Funding round
Upgrade Series A
Upgrade, which works in personal loan products distribution in San Francisco, raised $60M in a Series A round announced on 1 Mar 2017. 19 firms took part. It is Upgrade's first venture round on record.
$60M
Amount raised
Not disclosed
Post-money valuation
19
Investors
no lead named
Valuation
What this round says about the price
Upgrade did not disclose a valuation in this round. It is Upgrade's first venture round on record, 1 year after it was founded in 2016. It is 8.4% of the $712M Upgrade has raised in the venture rounds on record. Upgrade raised again 17 months later: a Series C round of $62M in Aug 2018, at $500M post-money.
Upgrade's funding rounds
Upgrade has 6 venture rounds on record. This one is highlighted.
- Series A this round 1 Mar 2017 $60M
- Series C 23 Aug 2018, led by CreditEase Fintech Investment Fund $62M$500M post-money
- Series D 17 Jun 2020, led by Mouro Capital $40M$1.00B post-money
- Series E 11 Aug 2021, led by Koch Disruptive Technologies $105M$3.30B post-money
- Series F 16 Nov 2021, led by Coatue and DST Global $280M$6.28B post-money
- Series G 16 Oct 2025, led by Neuberger Berman Funds $165M$7.30B post-money
Investors
Who put money in
19 firms took part; no lead investor was named.
Investors
- 8VC new investor
- CE Innovation Capital new investor
- CreditEase new investor
- FirstMark backs 128 venture-backed companies new investor
- backs 128 venture-backed companies new investor
- backs 118 venture-backed companies new investor
- GSR Ventures new investor
- backs 33 venture-backed companies new investor
- backs 72 venture-backed companies new investor
- WestCap backs 36 venture-backed companies new investor
- ashby monk new investor
- apoletto new investor
- noah holdings new investor
- Ribbit backs 126 venture-backed companies new investor
- Silicon Valley Bank new investor
- Union Square Ventures backs 171 venture-backed companies new investor
- Uprising new investor
- backs 22 venture-backed companies new investor
- Sands Capital backs 71 venture-backed companies new investor
Comparable rounds
How it compares
27 Series A rounds in Loans & Financing within a year either side disclosed an amount; the median was $5.3M, and this round was 11 times the median. The closest in time, other companies' Series A rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Knock Loans & Financing | 31 Jan 2017 | $33M | not disclosed | RRE Ventures |
| Loans & Financing | 18 May 2017 | $5.3M | not disclosed | Jungle Ventures |
| Loans & Financing | 1 Jan 2017 | $309K | not disclosed | not named |
| Loans & Financing | 1 Dec 2016 | $4.0M | not disclosed | American Express Ventures |
| Loans & Financing | 18 Nov 2016 | $15M | not disclosed | Andreessen Horowitz |
| Loans & Financing | 2 Nov 2016 | $5.0M | not disclosed | Globalive |
| Loans & Financing | 3 Jul 2017 | $3.0M | not disclosed | Vertex Ventures |
| Loans & Financing | 26 Oct 2016 | $6.3M | not disclosed | Sequoia India |
Sources
Where this comes from
Reported by 1 source.
Questions
Frequently asked
How much did Upgrade raise in its Series A round?
Upgrade raised $60M in its Series A round, announced in Mar 2017.
Which investors took part in Upgrade's Series A round?
8VC, CE Innovation Capital, CreditEase, FirstMark, Founder Collective and F-Prime Capital and 13 more.
What was Upgrade's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Loans & Financing?
27 Series A rounds in Loans & Financing within a year either side disclosed an amount; the median was $5.3M, and this round was 11 times the median.
Did Upgrade raise again after this round?
Yes: a Series C round in Aug 2018 of $62M at $500M post-money.