Funding round
Pave Series B
Pave, which works in compensation management software development in San Francisco, raised $46M in a Series B round announced on 10 Aug 2021, led by Y Combinator, at a $400M post-money valuation. 3 firms took part. It is Pave's second venture round on record; the one before was a Series A in Dec 2020.
$46M
Amount raised
$400M
Post-money valuation
3
Investors
1 lead
5.3x
Step-up from the Series A
$75M in Dec 2020
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Pave at $400M after the new money, 5.3 times the $75M of its Series A (Dec 2020). The $46M bought investors about 12% of the company. It came 8 months after Pave's Series A. It is 28% of the $162M Pave has raised in the venture rounds on record. Pave raised again 10 months later: a Series C round of $100M in Jun 2022, at $1.60B 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
Y Combinator led the round with 2 other firms.
Lead investor
- Y Combinator backs 1,295 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
Joined the board: Ali Rowghani (Y Combinator Continuity).
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
1,003 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 1.5 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Nuro Tech Companies | 16 Aug 2021 | $940M | not disclosed | not named |
| Tech Companies | 12 Aug 2021 | $130M | $1.33B | Institutional Venture Partners and Insight Partners |
| Tech Companies | 2 Aug 2021 | $100M | not disclosed | VNV Global |
| Cart.com Tech Companies | 11 Aug 2021 | $98M | not disclosed | Oak HC/FT |
| Tech Companies | 31 Aug 2021 | $90M | not disclosed | Elysian Park Ventures |
| Tech Companies | 26 Aug 2021 | $85M | not disclosed | Sageview Capital |
| Tech Companies | 17 Aug 2021 | $75M | not disclosed | Tiger Global and Meritech Capital |
| Tech Companies | 24 Aug 2021 | $73M | $450M | Globis Capital Partners and World Innovation Lab |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Pave raise in its Series B round?
Pave raised $46M in its Series B round, announced in Aug 2021.
Who led Pave's Series B round?
Y Combinator led it, with Andreessen Horowitz and Bessemer Venture Partners.
What was Pave's valuation at the Series B round?
$400M post-money.
How does it compare with other Series B rounds in Tech Companies?
1,003 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $31M, and this round was 1.5 times the median.
Did Pave raise again after this round?
Yes: a Series C round in Jun 2022 of $100M at $1.60B post-money.