Funding round
Petal Seed
Petal, which works in credit card issuance and management in Garden City, raised $4.0M in a Seed round announced on 1 Sep 2017. 10 firms took part. It is Petal's first venture round on record.
$4.0M
Amount raised
Not disclosed
Post-money valuation
10
Investors
no lead named
Valuation
What this round says about the price
Petal did not disclose a valuation in this round. It is Petal's first venture round on record, 1 year after it was founded in 2016. It is 1.3% of the $311M Petal has raised in the venture rounds on record. Petal raised again 4 months later: a Series A round of $13M in Jan 2018. 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 this round 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 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
10 firms took part; no lead investor was named.
Investors
- backs 24 venture-backed companies new investor
- backs 81 venture-backed companies new investor
- backs 20 venture-backed companies new investor
- backs 7 venture-backed companies new investor
- backs 104 venture-backed companies new investor
- backs 22 venture-backed companies new investor
- backs 26 venture-backed companies new investor
- Hone Capital new investor
- Abstract new investor
- backs 24 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' Seed rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Financial Services | 10 Jan 2018 | $600K | not disclosed | Dubai Angel Investors |
| Financial Services | 8 Apr 2017 | $4.0M | not disclosed | not named |
| Financial Services | 7 May 2018 | $4.0M | not disclosed | Comcast Ventures and Trinity Ventures |
| Financial Services | 29 Jul 2018 | $400K | not disclosed | Sinai Ventures |
Questions
Frequently asked
How much did Petal raise in its Seed round?
Petal raised $4.0M in its Seed round, announced in Sep 2017.
Which investors took part in Petal's Seed round?
Brooklyn Bridge Ventures, Afore Capital, Rosecliff Ventures, Guild Capital, Great Oaks Venture Capital and Story Ventures and 4 more.
What was Petal's valuation at the Seed round?
It was not disclosed.
Did Petal raise again after this round?
Yes: a Series A round in Jan 2018 of $13M.