Funding round
Pave Series A
Pave, which works in compensation management software development in San Francisco, raised $16M in a Series A round announced on 3 Dec 2020, led by Andreessen Horowitz, at a $75M post-money valuation. 6 firms took part. It is Pave's first venture round on record.
$16M
Amount raised
$75M
Post-money valuation
6
Investors
1 lead
21%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Pave at $75M after the new money. The $16M bought investors about 21% of the company. It is Pave's first venture round on record, 8 years after it was founded in 2012. It is 9.9% of the $162M Pave has raised in the venture rounds on record. Pave raised again 8 months later: a Series B round of $46M in Aug 2021, at $400M post-money.
Pave's funding rounds
Pave has 3 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
Andreessen Horowitz led the round with 5 other firms.
Lead investor
- Andreessen Horowitz backs 722 venture-backed companies new investor
Also in the round
- Andreessen Horowitz backs 722 venture-backed companies new investor
- Bessemer Venture Partners backs 412 venture-backed companies new investor
- Bezos Expeditions new investor
- backs 18 venture-backed companies new investor
- Y Combinator backs 1,295 venture-backed companies new investor
Joined the board: Kristina Shen (Andreessen Horowitz) and Marc Andreessen (Andreessen Horowitz).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, sales and marketing, scaling operations and working capital.
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
1,461 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $11M, and this round was 1.5 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 9 Dec 2020 | $100M | not disclosed | Index Ventures and Sequoia Capital |
| Tech Companies | 20 Dec 2020 | $50M | not disclosed | not named |
| Tech Companies | 14 Dec 2020 | $40M | not disclosed | not named |
| Tech Companies | 9 Dec 2020 | $34M | not disclosed | Sequoia Capital and Two Bear Capital |
| Tech Companies | 3 Dec 2020 | $26M | not disclosed | Blossom Capital |
| Tech Companies | 15 Dec 2020 | $25M | not disclosed | Lightspeed Venture Partners |
| Tech Companies | 10 Dec 2020 | $23M | not disclosed | Radian Capital |
| Tech Companies | 15 Dec 2020 | $21M | not disclosed | Accel |
Sources
Where this comes from
Reported by 2 sources.
Questions
Frequently asked
How much did Pave raise in its Series A round?
Pave raised $16M in its Series A round, announced in Dec 2020.
Who led Pave's Series A round?
Andreessen Horowitz led it, with Andreessen Horowitz, Bessemer Venture Partners, Bezos Expeditions, Dash Fund and Y Combinator.
What was Pave's valuation at the Series A round?
$75M post-money.
How does it compare with other Series A rounds in Tech Companies?
1,461 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $11M, and this round was 1.5 times the median.
Did Pave raise again after this round?
Yes: a Series B round in Aug 2021 of $46M at $400M post-money.