Funding round
Sunbit Series B
Sunbit, which works in financial technology solutions development in Los Angeles, raised $26M in a Series B round announced on 13 Jun 2019, led by Zeev Ventures. 3 firms took part, with 1 individual investor. It is Sunbit's first venture round on record.
$26M
Amount raised
Not disclosed
Post-money valuation
3
Investors
1 lead
Valuation
What this round says about the price
Sunbit did not disclose a valuation in this round. It is Sunbit's first venture round on record, 3 years after it was founded in 2016. It is 17% of the $156M Sunbit has raised in the venture rounds on record. Sunbit raised again 23 months later: a Series D round of $130M in May 2021, at $1.10B post-money.
Sunbit's funding rounds
Sunbit has 2 venture rounds on record and 2 other deals. This one is highlighted.
- Series B this round 13 Jun 2019, led by Zeev Ventures $26M
- Series D 20 May 2021, led by Group 11 $130M$1.10B post-money
- Debt not a venture round 5 Dec 2022 $250M
- Debt not a venture round 4 Nov 2024, led by J.P. Morgan, Mizuho Bank Ltd. and Waterfall Asset Management $355M
Investors
Who put money in
Zeev Ventures led the round with 2 other firms.
Lead investor
- Zeev Ventures new investor
Also in the round
- backs 17 venture-backed companies new investor
- backs 37 venture-backed companies new investor
Individual investors: Oren Dobronsky. Joined the board: Oren Zeev (Zeev Ventures).
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
29 Series B rounds in Loans & Financing within a year either side disclosed an amount; the median was $18M, and this round was 1.4 times the median. The closest in time, other companies' Series B rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 4 Jun 2019 | $52M | not disclosed | WestBridge Capital |
| Loans & Financing | 25 Jun 2019 | $12M | not disclosed | EV Growth and Quona Capital |
| Loans & Financing | 24 Jul 2019 | $25M | not disclosed | Accel |
| Loans & Financing | 23 May 2019 | $20M | not disclosed | Greylock Partners |
| Clearco Loans & Financing | 9 Aug 2019 | $300M | not disclosed | Highland Capital |
| Loans & Financing | 15 Aug 2019 | $21M | not disclosed | Canvas Prime |
| Loans & Financing | 14 Aug 2019 | $11M | not disclosed | not named |
| Loans & Financing | 19 Aug 2019 | $8.4M | not disclosed | not named |
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Sunbit raise in its Series B round?
Sunbit raised $26M in its Series B round, announced in Jun 2019.
Who led Sunbit's Series B round?
Zeev Ventures led it, with Group 11 and Chicago Ventures.
What was Sunbit's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Loans & Financing?
29 Series B rounds in Loans & Financing within a year either side disclosed an amount; the median was $18M, and this round was 1.4 times the median.
Did Sunbit raise again after this round?
Yes: a Series D round in May 2021 of $130M at $1.10B post-money.