Funding round
Funding Societies Series C
Funding Societies, which works in SME digital financing solutions in Singapore, raised $294M in a Series C round announced on 16 Feb 2022, led by SoftBank Vision Fund. 9 firms took part. It is Funding Societies' third venture round on record; the one before was a Series B in Apr 2018.
$294M
Amount raised
of which $150M debt
Not disclosed
Post-money valuation
9
Investors
1 lead
Valuation
What this round says about the price
Funding Societies did not disclose a valuation in this round. It came 46 months after Funding Societies' Series B. It is 84% of the $351M Funding Societies has raised in the venture rounds on record. Funding Societies raised again 34 months later: a Growth round of $25M in Dec 2024.
Funding Societies' funding rounds
Funding Societies has 4 venture rounds on record and 4 other deals. This one is highlighted.
- Series A 11 Aug 2016, led by Sequoia India $7.5M
- Series B 18 Apr 2018, led by SoftBank Ventures Asia $25M
- Debt not a venture round 7 Oct 2021, led by Helicap and Social Impact Debt Fund $18M
- Series C this round 16 Feb 2022, led by SoftBank Vision Fund $294M
- Debt not a venture round 22 Aug 2022 $50M
- Debt not a venture round 26 Sep 2023, led by AlteriQ Global $27M
- Debt not a venture round 6 Nov 2024 $100M
- Growth 30 Dec 2024 $25M
Investors
Who put money in
SoftBank Vision Fund led the round with 8 other firms.
Lead investor
- SoftBank Vision Fund backs 234 venture-backed companies new investor
Also in the round
- VNG new investor
- Rapyd Ventures new investor
- EDBI backs 67 venture-backed companies new investor
- backs 3 venture-backed companies new investor
- backs 15 venture-backed companies new investor
- Sequoia Capital India new investor
- backs 11 venture-backed companies new investor
- backs 26 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to geographic expansion, scaling operations and working capital.
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
27 Series C rounds in Loans & Financing within a year either side disclosed an amount; the median was $50M, and this round was 5.9 times the median. The closest in time, other companies' Series C rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 16 Feb 2022 | $294M | not disclosed | SoftBank Vision Fund |
| Loans & Financing | 1 Feb 2022 | $40M | not disclosed | Norwest Venture Partners and Elevation Capital |
| Loans & Financing | 12 Jan 2022 | $108M | not disclosed | MDI Ventures |
| Loans & Financing | 16 Mar 2022 | $19M | not disclosed | Lightrock |
| Loans & Financing | 2 Dec 2021 | $202M | not disclosed | StepStone Group and Victory Park Capital |
| Loans & Financing | 20 May 2022 | $115M | $1.10B | Goldman Sachs Asset Management |
| Point Loans & Financing | 3 May 2022 | $115M | not disclosed | WestCap |
| Loans & Financing | 31 May 2022 | $42M | not disclosed | Luther King Capital Management |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Funding Societies raise in its Series C round?
Funding Societies raised $294M in its Series C round, announced in Feb 2022.
Who led Funding Societies' Series C round?
SoftBank Vision Fund led it, with VNG, Rapyd Ventures, EDBI, Indies Capital and AVV and 3 more.
What was Funding Societies' valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Loans & Financing?
27 Series C rounds in Loans & Financing within a year either side disclosed an amount; the median was $50M, and this round was 5.9 times the median.
Did Funding Societies raise again after this round?
Yes: a Growth round in Dec 2024 of $25M.