Funding round
Upgrade Series F
Upgrade, which works in personal loan products distribution in San Francisco, raised $280M in a Series F round announced on 16 Nov 2021, led by Coatue and DST Global, at a $6.28B post-money valuation. 11 firms took part. It is Upgrade's fifth venture round on record; the one before was a Series E in Aug 2021.
$280M
Amount raised
$6.28B
Post-money valuation
11
Investors
2 leads
1.9x
Step-up from the Series E
$3.30B in Aug 2021
4.5%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Upgrade at $6.28B after the new money, 1.9 times the $3.30B of its Series E (Aug 2021). The $280M bought investors about 4.5% of the company. It came 3 months after Upgrade's Series E. It is 39% of the $712M Upgrade has raised in the venture rounds on record. Upgrade raised again 47 months later: a Series G round of $165M in Oct 2025, at $7.30B 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 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 this round 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
Coatue and DST Global led the round with 9 other firms.
Lead investors
- Coatue backs 229 venture-backed companies new investor
- DST Global backs 179 venture-backed companies new investor
Also in the round
- Dragoneer Investment Group backs 82 venture-backed companies new investor
- Gopher Asset Management new investor
- G Squared backs 40 venture-backed companies new investor
- backs 50 venture-backed companies new investor
- Old Well Partners new investor
- Ribbit backs 126 venture-backed companies new investor
- Sands Capital backs 71 venture-backed companies new investor
- backs 20 venture-backed companies new investor
- backs 22 venture-backed companies new investor
Comparable rounds
How it compares
The closest in time: 2 in Loans & Financing, then Series F rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Loans & Financing | 23 Dec 2021 | $53M | not disclosed | IIFL Wealth |
| Creditas Loans & Financing | 25 Jan 2022 | $260M | $4.80B | Fidelity Management and Research Company |
| Tech Companies | 18 Nov 2021 | $100M | $6.10B | Franklin Templeton and Altimeter |
| ThoughtSpot Tech Companies | 15 Nov 2021 | $100M | $4.20B | March Capital |
| Tech Companies | 13 Dec 2021 | $735M | $11.00B | XN |
| Razorpay Payment Processing & Point of Sale | 20 Dec 2021 | $375M | $7.50B | Lone Pine Capital and Alkeon |
| Cockroach Labs Tech Companies | 16 Dec 2021 | $278M | $5.00B | Greenoaks |
| VideoAmp Tech Companies | 21 Oct 2021 | $275M | $1.40B | Spruce House Partnership |
Sources
Where this comes from
Reported by 9 sources.
Questions
Frequently asked
How much did Upgrade raise in its Series F round?
Upgrade raised $280M in its Series F round, announced in Nov 2021.
Who led Upgrade's Series F round?
Coatue and DST Global led it, with Dragoneer Investment Group, Gopher Asset Management, G Squared, Koch Disruptive Technologies and Old Well Partners and 4 more.
What was Upgrade's valuation at the Series F round?
$6.28B post-money.
Did Upgrade raise again after this round?
Yes: a Series G round in Oct 2025 of $165M at $7.30B post-money.