Funding round
Alpaca Series D
Alpaca, which works in brokerage infrastructure API development in San Mateo, raised $150M in a Series D round announced on 14 Jan 2026, led by Drive Capital, at a $1.15B post-money valuation. 18 firms took part, 1 of them already investors. It is Alpaca's fourth venture round on record; the one before was a Series C in Apr 2025.
$150M
Amount raised
$1.15B
Post-money valuation
$1.00B pre-money
18
Investors
1 lead
13%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Alpaca at $1.15B after the new money. The $150M bought investors about 13% of the company. It came 9 months after Alpaca's Series C. It is 38% of the $390M Alpaca has raised in the venture rounds on record. Alpaca raised again 6 months later: a Growth round of $135M in Jul 2026.
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 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 this round 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
Drive Capital led the round with 17 other firms. Drive Capital had backed Alpaca before.
Lead investor
- Drive Capital existing investor
Also in the round
- Citadel Securities new investor
- backs 12 venture-backed companies new investor
- MUFG Innovation Partners new investor
- backs 5 venture-backed companies new investor
- backs 31 venture-backed companies new investor
- Kraken new investor
- backs 5 venture-backed companies new investor
- X&KSK new investor
- Bank Muscat new investor
- Endeavor backs 236 venture-backed companies new investor
- backs 64 venture-backed companies new investor
- backs 97 venture-backed companies new investor
- backs 31 venture-backed companies new investor
- backs 13 venture-backed companies new investor
- backs 23 venture-backed companies new investor
- backs 5 venture-backed companies new investor
- BNP Paribas
Joined the board: Chris Olsen (Drive Capital).
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
The closest in time, other companies' Series D rounds in Financial Services:
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Alpaca raise in its Series D round?
Alpaca raised $150M in its Series D round, announced in Jan 2026.
Who led Alpaca's Series D round?
Drive Capital led it, with Citadel Securities, Opera Tech Ventures, MUFG Innovation Partners, Flat Capital and DRW and 12 more.
What was Alpaca's valuation at the Series D round?
$1.15B post-money ($1.00B pre-money).
Did Alpaca raise again after this round?
Yes: a Growth round in Jul 2026 of $135M.