Funding round
Upgrade Series C
Upgrade, which works in personal loan products distribution in San Francisco, raised $62M in a Series C round announced on 23 Aug 2018, led by CreditEase Fintech Investment Fund, at a $500M post-money valuation. 9 firms took part. It is Upgrade's second venture round on record; the one before was a Series A in Mar 2017.
$62M
Amount raised
$500M
Post-money valuation
$438M pre-money
9
Investors
1 lead
12%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Upgrade at $500M after the new money. The $62M bought investors about 12% of the company. It came 17 months after Upgrade's Series A. It is 8.7% of the $712M Upgrade has raised in the venture rounds on record. Upgrade raised again 22 months later: a Series D round of $40M in Jun 2020, at $1.00B post-money.
Upgrade's funding rounds
Upgrade has 6 venture rounds on record. This one is highlighted.
- Series A 1 Mar 2017 $60M
- Series C this round 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
CreditEase Fintech Investment Fund led the round with 8 other firms.
Lead investor
- CreditEase Fintech Investment Fund new investor
Also in the round
- Apoletto new investor
- FirstMark backs 128 venture-backed companies new investor
- NOAH new investor
- Ribbit backs 126 venture-backed companies new investor
- Sands Capital backs 71 venture-backed companies new investor
- Silicon Valley Bank new investor
- Union Square Ventures backs 171 venture-backed companies new investor
- backs 22 venture-backed companies new investor
Joined the board: Anju Patwardhan (CreditEase Fintech Investment Fund).
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
13 Series C rounds in Loans & Financing within a year either side disclosed an amount; the median was $40M, and this round was 1.6 times the median. The closest in time, other companies' Series C rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 30 Jul 2018 | $28M | not disclosed | Experian |
| Loans & Financing | 31 Oct 2018 | $70M | not disclosed | FinUp and FinUp Financial Technology |
| Konfío Loans & Financing | 18 Jun 2018 | $25M | not disclosed | VEF |
| Loans & Financing | 11 Jun 2018 | $22M | not disclosed | CapitalG |
| Tala Loans & Financing | 17 Apr 2018 | $50M | not disclosed | Revolution |
| Loans & Financing | 9 Apr 2019 | $170M | not disclosed | Foundation Capital and Visa |
| Creditas Loans & Financing | 11 Dec 2017 | $50M | not disclosed | VEF |
| Loans & Financing | 16 Apr 2019 | $33M | not disclosed | Blenheim Chalcot and Legal & General |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Upgrade raise in its Series C round?
Upgrade raised $62M in its Series C round, announced in Aug 2018.
Who led Upgrade's Series C round?
CreditEase Fintech Investment Fund led it, with Apoletto, FirstMark, NOAH, Ribbit and Sands Capital and 3 more.
What was Upgrade's valuation at the Series C round?
$500M post-money ($438M pre-money).
How does it compare with other Series C rounds in Loans & Financing?
13 Series C rounds in Loans & Financing within a year either side disclosed an amount; the median was $40M, and this round was 1.6 times the median.
Did Upgrade raise again after this round?
Yes: a Series D round in Jun 2020 of $40M at $1.00B post-money.