Funding round
Neon Series C
Neon, which works in digital wallet app services in São Paulo, raised $300M in a Series C round announced on 2 Sep 2020, led by General Atlantic. 9 firms took part, 5 of them already investors. It is Neon's first venture round on record.
$300M
Amount raised
Not disclosed
Post-money valuation
9
Investors
1 lead
Valuation
What this round says about the price
Neon did not disclose a valuation in this round. It is Neon's first venture round on record, 4 years after it was founded in 2016. It is 41% of the $729M Neon has raised in the venture rounds on record. Neon raised again 20 months later: a Series D round of $300M in May 2022, at $1.60B post-money.
Investors
Who put money in
General Atlantic led the round with 8 other firms. General Atlantic, Monashees, Flourish Ventures and BBVA and 1 more had backed Neon before.
Lead investor
- General Atlantic backs 134 venture-backed companies existing investor
Also in the round
- BlackRock new investor
- Vulcan Capital new investor
- PayPal Ventures new investor
- Endeavor backs 236 venture-backed companies new investor
- Monashees backs 73 venture-backed companies existing investor
- backs 67 venture-backed companies existing investor
- BBVA existing investor
- backs 32 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
27 Series C rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $75M, and this round was 4.0 times the median. The closest in time, other companies' Series C rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Greenlight Payment Processing & Point of Sale | 1 Sep 2020 | $215M | $1.20B | Canapi Ventures and TTV Capital |
| SpotOn Payment Processing & Point of Sale | 23 Sep 2020 | $60M | not disclosed | DST Global |
| Payment Processing & Point of Sale | 16 Sep 2020 | $31M | not disclosed | Truist Ventures |
| Payment Processing & Point of Sale | 21 Sep 2020 | $25M | not disclosed | not named |
| Payment Processing & Point of Sale | 13 Aug 2020 | $100M | $500M | Eldridge Industries and Eldridge |
| Satispay Payment Processing & Point of Sale | 20 Nov 2020 | $110M | not disclosed | Square and Tencent |
| Payment Processing & Point of Sale | 17 Nov 2020 | $68M | not disclosed | FTV Management Company |
| Bolt Payment Processing & Point of Sale | 16 Jul 2020 | $50M | not disclosed | WestCap |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Neon raise in its Series C round?
Neon raised $300M in its Series C round, announced in Sep 2020.
Who led Neon's Series C round?
General Atlantic led it, with BlackRock, Vulcan Capital, PayPal Ventures, Endeavor and Monashees and 3 more.
What was Neon's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Payment Processing & Point of Sale?
27 Series C rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $75M, and this round was 4.0 times the median.
Did Neon raise again after this round?
Yes: a Series D round in May 2022 of $300M at $1.60B post-money.