The receipts / 2026
Factory announced a $150M Series C led by Khosla Ventures at a $1.5B valuation. Five months later, Khosla Ventures participated in a $200M financing that valued Factory at $5B. Two weeks after that, Vinod Khosla publicly called Factory a “struggling second-tier competitor.”
Three dates. Two investments. One unusually expensive definition of “second tier.”
Factory said the round valued the company at $1.5B and was led by Khosla Ventures.
Source: Factory announcementFactory said the $200M financing valued it at $5B and included Khosla Ventures.
Source: Factory announcementThe market had already received a rather different investment memo.
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