Funding round
MX Series B
MX, which works in financial data solutions development in Lehi, raised $100M in a Series B round announced on 25 Jun 2019, led by Battery Ventures. 12 firms took part, 4 of them already investors. It is MX's third venture round on record; the one before was a Series A in Jan 2015.
$100M
Amount raised
Not disclosed
Post-money valuation
12
Investors
1 lead
Valuation
What this round says about the price
MX did not disclose a valuation in this round; its last disclosed one was $273M at the Series A (Jan 2015). It came 53 months after MX's Series A. It is 23% of the $430M MX has raised in the venture rounds on record. MX raised again 19 months later: a Series C round of $300M in Jan 2021, at $1.90B post-money.
MX's funding rounds
MX has 4 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
Battery Ventures led the round with 11 other firms. Industry Ventures, Digital Garage, TTV Capital and Commerce Ventures had backed MX before.
Lead investor
- Battery Ventures backs 215 venture-backed companies new investor
Also in the round
- H.I.G. Growth Partners new investor
- Point72 Ventures new investor
- backs 50 venture-backed companies new investor
- Pelion Venture Partners new investor
- Cross Creek Capital new investor
- Industry Ventures existing investor
- Digital Garage existing investor
- backs 49 venture-backed companies existing investor
- Commerce Ventures existing investor
- National Bank of Canada new investor
- Washington Federal Bank new investor
Joined the board: Michael Brown (Battery Ventures).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
6 Series B rounds in Data Solutions within a year either side disclosed an amount; the median was $15M, and this round was 6.7 times the median. The closest in time, other companies' Series B rounds in Data Solutions:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Data Solutions | 15 May 2019 | $12M | not disclosed | IA Capital |
| Data Solutions | 1 May 2019 | undisclosed | not disclosed | Capra Ventures |
| Data Solutions | 11 Sep 2019 | $15M | not disclosed | Pivot Investment Partners |
| Data Solutions | 23 Mar 2019 | $1.8M | not disclosed | not named |
| Data Solutions | 30 Jan 2019 | $15M | not disclosed | Pivot Investment Partners |
| Data Solutions | 26 May 2020 | $51M | not disclosed | not named |
| Data Solutions | 25 Jun 2018 | $18M | not disclosed | White Star Capital |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did MX raise in its Series B round?
MX raised $100M in its Series B round, announced in Jun 2019.
Who led MX's Series B round?
Battery Ventures led it, with H.I.G. Growth Partners, Point72 Ventures, Sorenson Capital, Pelion Venture Partners and Cross Creek Capital and 6 more.
What was MX's valuation at the Series B round?
It was not disclosed; its last disclosed one was $273M at the Series A (Jan 2015).
How does it compare with other Series B rounds in Data Solutions?
6 Series B rounds in Data Solutions within a year either side disclosed an amount; the median was $15M, and this round was 6.7 times the median.
Did MX raise again after this round?
Yes: a Series C round in Jan 2021 of $300M at $1.90B post-money.