Funding round
Upgrade Series E
Upgrade, which works in personal loan products distribution in San Francisco, raised $105M in a Series E round announced on 11 Aug 2021, led by Koch Disruptive Technologies, at a $3.30B post-money valuation. 4 firms took part, 1 of them already investors. It is Upgrade's fourth venture round on record; the one before was a Series D in Jun 2020.
$105M
Amount raised
$3.30B
Post-money valuation
$3.19B pre-money
4
Investors
1 lead
3.3x
Step-up from the Series D
$1.00B in Jun 2020
3.2%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Upgrade at $3.30B after the new money, 3.3 times the $1.00B of its Series D (Jun 2020). The $105M bought investors about 3.2% of the company. It came 14 months after Upgrade's Series D. It is 15% of the $712M Upgrade has raised in the venture rounds on record. Upgrade raised again 3 months later: a Series F round of $280M in Nov 2021, at $6.28B 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 17 Jun 2020, led by Mouro Capital $40M$1.00B post-money
- Series E this round 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
Koch Disruptive Technologies led the round with 3 other firms. Ventura Capital had backed Upgrade before.
Lead investor
- backs 50 venture-backed companies new investor
Also in the round
- backs 8 venture-backed companies new investor
- backs 20 venture-backed companies existing investor
- backs 9 venture-backed companies 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 and working capital.
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
8 Series E rounds in Loans & Financing within a year either side disclosed an amount; the median was $110M, and this round was close to the median. The closest in time, other companies' Series E rounds in Loans & Financing:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Konfío Loans & Financing | 29 Sep 2021 | $235M | $1.30B | Tarsadia Capital and QED Investors |
| Loans & Financing | 16 Sep 2021 | $50M | not disclosed | Altos Ventures |
| Tala Loans & Financing | 14 Oct 2021 | $145M | $800M | Upstart |
| Loans & Financing | 13 May 2021 | $45M | not disclosed | not named |
| Loans & Financing | 10 Mar 2022 | $225M | not disclosed | Healthcare of Ontario Pension Plan (HOOPP) and BVV Cayman Ltd. |
| Creditas Loans & Financing | 18 Dec 2020 | $255M | $1.75B | not named |
| Kiavi Loans & Financing | 1 Dec 2020 | $75M | $405M | Benefit Street Partners |
| Loans & Financing | 20 Apr 2022 | $50M | not disclosed | Nuveen |
Sources
Where this comes from
Reported by 8 sources.
Questions
Frequently asked
How much did Upgrade raise in its Series E round?
Upgrade raised $105M in its Series E round, announced in Aug 2021.
Who led Upgrade's Series E round?
Koch Disruptive Technologies led it, with Black River Ventures, Ventura Capital and Invariantes Fund.
What was Upgrade's valuation at the Series E round?
$3.30B post-money ($3.19B pre-money).
How does it compare with other Series E rounds in Loans & Financing?
8 Series E rounds in Loans & Financing within a year either side disclosed an amount; the median was $110M, and this round was close to the median.
Did Upgrade raise again after this round?
Yes: a Series F round in Nov 2021 of $280M at $6.28B post-money.