marshall Project
- Public recordGovernor Walz announces $213 million to build sustainable biomanufacturing facility in Marshall
- IndependentHouston chemicals company raises $357M, claims unicorn status
- IndependentSolugen scores $214 million loan from DOE to make chemicals from corn sugar not petroleum
- InterviewEpisode 175: Gaurab Chakrabarti and Sean Hunt, Solugen
- CompanySolugen secures conditional commitment for $213.6M DOE loan guarantee
Compiled from SEC, Department of Energy, State of Minnesota and other public records as of September 22, 2026. Form D notices report offerings under Regulation D; amounts reflect the filing date. Healthcare Venture Capital Fund holds no position in Solugen. This page is not an offer to sell or a recommendation to buy any security.
