Proterra has authorized shares to raise $75 million, a new round of funding that would push the electric bus maker’s valuation past $1 billion, TechCrunch has learned.
The company authorized the sale of 10,857,762 shares at a price of $6.91 in a Series 8 round, according to a securities filing that was obtained by the Prime Unicorn Index, a company that tracks the performance of private U.S. companies, and reviewed by TechCrunch. If all of the shares are issued, the company’s total valuation would be $1.04 billion, pushing it into “unicorn” territory, according to Prime Unicorn Index.
Proterra declined to comment.
Efforts to raise capital come as the company explores an IPO, according to a report last month by Reuters that said Proterra had hired