This post is by Natasha Lomas from Fundings & Exits – TechCrunch
Turns out COVID-19 lockdowns have been good for the indoor hobby of hardware hacking: The U.K.-based foundation behind the low-price microprocessor Raspberry Pi announced close of a $45 million funding round yesterday.
The cash injection into the trading arm of the (nonprofit) Raspberry Pi Foundation values it at $500 million (pre-money), founder Eben Upton confirmed.
The funding round was led by London-based Lansdowne Partners and The Ezrah Charitable Trust, a private charitable foundation based in the US.
“We are pleased to welcome Lansdowne Partners and The Ezrah Charitable Trust as our first outside shareholders to help us achieve the next steps in our growth,” said Upton in a statement. “We are seeing strong demand from consumers as they use our PCs to access the internet for work and entertainment, and even faster growth from industrial companies globally as they design Raspberry Pi into their innovative IoT applications. This funding will enable us to scale to meet future demand.
“Our new investors will not only add value to our strategy and help support our growth but they also understand the rationale and ethos of our business model, aimed at enabling access to hardware and software tools for everyone and delivering a consumer PC experience from only $35 as well as building partnerships with a growing range of OEMs across the world.”
The Pi Foundation said the financing will be used to expand what is already an ample product line of Pi microprocessors.