Funding round
Settle Series B
Settle, which works in procurement management platform development in New York, raised $60M in a Series B round announced on 17 Nov 2021, led by Ribbit. 3 firms took part, 2 of them already investors. It is Settle's second venture round on record; the one before was a Series A in May 2021.
$60M
Amount raised
Not disclosed
Post-money valuation
3
Investors
1 lead
Valuation
What this round says about the price
Settle did not disclose a valuation in this round. It came 6 months after Settle's Series A. It is 80% of the $75M Settle has raised in the venture rounds on record. No later venture round is on record for Settle.
Settle's funding rounds
Settle has 2 venture rounds on record and 2 other deals. This one is highlighted.
- Series A 18 May 2021, led by Kleiner Perkins $15M
- Series B this round 17 Nov 2021, led by Ribbit $60M
- Debt not a venture round 25 Jul 2023, led by Silicon Valley Bank $145M
- Debt not a venture round 1 Oct 2026 $240M
Investors
Who put money in
Ribbit led the round with 2 other firms. Kleiner Perkins and Caffeinated had backed Settle before.
Lead investor
- Ribbit backs 126 venture-backed companies new investor
Also in the round
- Kleiner Perkins backs 285 venture-backed companies existing investor
- Caffeinated backs 79 venture-backed companies existing investor
Joined the board: Nick Shalek (Ribbit Capital).
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, scaling operations and working capital.
- Hiring
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
76 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $37M, and this round was 1.6 times the median. The closest in time, other companies' Series B rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 23 Nov 2021 | $112M | $570M | Greenoaks |
| Payment Processing & Point of Sale | 17 Nov 2021 | $48M | not disclosed | Tencent |
| Clara Payment Processing & Point of Sale | 14 Dec 2021 | $70M | $1.00B | Coatue |
| Payment Processing & Point of Sale | 12 Oct 2021 | $50M | not disclosed | Unnamed institutional fintech investors |
| Payment Processing & Point of Sale | 14 Dec 2021 | $50M | not disclosed | Tiger Global |
| Payment Processing & Point of Sale | 15 Dec 2021 | $50M | not disclosed | Bessemer Venture Partners |
| Payment Processing & Point of Sale | 19 Oct 2021 | $50M | $425M | ICONIQ Growth |
| Payment Processing & Point of Sale | 1 Dec 2021 | $40M | not disclosed | Valar Ventures and IA Ventures |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Settle raise in its Series B round?
Settle raised $60M in its Series B round, announced in Nov 2021.
Who led Settle's Series B round?
Ribbit led it, with Kleiner Perkins and Caffeinated.
What was Settle's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Payment Processing & Point of Sale?
76 Series B rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $37M, and this round was 1.6 times the median.