Funding round
Petal Series D
Petal, which works in credit card issuance and management in Garden City, raised $140M in a Series D round announced on 5 Jan 2022, led by Tarsadia, at a $800M post-money valuation. 9 firms took part. It is Petal's sixth venture round on record; the one before was a Series C in Sep 2020.
$140M
Amount raised
$800M
Post-money valuation
9
Investors
1 lead
18%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Petal at $800M after the new money. The $140M bought investors about 18% of the company. It came 16 months after Petal's Series C. It is 45% of the $311M Petal has raised in the venture rounds on record. Petal raised again 16 months later: a Growth round of $35M in May 2023.
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 this round 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
Tarsadia led the round with 8 other firms.
Lead investor
- backs 11 venture-backed companies new investor
Also in the round
- Valar Ventures backs 56 venture-backed companies new investor
- CUNA Mutual new investor
- Encore Bank new investor
- Volery Capital Partners new investor
- Gopher Asset Management new investor
- backs 67 venture-backed companies new investor
- backs 81 venture-backed companies new investor
- Gaingels backs 364 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
6 Series D rounds in Financial Services within a year either side disclosed an amount; the median was $263M, and this round was 53% of the median. The closest in time, other companies' Series D rounds in Financial Services:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Citadel Securities Financial Services | 11 Jan 2022 | $1.15B | $22.00B | Sequoia Capital |
| Financial Services | 1 Feb 2022 | $165M | not disclosed | Eldridge |
| DriveWealth Financial Services | 20 Aug 2021 | $450M | $2.85B | Insight Partners and Accel |
| Ualá Financial Services | 13 Aug 2021 | $350M | $2.45B | SoftBank Latin America Fund and Tencent |
| FalconX Financial Services | 22 Jun 2022 | $150M | $8.00B | GIC and B Capital |
| DailyPay Financial Services | 18 May 2021 | $175M | not disclosed | Carrick Capital Partners |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Petal raise in its Series D round?
Petal raised $140M in its Series D round, announced in Jan 2022.
Who led Petal's Series D round?
Tarsadia led it, with Valar Ventures, CUNA Mutual, Encore Bank, Volery Capital Partners and Gopher Asset Management and 3 more.
What was Petal's valuation at the Series D round?
$800M post-money.
How does it compare with other Series D rounds in Financial Services?
6 Series D rounds in Financial Services within a year either side disclosed an amount; the median was $263M, and this round was 53% of the median.
Did Petal raise again after this round?
Yes: a Growth round in May 2023 of $35M.