Funding round
Alpaca Series C
Alpaca, which works in brokerage infrastructure API development in San Mateo, raised $52M in a Series C round announced on 23 Apr 2025, led by Deraya Financial, 850 Management, National Investments Company (NIC), Unbound and Portage Ventures. 5 firms took part. It is Alpaca's third venture round on record; the one before was a Series B in Aug 2021.
$52M
Amount raised
Not disclosed
Post-money valuation
5
Investors
5 leads
Valuation
What this round says about the price
Alpaca did not disclose a valuation in this round. It came 44 months after Alpaca's Series B. It is 13% of the $390M Alpaca has raised in the venture rounds on record. Alpaca raised again 9 months later: a Series D round of $150M in Jan 2026, at $1.15B post-money.
Alpaca's funding rounds
Alpaca has 5 venture rounds on record and 1 other deal. This one is highlighted.
- Series A 24 Oct 2018 $3.0M
- Series B 30 Aug 2021, led by Tribe Capital $50M
- Series C this round 23 Apr 2025, led by Deraya Financial, 850 Management and National Investments Company (NIC) $52M
- Debt not a venture round 14 Jan 2026 $40M
- Series D 14 Jan 2026, led by Drive Capital $150M$1.15B post-money
- Growth 16 Jul 2026, led by Peak XV $135M
Investors
Who put money in
Deraya Financial, 850 Management, National Investments Company (NIC), Unbound and Portage Ventures led the round.
Lead investors
- backs 5 venture-backed companies new investor
- 850 Management new investor
- National Investments Company (NIC) new investor
- backs 13 venture-backed companies new investor
- backs 64 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
8 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $63M, and this round was 83% of the median. The closest in time, other companies' Series C rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Kalshi Financial Services | 25 Jun 2025 | $185M | $2.00B | Paradigm |
| Parafin Financial Services | 17 Dec 2024 | $100M | $750M | Notable Capital |
| Financial Services | 17 Dec 2024 | $20M | not disclosed | not named |
| Imprint Financial Services | 11 Oct 2024 | $75M | $600M | Khosla Ventures |
| Financial Services | 15 Oct 2024 | $25M | not disclosed | Ripple Ventures |
| Financial Services | 11 Dec 2025 | $50M | $1.20B | Westbound Equity |
| Clear Street Financial Services | 13 Jan 2026 | $135M | $12.00B | Baillie Gifford and SBI Holdings |
| Financial Services | 14 Apr 2026 | $40M | $420M | Verified Capital |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Alpaca raise in its Series C round?
Alpaca raised $52M in its Series C round, announced in Apr 2025.
Who led Alpaca's Series C round?
Deraya Financial, 850 Management, National Investments Company (NIC), Unbound and Portage Ventures led it.
What was Alpaca's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Financial Services?
8 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $63M, and this round was 83% of the median.
Did Alpaca raise again after this round?
Yes: a Series D round in Jan 2026 of $150M at $1.15B post-money.