Drone-delivery startup Zipline is seeking to raise up to $120 million in Series D funding, PitchBook has learned. The funding could value the company at up to $1.34 billion, per a PitchBook estimate, up from the $620 million valuation it reached fourteen months ago.
Final terms and details of the financing have not been announced and are subject to change. When contacted, the company denied the report.
Founded in 2014, Zipline is a Bay Area-based business that operates small robotic airplanes to deliver blood and urgent medicines to clinics in Rwanda and Ghana, with plans to expand the deliveries to serve 1% of the global population by the end of this year.
Excluding the upcoming round, the company has brought in over $110 million in prior backing from a list of investors that includes GV, Andreessen Horowitz and Sequoia. Here’s a recap of Zipline’s previous funding rounds:
October 2012: $6.6 million Series A at a $20 million valuation
July 2014: $4.2 million Series A1 at a $35 million valuation
July 2015: $7.5 million Series A2 at a $75 million valuation
November 2016: $25 million Series B at a $200 million valuation
March 2018: $70 million Series C at a $620 million