Funding round
Thought Machine Series C
Thought Machine, which works in core banking platform development in London, raised $200M in a Series C round announced on 29 Nov 2021, led by Nyca Partners, at a $1.00B post-money valuation. 11 firms took part, 7 of them already investors. It is Thought Machine's third venture round on record; the one before was a Series B in Jul 2020.
$200M
Amount raised
$1.00B
Post-money valuation
11
Investors
1 lead
20%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Thought Machine at $1.00B after the new money. The $200M bought investors about 20% of the company. It came 16 months after Thought Machine's Series B. It is 40% of the $499M Thought Machine has raised in the venture rounds on record. Thought Machine raised again 6 months later: a Series D round of $160M in May 2022, at $2.70B post-money.
Thought Machine's funding rounds
Thought Machine has 4 venture rounds on record. This one is highlighted.
Investors
Who put money in
Nyca Partners led the round with 10 other firms. Lloyds Banking Group, British Patient Capital, Eurazeo and SEB and 3 more had backed Thought Machine before.
Lead investor
- Nyca Partners new investor
Also in the round
- ING Ventures new investor
- JPMorgan Chase Strategic Investments new investor
- backs 15 venture-backed companies new investor
- Lloyds Banking Group existing investor
- British Patient Capital existing investor
- Eurazeo backs 103 venture-backed companies existing investor
- SEB existing investor
- backs 66 venture-backed companies existing investor
- Backed existing investor
- backs 51 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, 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
498 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 3.3 times the median. The closest in time, other companies' Series C rounds in Tech Companies:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Grammarly Tech Companies | 1 Nov 2021 | $200M | $13.00B | Baillie Gifford and BlackRock |
| Tech Companies | 16 Nov 2021 | $200M | $1.05B | Bain Capital Tech Opportunities |
| Tech Companies | 9 Nov 2021 | $200M | $1.70B | Oak HC/FT |
| Tech Companies | 15 Nov 2021 | $150M | not disclosed | CMC Capital and Goldman Sachs Asset Management |
| Tech Companies | 4 Nov 2021 | $150M | $1.25B | Andreessen Horowitz |
| Tech Companies | 23 Nov 2021 | $130M | not disclosed | FTV Management Company |
| Tech Companies | 16 Nov 2021 | $100M | not disclosed | Altimeter |
| Tech Companies | 18 Nov 2021 | $100M | $800M | Tiger Global |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Thought Machine raise in its Series C round?
Thought Machine raised $200M in its Series C round, announced in Nov 2021.
Who led Thought Machine's Series C round?
Nyca Partners led it, with ING Ventures, JPMorgan Chase Strategic Investments, SC Ventures, Lloyds Banking Group and British Patient Capital and 5 more.
What was Thought Machine's valuation at the Series C round?
$1.00B post-money.
How does it compare with other Series C rounds in Tech Companies?
498 Series C rounds in Tech Companies within a year either side disclosed an amount; the median was $60M, and this round was 3.3 times the median.
Did Thought Machine raise again after this round?
Yes: a Series D round in May 2022 of $160M at $2.70B post-money.