Funding round
Sunbit Series D
Sunbit, which works in financial technology solutions development in Los Angeles, raised $130M in a Series D round announced on 20 May 2021, led by Group 11, at a $1.10B post-money valuation. 6 firms took part, 1 of them already investors. It is Sunbit's second venture round on record; the one before was a Series B in Jun 2019.
$130M
Amount raised
$1.10B
Post-money valuation
$970M pre-money
6
Investors
1 lead
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Sunbit at $1.10B after the new money. The $130M bought investors about 12% of the company. It came 23 months after Sunbit's Series B. It is 83% of the $156M Sunbit has raised in the venture rounds on record. No later venture round is on record for Sunbit.
Sunbit's funding rounds
Sunbit has 2 venture rounds on record and 2 other deals. This one is highlighted.
- Series B 13 Jun 2019, led by Zeev Ventures $26M
- Series D this round 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
Group 11 led the round with 5 other firms. Zeev Ventures had backed Sunbit before.
Lead investor
- backs 17 venture-backed companies new investor
Also in the round
- Zeev Ventures existing investor
- Migdal Insurance new investor
- Harel Group new investor
- AltaIR Capital new investor
- More Investment House new investor
Joined the board: Guy Fischer (Migdal Insurance).
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
8 Series D rounds in Loans & Financing within a year either side disclosed an amount; the median was $60M, and this round was 2.2 times the median. The closest in time, other companies' Series D rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 1 Jun 2021 | $165M | not disclosed | not named |
| Octane Loans & Financing | 5 Aug 2021 | $52M | $900M | Progressive Investment Company, Inc. and Valar Ventures |
| Loans & Financing | 22 Sep 2021 | $400M | $2.00B | SoftBank Vision Fund and Warburg Pincus |
| Gojo Loans & Financing | 17 Dec 2020 | $68M | not disclosed | not named |
| Loans & Financing | 17 Dec 2020 | $27M | not disclosed | Legal & General and Experian |
| Fundbox Loans & Financing | 30 Nov 2021 | $100M | $1.10B | Healthcare of Ontario Pension Plan (HOOPP) |
| Loans & Financing | 18 Nov 2020 | $28M | not disclosed | SoftBank Ventures Asia and Daesung Private Equity |
| Upgrade Loans & Financing | 17 Jun 2020 | $40M | $1.00B | Mouro Capital |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Sunbit raise in its Series D round?
Sunbit raised $130M in its Series D round, announced in May 2021.
Who led Sunbit's Series D round?
Group 11 led it, with Zeev Ventures, Migdal Insurance, Harel Group, AltaIR Capital and More Investment House.
What was Sunbit's valuation at the Series D round?
$1.10B post-money ($970M pre-money).
How does it compare with other Series D rounds in Loans & Financing?
8 Series D rounds in Loans & Financing within a year either side disclosed an amount; the median was $60M, and this round was 2.2 times the median.