US electric bus maker Proterra seals $34m Series C round


US electric bus maker Proterra has raised $34.2m for its Series C funding round.

Following a $24m raise in October, the company raised a further $10m towards the end of the year from both strategic and venture capital investors

Backers include corporate venture capital investor GM Ventures alongside traditional VC firms Hennessey Capital Management and Kleiner Perkins Caufield & Byers. The investment in the will be used to help the company double its expected 2013 sales of 40 buses next year.

GM Ventures, the corporate venture arm of General Motors, previously took part in a $23m round for Proterra in November 2012, and provided another $6m in 2011. To date the company has raised over $200m.

Mitsui & Co Global Investment, 88 Green Ventures, NMT Capital and Vision Ridge Partners are also stakeholders in the business.

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