Runway raises $308 million Series D at a reported $3 billion valuation

Runway raised $308 million in a Series D round led by General Atlantic, with participation from Fidelity Management & Research, Baillie Gifford, Nvidia and SoftBank’s Vision Fund 2, alongside other new and existing investors. Neither Runway nor General Atlantic disclosed a valuation in their announcements, but Variety and other trade outlets reported the round valued the company at about $3 billion, up from roughly $1.5 billion less than two years earlier. The raise took Runway’s total funding to $536.5 million and was announced the same week as its Gen-4 video model.

Co-founder and chief executive Cristóbal Valenzuela said the money would go toward expanding Runway Studios, an in-house production unit the company had set up to make original film and animation using its own models, alongside continued research into “world simulators” and hiring of researchers and engineers. Runway said it was targeting $300 million in annualised revenue by the end of the year, a figure not independently audited.

The round put Runway well behind the private-market valuations then commanded by the largest US labs, but ahead of most other dedicated video-generation start-ups, and came as it competed against well-funded rivals including OpenAI’s Sora, Google’s Veo and a cluster of Chinese video generators. The financing continued a pattern common across the sector: capital raised on the back of a just-shipped model and projected rather than realised revenue.