Funding round
Thought Machine Series B
Thought Machine, which works in core banking platform development in London, raised $125M in a Series B round announced on 28 Jul 2020, led by Eurazeo and Molten Ventures. 8 firms took part, 4 of them already investors. It is Thought Machine's second venture round on record; the one before was a Series A in Nov 2018.
$125M
Amount raised
Not disclosed
Post-money valuation
8
Investors
2 leads
Valuation
What this round says about the price
Thought Machine did not disclose a valuation in this round. It came 20 months after Thought Machine's Series A. It is 25% of the $499M Thought Machine has raised in the venture rounds on record. Thought Machine raised again 16 months later: a Series C round of $200M in Nov 2021, at $1.00B post-money.
Thought Machine's funding rounds
Thought Machine has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Eurazeo and Molten Ventures led the round with 6 other firms. Lloyds Banking Group, IQ Capital, Backed.VC and Playfair had backed Thought Machine before.
Lead investors
- Eurazeo backs 103 venture-backed companies new investor
- backs 66 venture-backed companies new investor
Also in the round
- British Patient Capital new investor
- SEB new investor
- Lloyds Banking Group existing investor
- backs 51 venture-backed companies existing investor
- backs 34 venture-backed companies existing investor
- backs 36 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Scaling operations
- Working capital
Comparable rounds
How it compares
660 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $25M, and this round was 5.0 times the median. The closest in time, other companies' Series B rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Tech Companies | 1 Jul 2020 | $50M | not disclosed | not named |
| Everphone Tech Companies | 28 Jul 2020 | $40M | not disclosed | signals Venture Capital |
| Tech Companies | 16 Jul 2020 | $37M | not disclosed | Greylock Partners |
| Tech Companies | 28 Jul 2020 | $31M | not disclosed | Zeev Ventures and 01A |
| Tech Companies | 23 Jul 2020 | $30M | not disclosed | Accel |
| Tech Companies | 8 Jul 2020 | $21M | not disclosed | Forté Ventures |
| Tech Companies | 8 Jul 2020 | $19M | not disclosed | Octopus Ventures |
| Tech Companies | 21 Jul 2020 | $18M | not disclosed | Blackbird and Costanoa |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Thought Machine raise in its Series B round?
Thought Machine raised $125M in its Series B round, announced in Jul 2020.
Who led Thought Machine's Series B round?
Eurazeo and Molten Ventures led it, with British Patient Capital, SEB, Lloyds Banking Group, IQ Capital and Backed.VC and 1 more.
What was Thought Machine's valuation at the Series B round?
It was not disclosed.
How does it compare with other Series B rounds in Tech Companies?
660 Series B rounds in Tech Companies within a year either side disclosed an amount; the median was $25M, and this round was 5.0 times the median.
Did Thought Machine raise again after this round?
Yes: a Series C round in Nov 2021 of $200M at $1.00B post-money.