Funding round
Petal Series A
Petal, which works in credit card issuance and management in Garden City, raised $13M in a Series A round announced on 10 Jan 2018, led by Valar Ventures. 13 firms took part. It is Petal's second venture round on record; the one before was a Seed in Sep 2017.
$13M
Amount raised
Not disclosed
Post-money valuation
13
Investors
1 lead
Valuation
What this round says about the price
Petal did not disclose a valuation in this round. It came 4 months after Petal's Seed. It is 4.2% of the $311M Petal has raised in the venture rounds on record. Petal raised again 9 months later: a Growth round of $34M in Oct 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 1 Sep 2017 $4.0M
- Series A this round 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
Valar Ventures led the round with 12 other firms.
Lead investor
- Valar Ventures backs 56 venture-backed companies new investor
Also in the round
- backs 46 venture-backed companies new investor
- backs 67 venture-backed companies new investor
- The Social Entrepreneurs’ Fund new investor
- backs 24 venture-backed companies new investor
- backs 81 venture-backed companies new investor
- backs 20 venture-backed companies new investor
- backs 104 venture-backed companies new investor
- backs 10 venture-backed companies new investor
- Abstract Ventures new investor
- Ride Ventures new investor
- backs 22 venture-backed companies new investor
- new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, sales and marketing, scaling operations and working capital.
- Hiring
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
5 Series A rounds in Financial Services within a year either side disclosed an amount; the median was $10M, and this round was 1.3 times the median. The closest in time, other companies' Series A rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Ualá Financial Services | 6 Feb 2018 | $10M | not disclosed | Soros Fund Management LLC |
| Financial Services | 16 Oct 2017 | $6.0M | not disclosed | Mouro Capital |
| Neo Financial Financial Services | 3 May 2018 | $22M | not disclosed | Propel Venture Partners and Monashees |
| Financial Services | 1 Jul 2017 | $25M | not disclosed | not named |
| Alpaca Financial Services | 24 Oct 2018 | $3.0M | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Petal raise in its Series A round?
Petal raised $13M in its Series A round, announced in Jan 2018.
Who led Petal's Series A round?
Valar Ventures led it, with Third Prime, RiverPark Ventures, The Social Entrepreneurs’ Fund, Brooklyn Bridge Ventures and Afore Capital and 7 more.
What was Petal's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Financial Services?
5 Series A rounds in Financial Services within a year either side disclosed an amount; the median was $10M, and this round was 1.3 times the median.
Did Petal raise again after this round?
Yes: a Growth round in Oct 2018 of $34M.