Sequoia-backed Knowde raises Series C at a valuation cut

Knowde, a digital marketplace specializing in chemicals and polymers, has successfully completed a Series C funding round, as reported by TechCrunch. This latest round saw the San Jose-based startup raise $60 million, albeit at a valuation lower than the $500 million it achieved in its previous funding round, according to sources familiar with the situation. This funding round, which values Knowde at over 20 times its annual recurring revenue (ARR), attracted new investors including Blue Cloud Ventures and Point72 Private Investments, alongside existing investor Sequoia. While Knowde has chosen not to comment further, the company has now amassed over $150 million in total venture capital. Prior to this Series C, Knowde secured $72 million in its Series B funding led by Coatue in August 2021. The company originally launched in 2017 with the aim of transitioning the chemical and polymer industry to an online platform. Co-founded by CEO Ali Amin-Javaheri, who grew up in a family connected to the chemical industry, his background includes experience at ChemPoint, which previously sought to advance technology in the chemicals sector, although it eventually shifted towards a traditional distribution model. Today, Knowde boasts a marketplace featuring over 8,000 chemical suppliers and collaborates with notable brands such as Unilever, Johnson & Johnson, and Procter & Gamble, among others.