Funding round
Formance Series A
Formance, which works in multi-currency ledger integration in Paris, raised $21M in a Series A round announced on 29 Jan 2025, led by PayPal Ventures and Portage Ventures. 5 firms took part. It is Formance's second venture round on record; the one before was a Pre-seed in Jun 2022.
$21M
Amount raised
Not disclosed
Post-money valuation
5
Investors
2 leads
Valuation
What this round says about the price
Formance did not disclose a valuation in this round. It came 31 months after Formance's Pre-seed. It is 87% of the $24M Formance has raised in the venture rounds on record. No later venture round is on record for Formance.
Formance's funding rounds
Formance has 2 venture rounds on record. This one is highlighted.
- Pre-seed 20 Jun 2022, led by Hoxton Ventures and Frst $3.1M
- Series A this round 29 Jan 2025, led by PayPal Ventures and Portage Ventures $21M
Investors
Who put money in
PayPal Ventures and Portage Ventures led the round with 3 other firms.
Lead investors
- PayPal Ventures new investor
- backs 64 venture-backed companies new investor
Also in the round
- Y Combinator backs 1,295 venture-backed companies new investor
- Hoxton Ventures backs 50 venture-backed companies new investor
- Axeleo Capital new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion.
- Geographic expansion
Comparable rounds
How it compares
1,493 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 1.8 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 22 Jan 2025 | $40M | not disclosed | Connect Ventures and Monashees |
| Tech Companies | 9 Jan 2025 | $30M | not disclosed | Balderton Capital |
| Tech Companies | 30 Jan 2025 | $29M | not disclosed | GreatPoint Ventures |
| Tech Companies | 15 Jan 2025 | $29M | not disclosed | Blossom Capital |
| Tech Companies | 15 Jan 2025 | $29M | not disclosed | Blossom Capital |
| Tech Companies | 23 Jan 2025 | $27M | not disclosed | not named |
| Tech Companies | 8 Jan 2025 | $26M | not disclosed | Sequoia Capital |
| Tech Companies | 20 Jan 2025 | $26M | not disclosed | Creandum |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Formance raise in its Series A round?
Formance raised $21M in its Series A round, announced in Jan 2025.
Who led Formance's Series A round?
PayPal Ventures and Portage Ventures led it, with Y Combinator, Hoxton Ventures and Axeleo Capital.
What was Formance's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
1,493 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 1.8 times the median.