Funding round
Petal Growth
Reported as "Growth Equity"
Petal, which works in credit card issuance and management in Garden City, raised $34M in a Growth round announced on 2 Oct 2018, led by Jefferies and Silicon Valley Bank. 2 firms took part. It is Petal's third venture round on record; the one before was a Series A in Jan 2018.
$34M
Amount raised
of which $34M debt
Not disclosed
Post-money valuation
2
Investors
2 leads
Valuation
What this round says about the price
Petal did not disclose a valuation in this round. It came 9 months after Petal's Series A. It is 11% of the $311M Petal has raised in the venture rounds on record. Petal raised again 3 months later: a Series B round of $30M in Jan 2019. Its next priced round, a Series D in Jan 2022, valued it at $800M.
Petal's funding rounds
Petal has 7 venture rounds on record and 3 other deals. This one is highlighted.
- Seed 1 Sep 2017 $4.0M
- Series A 10 Jan 2018, led by Valar Ventures $13M
- Growth this round 2 Oct 2018, led by Jefferies and Silicon Valley Bank $34M
- Series B 29 Jan 2019, led by Valar Ventures $30M
- Debt not a venture round 18 Sep 2019, led by Jefferies $300M
- Series C 24 Sep 2020, led by Valar Ventures $55M
- Debt not a venture round 24 Feb 2021 $125M
- Series D 5 Jan 2022, led by Tarsadia $140M$800M post-money
- Growth 10 May 2023, led by Valar Ventures $35M
- Debt not a venture round 3 Aug 2023, led by Victory Park Capital $220M
Investors
Who put money in
Jefferies and Silicon Valley Bank led the round.
Lead investors
- backs 17 venture-backed companies new investor
- Silicon Valley Bank new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to sales and marketing, scaling operations and working capital.
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 2 in Financial Services, then Growth rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Financial Services | 10 Aug 2018 | $270M | $1.50B | GSR Capital |
| Financial Services | 25 Oct 2017 | $42M | not disclosed | not named |
| Tech Companies | 29 Oct 2018 | $3.00B | $75.00B | SoftBank |
| Video Games - Development & Publishing | 26 Oct 2018 | $1.25B | $15.00B | not named |
| Cerevel Pharmaceutical Products | 23 Oct 2018 | $350M | not disclosed | Bain Capital Private Equity |
| Tanium Tech Companies | 2 Oct 2018 | $200M | $6.50B | Wellington Management |
| Omio Travel Agencies | 23 Oct 2018 | $150M | not disclosed | Kinnevik and Temasek |
| Investment Consultants & Financial Advisors | 24 Oct 2018 | $145M | not disclosed | not named |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Petal raise in its Growth round?
Petal raised $34M in its Growth round, announced in Oct 2018.
Who led Petal's Growth round?
Jefferies and Silicon Valley Bank led it.
What was Petal's valuation at the Growth round?
It was not disclosed.
Did Petal raise again after this round?
Yes: a Series B round in Jan 2019 of $30M.