Funding round
Petal Growth
Reported as "Growth Equity"
Petal, which works in credit card issuance and management in Garden City, raised $35M in a Growth round announced on 10 May 2023, led by Valar Ventures. 6 firms took part, 1 of them already investors. It is Petal's seventh venture round on record; the one before was a Series D in Jan 2022.
$35M
Amount raised
Not disclosed
Post-money valuation
6
Investors
1 lead
Valuation
What this round says about the price
Petal did not disclose a valuation in this round; its last disclosed one was $800M at the Series D (Jan 2022). It came 16 months after Petal's Series D. It is 11% of the $311M Petal has raised in the venture rounds on record. No later venture round is on record for Petal.
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 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 this round 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
Valar Ventures led the round with 5 other firms. Story Ventures had backed Petal before.
Lead investor
- Valar Ventures backs 56 venture-backed companies new investor
Also in the round
- backs 22 venture-backed companies existing investor
- backs 40 venture-backed companies new investor
- backs 67 venture-backed companies new investor
- Synchrony new investor
- backs 138 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Growth rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Financial Services | 12 Oct 2022 | $52M | $352M | not named |
| Financial Services | 26 Sep 2022 | $40M | $400M | QCP Capital and Akuna Capital |
| Financial Services | 18 May 2022 | $215M | not disclosed | not named |
Sources
Where this comes from
Reported by 10 sources.
Questions
Frequently asked
How much did Petal raise in its Growth round?
Petal raised $35M in its Growth round, announced in May 2023.
Who led Petal's Growth round?
Valar Ventures led it, with Story Ventures, Core Innovation Capital, RiverPark Ventures, Synchrony and Samsung Next.
What was Petal's valuation at the Growth round?
It was not disclosed; its last disclosed one was $800M at the Series D (Jan 2022).