Funding round
Petal Series C
Petal, which works in credit card issuance and management in Garden City, raised $55M in a Series C round announced on 24 Sep 2020, led by Valar Ventures. 12 firms took part, 1 of them already investors. It is Petal's fifth venture round on record; the one before was a Series B in Jan 2019.
$55M
Amount raised
Not disclosed
Post-money valuation
12
Investors
1 lead
Valuation
What this round says about the price
Petal did not disclose a valuation in this round. It came 20 months after Petal's Series B. It is 18% of the $311M Petal has raised in the venture rounds on record. Petal raised again 16 months later: a Series D round of $140M in Jan 2022, at $800M post-money.
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 this round 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 11 other firms. Valar Ventures had backed Petal before.
Lead investor
- Valar Ventures backs 56 venture-backed companies existing investor
Also in the round
- backs 20 venture-backed companies new investor
- backs 81 venture-backed companies new investor
- backs 67 venture-backed companies new investor
- backs 104 venture-backed companies new investor
- backs 7 venture-backed companies new investor
- backs 6 venture-backed companies new investor
- Abstract Ventures new investor
- Ride Ventures new investor
- new investor
- Adventure Collective new investor
- Starta Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
10 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $68M, and this round was 81% of the median. The closest in time, other companies' Series C rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| DriveWealth Financial Services | 27 Oct 2020 | $57M | not disclosed | Point72 Ventures |
| Financial Services | 15 Dec 2020 | $65M | not disclosed | Accel |
| Financial Services | 15 Mar 2021 | $70M | not disclosed | TTV Capital |
| Trade Republic Financial Services | 20 May 2021 | $900M | $5.00B | Sequoia Capital |
| ProducePay Financial Services | 20 May 2021 | $43M | not disclosed | G2 Venture Partners and International Finance Corporation |
| Financial Services | 23 Jan 2020 | $12M | not disclosed | not named |
| Ualá Financial Services | 25 Nov 2019 | $150M | not disclosed | Tencent and SoftBank Innovation Fund |
| Bitpanda Financial Services | 17 Aug 2021 | $263M | $4.10B | Valar Ventures |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Petal raise in its Series C round?
Petal raised $55M in its Series C round, announced in Sep 2020.
Who led Petal's Series C round?
Valar Ventures led it, with Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital and GR Capital and 6 more.
What was Petal's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Financial Services?
10 Series C rounds in Financial Services within a year either side disclosed an amount; the median was $68M, and this round was 81% of the median.
Did Petal raise again after this round?
Yes: a Series D round in Jan 2022 of $140M at $800M post-money.