HelioVolt is burning up the newswires these days. They recently received tax incentives from the City of Austin, and now they’ve added $24M to their round, bringing the total round to over $100M. This additive cash came from Sequel Venture Partners, Noventi Ventures, and Passport Capital.

So what happened here? Kind of odd, right? We have no inside knowledge of the deal, but if you’ve shopped the deal to a lot of VC firms, some of them aren’t going to get a bite of the deal. So when you make your picks and take down your money, a few get left in the cold. If they come back really hard, and perhaps give you better deal terms then you might be inclined to give them a taste. The round at first saw money from Morgan Stanley, NEA, and some others. Perhaps Sequel, Noventi, and Passport really wanted in the deal at this level and sweetened the offer. It happens.

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Filed under: Deals