Funding round
Upgrade Series D
Upgrade, which works in personal loan products distribution in San Francisco, raised $40M in a Series D round announced on 17 Jun 2020, led by Mouro Capital, at a $1.00B post-money valuation. 7 firms took part, 4 of them already investors. It is Upgrade's third venture round on record; the one before was a Series C in Aug 2018.
$40M
Amount raised
$1.00B
Post-money valuation
$960M pre-money
7
Investors
1 lead
2.0x
Step-up from the Series C
$500M in Aug 2018
4.0%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Upgrade at $1.00B after the new money, 2.0 times the $500M of its Series C (Aug 2018). The $40M bought investors about 4.0% of the company. It came 22 months after Upgrade's Series C. It is 5.6% of the $712M Upgrade has raised in the venture rounds on record. Upgrade raised again 14 months later: a Series E round of $105M in Aug 2021, at $3.30B 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 23 Aug 2018, led by CreditEase Fintech Investment Fund $62M$500M post-money
- Series D this round 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
Mouro Capital led the round with 6 other firms. Union Square Ventures, Ribbit, Vy Capital and Silicon Valley Bank had backed Upgrade before.
Lead investor
- backs 39 venture-backed companies new investor
Also in the round
- Union Square Ventures backs 171 venture-backed companies existing investor
- Ribbit backs 126 venture-backed companies existing investor
- backs 22 venture-backed companies existing investor
- Silicon Valley Bank existing investor
- backs 20 venture-backed companies new investor
- Uncorrelated Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, sales and marketing, scaling operations, working capital and geographic expansion.
- Product development
- Sales and marketing
- Scaling operations
- Working capital
- Geographic expansion
Comparable rounds
How it compares
11 Series D rounds in Loans & Financing within a year either side disclosed an amount; the median was $70M, and this round was 57% of the median. The closest in time, other companies' Series D rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 18 Nov 2020 | $28M | not disclosed | SoftBank Ventures Asia and Daesung Private Equity |
| Konfío Loans & Financing | 3 Dec 2019 | $100M | not disclosed | SoftBank Group |
| Gojo Loans & Financing | 17 Dec 2020 | $68M | not disclosed | not named |
| Loans & Financing | 17 Dec 2020 | $27M | not disclosed | Legal & General and Experian |
| Loans & Financing | 9 Dec 2019 | $20M | not disclosed | Escala Partners |
| Loans & Financing | 5 Sep 2019 | $70M | $495M | CMFG Ventures, LLC |
| Loans & Financing | 2 Sep 2019 | $16M | not disclosed | not named |
| Tala Loans & Financing | 21 Aug 2019 | $110M | $750M | RPS Ventures |
Sources
Where this comes from
Reported by 7 sources.
Questions
Frequently asked
How much did Upgrade raise in its Series D round?
Upgrade raised $40M in its Series D round, announced in Jun 2020.
Who led Upgrade's Series D round?
Mouro Capital led it, with Union Square Ventures, Ribbit, Vy Capital, Silicon Valley Bank and Ventura Capital and 1 more.
What was Upgrade's valuation at the Series D round?
$1.00B post-money ($960M pre-money).
How does it compare with other Series D rounds in Loans & Financing?
11 Series D rounds in Loans & Financing within a year either side disclosed an amount; the median was $70M, and this round was 57% of the median.
Did Upgrade raise again after this round?
Yes: a Series E round in Aug 2021 of $105M at $3.30B post-money.