Funding round
Petal Series B
Petal, which works in credit card issuance and management in Garden City, raised $30M in a Series B round announced on 29 Jan 2019, led by Valar Ventures. 7 firms took part. It is Petal's fourth venture round on record; the one before was a Growth in Oct 2018.
$30M
Amount raised
Not disclosed
Post-money valuation
7
Investors
1 lead
Valuation
What this round says about the price
Petal did not disclose a valuation in this round. It came 3 months after Petal's Growth. It is 9.6% of the $311M Petal has raised in the venture rounds on record. Petal raised again 20 months later: a Series C round of $55M in Sep 2020. 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 2 Oct 2018, led by Jefferies and Silicon Valley Bank $34M
- Series B this round 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 6 other firms.
Lead investor
- Valar Ventures backs 56 venture-backed companies new investor
Also in the round
- Greyhound Capital new investor
- backs 46 venture-backed companies new investor
- backs 20 venture-backed companies new investor
- backs 22 venture-backed companies new investor
- backs 67 venture-backed companies new investor
- backs 81 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
10 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $23M, and this round was 1.3 times the median. The closest in time, other companies' Series B rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Financial Services | 4 Dec 2018 | $28M | not disclosed | not named |
| Financial Services | 6 Feb 2019 | $25M | not disclosed | Khosla Ventures |
| Financial Services | 20 Dec 2018 | $8.1M | not disclosed | not named |
| Ualá Financial Services | 1 Oct 2018 | $34M | not disclosed | Goldman Sachs Investment Partners |
| ProducePay Financial Services | 18 Oct 2018 | $14M | not disclosed | Anterra Capital |
| Financial Services | 15 May 2019 | $42M | not disclosed | Portage Ventures |
| Financial Services | 30 Jul 2019 | $7.0M | not disclosed | not named |
| Financial Services | 29 Aug 2019 | $50M | not disclosed | Founders Fund |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Petal raise in its Series B round?
Petal raised $30M in its Series B round, announced in Jan 2019.
Who led Petal's Series B round?
Valar Ventures led it, with Greyhound Capital, Third Prime, Rosecliff Ventures, Story Ventures and RiverPark Ventures and 1 more.
What was Petal's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Financial Services?
10 Series B rounds in Financial Services within a year either side disclosed an amount; the median was $23M, and this round was 1.3 times the median.
Did Petal raise again after this round?
Yes: a Series C round in Sep 2020 of $55M.