Funding round
Perk Growth
Reported as "Growth Equity"
Perk, which works in travel and spend management platform solutions in Boston, raised $104M in a Growth round announced on 23 Jan 2024, led by SoftBank Vision Fund and SoftBank, at a $1.40B post-money valuation. 4 firms took part, 3 of them already investors. It is Perk's fifth venture round on record; the one before was a Series D in Jan 2022.
$104M
Amount raised
$1.40B
Post-money valuation
$1.30B pre-money
4
Investors
2 leads
1.1x
Step-up from the Series D
$1.30B in Jan 2022
7.4%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Perk at $1.40B after the new money, 1.1 times the $1.30B of its Series D (Jan 2022). The $104M bought investors about 7.4% of the company. It came 24 months after Perk's Series D. It is 21% of the $491M Perk has raised in the venture rounds on record. Perk raised again 12 months later: a Series E round of $200M in Jan 2025, at $2.70B post-money.
Perk's funding rounds
Perk has 6 venture rounds on record and 3 other deals. This one is highlighted.
- Series A 9 Jun 2016, led by Spark Capital $7.0M
- Series B 11 Apr 2018, led by Target Global and Felix Capital $21M
- Series C 16 Oct 2018, led by Kinnevik $44M
- Series D 12 Jan 2022, led by General Catalyst $115M$1.30B post-money
- Growth this round 23 Jan 2024, led by SoftBank Vision Fund and SoftBank $104M$1.40B post-money
- Debt not a venture round 18 Jun 2024, led by Blackstone and Blue Owl Capital $135M
- Series E 28 Jan 2025, led by Atomico and EQT $200M$2.70B post-money
- Debt not a venture round 3 Jun 2026, led by Neuberger Specialty Finance $300M
- Debt not a venture round 9 Sep 2026, led by NatWest $34M
Investors
Who put money in
SoftBank Vision Fund and SoftBank led the round with 2 other firms. Kinnevik, Felix Capital and SoftBank had backed Perk before.
Lead investors
- SoftBank Vision Fund backs 234 venture-backed companies new investor
- SoftBank existing investor
Also in the round
- Kinnevik backs 55 venture-backed companies existing investor
- backs 63 venture-backed companies existing investor
Joined the board: Stephen Thorne (SoftBank Investment Advisers).
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
365 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $48M, and this round was 2.2 times the median. The closest in time, other companies' Growth rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Domyn Tech Companies | 1 Jan 2024 | $720M | $1.88B | not named |
| Tech Companies | 16 Jan 2024 | $228M | not disclosed | TPG |
| Tech Companies | 9 Jan 2024 | $100M | not disclosed | not named |
| Tech Companies | 9 Jan 2024 | $95M | not disclosed | Updata Partners |
| Tech Companies | 24 Jan 2024 | $90M | not disclosed | not named |
| Tech Companies | 18 Jan 2024 | $58M | not disclosed | Volition Capital |
| Tech Companies | 18 Jan 2024 | $44M | not disclosed | BlackRock and JPMorgan Chase |
| Tech Companies | 10 Jan 2024 | $43M | not disclosed | Edison Partners |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Perk raise in its Growth round?
Perk raised $104M in its Growth round, announced in Jan 2024.
Who led Perk's Growth round?
SoftBank Vision Fund and SoftBank led it, with Kinnevik and Felix Capital.
What was Perk's valuation at the Growth round?
$1.40B post-money ($1.30B pre-money).
How does it compare with other Growth rounds in Tech Companies?
365 Growth rounds in Tech Companies within a year either side disclosed an amount; the median was $48M, and this round was 2.2 times the median.
Did Perk raise again after this round?
Yes: a Series E round in Jan 2025 of $200M at $2.70B post-money.