Oxide and Friends Oxide's $200M Series C
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Feb 27, 2026 Steve Tuck, Oxide CEO overseeing strategy and fundraising, walks through the $200M Series C raise and why it landed so quickly after the B. Short takes cover the tranche structure, timing (closed on Christmas Eve), investor demand, board dynamics, and how the capital will fund supply chain, manufacturing, Cosmo hardware, and global scaling.
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Use Asset Backed Debt To Improve Cash Conversion
- Use debt facilities to bridge the gap between paying suppliers and receiving customer cash when inventory and orders are creditworthy.
- Oxide considered inventory‑backed lending to reach near zero or negative cash conversion cycles for device builds.
Raising Signals Long Term Independence To Customers
- Large raises provide customers confidence about a vendor's long‑term independence and viability, which is critical for multi‑year infrastructure bets.
- Oxide raised Series C partly to reassure enterprises they would be present for 3–10+ year commitments.
Founders Kept Strong Board Influence After Multiple Rounds
- Oxide retained an unusually founder‑friendly board after multiple rounds, with founders still holding half the board seats.
- Bryan and Steve noted they were surprised and grateful to keep control and influential investors who endured hard times with them.