Funding round
Pave Series C
Pave, which works in compensation management software development in San Francisco, raised $100M in a Series C round announced on 28 Jun 2022, led by Index Ventures, at a $1.60B post-money valuation. 8 firms took part. It is Pave's third venture round on record; the one before was a Series B in Aug 2021.
$100M
Amount raised
$1.60B
Post-money valuation
$1.50B pre-money
8
Investors
1 lead
4.0x
Step-up from the Series B
$400M in Aug 2021
6.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Pave at $1.60B after the new money, 4.0 times the $400M of its Series B (Aug 2021). The $100M bought investors about 6.3% of the company. It came 10 months after Pave's Series B. It is 62% of the $162M Pave has raised in the venture rounds on record. No later venture round is on record for Pave.
Pave's funding rounds
Pave has 3 venture rounds on record and 1 other deal. This one is highlighted.
Investors
Who put money in
Index Ventures led the round with 7 other firms.
Lead investor
- Index Ventures backs 353 venture-backed companies new investor
Also in the round
- Andreessen Horowitz backs 722 venture-backed companies new investor
- Y Combinator backs 1,295 venture-backed companies new investor
- LocalGlobe new investor
- Craft Ventures backs 197 venture-backed companies new investor
- backs 9 venture-backed companies new investor
- Backend Capital new investor
- backs 42 venture-backed companies new investor
Joined the board: Mark Goldberg (Index Ventures).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations, acquisitions and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Acquisitions
- Working capital
Comparable rounds
How it compares
441 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 1.7 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 15 Jun 2022 | $169M | not disclosed | FTV Management Company |
| Tech Companies | 21 Jun 2022 | $153M | $1.00B | WestBridge Capital |
| Tech Companies | 8 Jun 2022 | $100M | not disclosed | JP Morgan Growth Equity Partners |
| Tech Companies | 6 Jun 2022 | $100M | $1.00B | B Capital |
| Tech Companies | 15 Jun 2022 | $80M | not disclosed | Advent Life Sciences |
| Tech Companies | 6 Jun 2022 | $70M | not disclosed | Thoma Bravo |
| Tech Companies | 2 Jun 2022 | $70M | $1.00B | Tribe Capital |
| Tech Companies | 15 Jun 2022 | $65M | not disclosed | 01A |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Pave raise in its Series C round?
Pave raised $100M in its Series C round, announced in Jun 2022.
Who led Pave's Series C round?
Index Ventures led it, with Andreessen Horowitz, Y Combinator, LocalGlobe, Craft Ventures and Original Capital and 2 more.
What was Pave's valuation at the Series C round?
$1.60B post-money ($1.50B pre-money).
How does it compare with other Series C rounds in Tech Companies?
441 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 1.7 times the median.