Nuro announces major Series C funding round
Autonomous delivery startup Nuro has raised $500 million, giving it a post-money valuation of $5 billion.
The Series C round was led by funds and accounts advised by T. Rowe Price Associates, Inc., with participation from new investors including Fidelity Management & Research Company and Baillie Gifford.
It also included existing investors such as SoftBank Vision Fund 1 and Greylock.
“We are witnessing an unprecedented shift in consumer demand for safe and affordable local delivery services,” says Jiajun Zhu, CEO and Co-founder, Nuro.
“This funding, which brings us together with many of the world’s top investors, positions Nuro confidently toward a future where our world class technology is adopted into people’s everyday lives.”
The fundraising round comes on the heels of a number of key developments since Nuro raised $940 million in February 2019 for its Series B.
These include the first and only federal exemption for an autonomous vehicle granted by the US Department of Transportation (DOT) and National Highway Traffic Safety Administration (NHTSA).
The venture also expanded its partnerships with the likes of Domino’s, Walmart, Kroger and CVS, and operated its R2 vehicle fully autonomously on public roads in three different states – California, Texas, and Arizona.
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