Funding round
Neo Financial Series A
Neo Financial, which works in financial product development in Calgary, raised $22M in a Series A round announced on 3 May 2018, led by Propel Venture Partners, Monashees and Quona Capital. 6 firms took part. It is Neo Financial's first venture round on record.
$22M
Amount raised
Not disclosed
Post-money valuation
6
Investors
3 leads
Valuation
What this round says about the price
Neo Financial did not disclose a valuation in this round. It is 4.5% of the $489M Neo Financial has raised in the venture rounds on record. Neo Financial raised again 40 months later: a Series B round of $64M in Sep 2021. Its next priced round, a Series C in May 2022, valued it at $1.00B.
Neo Financial's funding rounds
Neo Financial has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Propel Venture Partners, Monashees and Quona Capital led the round with 3 other firms.
Lead investors
- backs 32 venture-backed companies new investor
- Monashees backs 73 venture-backed companies new investor
- backs 72 venture-backed companies new investor
Also in the round
- Omidyar Network new investor
- backs 14 venture-backed companies new investor
- backs 13 venture-backed companies new investor
Joined the board: Jay Reinemann (Propel Venture Partners) and Marcelo Lima (Monashees).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, scaling operations and working capital.
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
6 Series A rounds in Financial Services within a year either side disclosed an amount; the median was $9.0M, and this round was 2.4 times the median. The closest in time, other companies' Series A rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Ualá Financial Services | 6 Feb 2018 | $10M | not disclosed | Soros Fund Management LLC |
| Petal Financial Services | 10 Jan 2018 | $13M | not disclosed | Valar Ventures |
| Alpaca Financial Services | 24 Oct 2018 | $3.0M | not disclosed | not named |
| Financial Services | 16 Oct 2017 | $6.0M | not disclosed | Mouro Capital |
| Financial Services | 1 Jul 2017 | $25M | not disclosed | not named |
| Financial Services | 15 May 2019 | $8.0M | not disclosed | Portage Ventures |
Sources
Where this comes from
Reported by 2 sources. The deal data marks this round as not yet confirmed by an official announcement. Unconfirmed
Questions
Frequently asked
How much did Neo Financial raise in its Series A round?
Neo Financial raised $22M in its Series A round, announced in May 2018.
Who led Neo Financial's Series A round?
Propel Venture Partners, Monashees and Quona Capital led it, with Omidyar Network, Tera Ventures and Yellow.
What was Neo Financial's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Financial Services?
6 Series A rounds in Financial Services within a year either side disclosed an amount; the median was $9.0M, and this round was 2.4 times the median.
Did Neo Financial raise again after this round?
Yes: a Series B round in Sep 2021 of $64M.