Wilson Sonsini Goodrich & Rosati advised Nuro on the deal.
Autonomous delivery start-up Nuro raised $500 million in a Series C round 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. The round also included existing investors such as SoftBank Vision Fund 1 and Greylock. The financing brings Nuro’s post-money valuation to $5 billion.
Unlike many other start-ups in the AV industry, Nuro has focused its effort on designing a low-speed electric self-driving vehicle that transports packages, not people. The company is now on its second generation of delivery bots, known as the R2. This delivery bot, which is designed for local delivery service for restaurants, grocery stores, and other businesses, received an exemption from the federal government earlier this year that allows it to operate as a driverless vehicle. Nuro is now testing and operating R2 in Arizona, California, and Texas. It says that the new funding will allow it to “confidently grow for years to come, with multi-year runway to build in multiple cities and scale across multiple markets.” Nuro’s near-term focus is on scaling its service in Houston and implementing R2 into commercial service.
The Wilson Sonsini team that represented Nuro in the transaction includes Damien Weiss (Picture), Adam Shevell, Jordan McDonnel, and Rob Broderick.
Involved fees earner: Rob Broderick – Wilson Sonsini Goodrich & Rosati; Jordan McDonnel – Wilson Sonsini Goodrich & Rosati; Adam Shevell – Wilson Sonsini Goodrich & Rosati; Damien Weiss – Wilson Sonsini Goodrich & Rosati;
Law Firms: Wilson Sonsini Goodrich & Rosati;