Proterra Inc., a Silicon Valley maker of electric transit buses, said it raised $140 million as it accelerates manufacturing in the U.S. before a possible initial public offering this year.
The venture funding is the company’s fifth round, and Proterra Chief Executive Officer Ryan Popple said he expects it to be the last before taking the company public late this year or in 2018. Proterra declined to name the lead investor in the latest financing round, saying it includes several new and existing backers, including Tao Capital Partners, Kleiner Perkins Caufield & Byers and General Motors Co.’s venture arm.
“The size of the round and the diversity of our…