Funding round
Rain Series A
Rain, which works in financial health platform development in Nashville, raised $66M in a Series A round announced on 1 Mar 2023, led by QED Investors. 1 firm took part. It is Rain's first venture round on record.
$66M
Amount raised
of which $50M debt
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
Rain did not disclose a valuation in this round. It is Rain's first venture round on record, 4 years after it was founded in 2019. It is 15% of the $441M Rain has raised in the venture rounds on record. Rain raised again 11 months later: a Growth round of $300M in Feb 2024. Its next priced round, a Series B in Apr 2025, valued it at $340M.
Investors
Who put money in
QED Investors led the round.
Lead investor
- QED Investors backs 160 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
1,576 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 5.5 times the median. The closest in time, other companies' Series A rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 23 Mar 2023 | $150M | $1.00B | Andreessen Horowitz |
| Tech Companies | 7 Mar 2023 | $90M | not disclosed | Crossbeam Venture Partners and General Global Capital |
| Tech Companies | 1 Mar 2023 | $65M | not disclosed | Lightspeed Venture Partners |
| Tech Companies | 31 Mar 2023 | $60M | not disclosed | not named |
| Tech Companies | 7 Mar 2023 | $55M | not disclosed | Lightspeed Venture Partners |
| Tech Companies | 1 Mar 2023 | $48M | not disclosed | SoftBank Latin America Fund |
| Tech Companies | 14 Mar 2023 | $45M | $100M | ClearSky |
| Tech Companies | 1 Mar 2023 | $30M | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Rain raise in its Series A round?
Rain raised $66M in its Series A round, announced in Mar 2023.
Who led Rain's Series A round?
QED Investors led it.
What was Rain's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Tech Companies?
1,576 Series A rounds in Tech Companies within a year either side disclosed an amount; the median was $12M, and this round was 5.5 times the median.
Did Rain raise again after this round?
Yes: a Growth round in Feb 2024 of $300M.