Funding round
Clearco Series C
Clearco, which works in business funding solutions delivery in Toronto, raised $100M in a Series C round announced on 20 Apr 2021, led by Oak HC/FT, at a $2.00B post-money valuation. 3 firms took part. It is Clearco's fourth venture round on record; the one before was a Series B in Aug 2019.
$100M
Amount raised
$2.00B
Post-money valuation
$1.90B pre-money
3
Investors
1 lead
5.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Clearco at $2.00B after the new money. The $100M bought investors about 5.0% of the company. It came 20 months after Clearco's Series B. It is 13% of the $795M Clearco has raised in the venture rounds on record. Clearco raised again 3 months later: a Growth round of $215M in Jul 2021.
Clearco's funding rounds
Clearco has 6 venture rounds on record and 2 other deals. This one is highlighted.
- Series A 1 Jan 2018 $70M
- Growth 18 Dec 2018, led by Upper90 $50M
- Series B 9 Aug 2019, led by Highland Capital $300M
- Debt not a venture round 1 Oct 2019 $250M
- Series C this round 20 Apr 2021, led by Oak HC/FT $100M$2.00B post-money
- Growth 8 Jul 2021, led by SoftBank Vision Fund $215M
- Series D 4 Oct 2023, led by Inovia and Founders Circle Capital $60M
- Debt not a venture round 18 Aug 2026, led by Macquarie $100M
Investors
Who put money in
Oak HC/FT led the round with 2 other firms.
Lead investor
- Oak HC/FT backs 106 venture-backed companies new investor
Also in the round
- backs 24 venture-backed companies new investor
- new investor
Joined the board: Annie Lamont (Oak HC/FT).
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
18 Series C rounds in Loans & Financing within a year either side disclosed an amount; the median was $45M, and this round was 2.2 times the median. The closest in time, other companies' Series C rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| KreditBee Loans & Financing | 23 Mar 2021 | $70M | not disclosed | NewQuest Capital Partners and Motilal Oswal Alternates |
| Loans & Financing | 24 Mar 2021 | $25M | not disclosed | International Finance Corporation and Goldman Sachs |
| Loans & Financing | 5 May 2021 | undisclosed | not disclosed | MDI Ventures |
| Loans & Financing | 23 Jun 2021 | $210M | not disclosed | not named |
| Loans & Financing | 10 Jun 2021 | $150M | not disclosed | Norwest and Battery Ventures |
| Loans & Financing | 1 Feb 2021 | $18M | not disclosed | not named |
| Loans & Financing | 1 Jan 2021 | $9.0M | not disclosed | LGT Impact |
| Loans & Financing | 8 Sep 2021 | $55M | not disclosed | Owl Ventures |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Clearco raise in its Series C round?
Clearco raised $100M in its Series C round, announced in Apr 2021.
Who led Clearco's Series C round?
Oak HC/FT led it, with Founders Circle Capital and Credigy.
What was Clearco's valuation at the Series C round?
$2.00B post-money ($1.90B pre-money).
How does it compare with other Series C rounds in Loans & Financing?
18 Series C rounds in Loans & Financing within a year either side disclosed an amount; the median was $45M, and this round was 2.2 times the median.
Did Clearco raise again after this round?
Yes: a Growth round in Jul 2021 of $215M.