Funding round
Octane Series D
Octane, which works in powersports vehicle financing services in New York, raised $52M in a Series D round announced on 5 Aug 2021, led by Progressive Investment Company, Inc. and Valar Ventures, at a $900M post-money valuation. 9 firms took part, 7 of them already investors. It is Octane's fifth venture round on record; the one before was a Series C in Nov 2019.
$52M
Amount raised
$900M
Post-money valuation
$848M pre-money
9
Investors
2 leads
2.3x
Step-up from the Series C
$400M in Nov 2019
5.8%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Octane at $900M after the new money, 2.3 times the $400M of its Series C (Nov 2019). The $52M bought investors about 5.8% of the company. It came 21 months after Octane's Series C. It is 16% of the $321M Octane has raised in the venture rounds on record. Octane raised again 36 months later: a Series E round of $50M in Aug 2024, at $1.10B post-money.
Octane's funding rounds
Octane has 7 venture rounds on record and 8 other deals. This one is highlighted.
- Seed 1 Jan 2014 $1.5M
- Series A 3 Aug 2016, led by IA Ventures and Berenson & Company $6.3M
- Series B 1 Jan 2018, led by Valar Ventures $41M
- Series C 1 Nov 2019, led by Valar Ventures $70M$400M post-money
- Series D this round 5 Aug 2021, led by Progressive Investment Company, Inc. and Valar Ventures $52M$900M post-money
- Debt not a venture round 10 Nov 2021, led by J.P. Morgan $340M
- Series E 6 Aug 2024, led by Valar Ventures $50M$1.10B post-money
- Debt not a venture round 6 May 2025 $200M
- Debt not a venture round 1 Oct 2025 $284M
- Debt not a venture round 2 Dec 2025 $219M
- Series F 15 Dec 2025, led by Valar Ventures $100M$1.30B post-money
- Debt not a venture round 20 May 2026, led by Nuveen $350M
- Debt not a venture round 15 Jul 2026 $750M
- Debt not a venture round 6 Aug 2026 $337M
- Debt not a venture round 6 Oct 2026, led by New York Life Investment Management and MetLife Investment Management $1.40B
Investors
Who put money in
Progressive Investment Company, Inc. and Valar Ventures led the round with 7 other firms. Progressive Investment Company, Inc., Valar Ventures, Upper90 and Contour Venture Partners and 3 more had backed Octane before.
Lead investors
- Progressive Investment Company, Inc. existing investor
- Valar Ventures backs 56 venture-backed companies existing investor
Also in the round
- backs 23 venture-backed companies existing investor
- backs 46 venture-backed companies existing investor
- Citi Ventures existing investor
- backs 46 venture-backed companies existing investor
- Parkwood existing investor
- Gaingels backs 364 venture-backed companies new investor
- backs 13 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
8 Series D rounds in Loans & Financing within a year either side disclosed an amount; the median was $105M, and this round was 50% of the median. The closest in time, other companies' Series D rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 22 Sep 2021 | $400M | $2.00B | SoftBank Vision Fund and Warburg Pincus |
| Loans & Financing | 1 Jun 2021 | $165M | not disclosed | not named |
| Sunbit Loans & Financing | 20 May 2021 | $130M | $1.10B | Group 11 |
| Fundbox Loans & Financing | 30 Nov 2021 | $100M | $1.10B | Healthcare of Ontario Pension Plan (HOOPP) |
| Gojo Loans & Financing | 17 Dec 2020 | $68M | not disclosed | not named |
| Loans & Financing | 17 Dec 2020 | $27M | not disclosed | Legal & General and Experian |
| Loans & Financing | 18 Nov 2020 | $28M | not disclosed | SoftBank Ventures Asia and Daesung Private Equity |
| Loans & Financing | 30 Aug 2022 | $110M | $300M | TPG and Norwest |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Octane raise in its Series D round?
Octane raised $52M in its Series D round, announced in Aug 2021.
Who led Octane's Series D round?
Progressive Investment Company, Inc. and Valar Ventures led it, with Upper90, Contour Venture Partners, Citi Ventures, Third Prime and Parkwood and 2 more.
What was Octane's valuation at the Series D round?
$900M post-money ($848M pre-money).
How does it compare with other Series D rounds in Loans & Financing?
8 Series D rounds in Loans & Financing within a year either side disclosed an amount; the median was $105M, and this round was 50% of the median.
Did Octane raise again after this round?
Yes: a Series E round in Aug 2024 of $50M at $1.10B post-money.