Funding round
Lendo Series B
Lendo, which works in islamic SME financing solutions in Riyadh, raised $28M in a Series B round announced on 10 Dec 2023, led by Sanabil. 3 firms took part, 1 of them already investors. It is Lendo's second venture round on record; the one before was a Series A in Mar 2021.
$28M
Amount raised
Not disclosed
Post-money valuation
3
Investors
1 lead
Valuation
What this round says about the price
Lendo did not disclose a valuation in this round. It came 33 months after Lendo's Series A. It is 80% of the $35M Lendo has raised in the venture rounds on record. No later venture round is on record for Lendo.
Lendo's funding rounds
Lendo has 2 venture rounds on record and 1 other deal. This one is highlighted.
- Series A 14 Mar 2021, led by Derayah Ventures $7.2M
- Series B this round 10 Dec 2023, led by Sanabil $28M
- Debt not a venture round 30 Jan 2025, led by J.P. Morgan $690M
Investors
Who put money in
Sanabil led the round with 2 other firms. Sanabil had backed Lendo before.
Lead investor
- backs 24 venture-backed companies existing investor
Also in the round
- backs 31 venture-backed companies new investor
- backs 7 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
16 Series B rounds in Loans & Financing within a year either side disclosed an amount; the median was $27M, and this round was close to the median. The closest in time, other companies' Series B rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 1 Dec 2023 | $20M | not disclosed | not named |
| Loans & Financing | 18 Jan 2024 | $26M | not disclosed | Revolution and Moneta Ventures |
| Loans & Financing | 17 Oct 2023 | $20M | not disclosed | Valor Capital Group |
| Loans & Financing | 2 Oct 2023 | $13M | not disclosed | Third Prime |
| Loans & Financing | 14 Mar 2024 | $28M | not disclosed | Norfund and MUFG Innovation Partners |
| Loans & Financing | 4 Apr 2024 | $48M | not disclosed | LeapFrog Investments and Aavishkaar Capital |
| Abound Loans & Financing | 7 May 2024 | $1.00B | not disclosed | GSR Ventures |
| Loans & Financing | 23 May 2024 | $65M | $700M | Citi Ventures |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Lendo raise in its Series B round?
Lendo raised $28M in its Series B round, announced in Dec 2023.
Who led Lendo's Series B round?
Sanabil led it, with Shorooq Partners and AB Ventures.
What was Lendo's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Loans & Financing?
16 Series B rounds in Loans & Financing within a year either side disclosed an amount; the median was $27M, and this round was close to the median.