Funding round
Upgrade Series G
Upgrade, which works in personal loan products distribution in San Francisco, raised $165M in a Series G round announced on 16 Oct 2025, led by Neuberger Berman Funds, at a $7.30B post-money valuation. 4 firms took part. It is Upgrade's sixth venture round on record; the one before was a Series F in Nov 2021.
$165M
Amount raised
$7.30B
Post-money valuation
$7.13B pre-money
4
Investors
1 lead
1.2x
Step-up from the Series F
$6.28B in Nov 2021
2.3%
Stake sold
new money over the post-money
Valuation
What this round says about the price
This round priced Upgrade at $7.30B after the new money, 1.2 times the $6.28B of its Series F (Nov 2021). The $165M bought investors about 2.3% of the company. It came 47 months after Upgrade's Series F. It is 23% of the $712M Upgrade has raised in the venture rounds on record. No later venture round is on record for Upgrade.
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 16 Nov 2021, led by Coatue and DST Global $280M$6.28B post-money
- Series G this round 16 Oct 2025, led by Neuberger Berman Funds $165M$7.30B post-money
Investors
Who put money in
Neuberger Berman Funds led the round with 3 other firms.
Lead investor
- Neuberger Berman Funds new investor
Also in the round
- backs 4 venture-backed companies new investor
- DST Global backs 179 venture-backed companies new investor
- Ribbit backs 126 venture-backed companies new investor
Joined the board: Peter Sterling (Neuberger Berman Funds).
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time: 1 in Loans & Financing, then Series G rounds in any sector within 6 months:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Creditas Loans & Financing | 1 Dec 2025 | $108M | $3.30B | Andbank Group |
| ThoughtSpot Tech Companies | 13 Oct 2025 | $248M | $4.20B | Lightspeed and Khosla Ventures |
| Clio Tech Companies | 10 Nov 2025 | $500M | $5.00B | New Enterprise Associates |
| Medical Supply Manufacturers | 18 Nov 2025 | $150M | not disclosed | Revival Healthcare Capital |
| Infra.Market Building Material Manufacturers | 18 Sep 2025 | $83M | $2.80B | Nksquared |
| Airwallex Payment Processing & Point of Sale | 8 Dec 2025 | $330M | $8.00B | Addition |
| Oil & Gas - Extraction & Distribution | 14 Jul 2025 | $25M | not disclosed | not named |
| Anthropic Tech Companies | 12 Feb 2026 | $30.00B | $380.00B | GIC and Coatue |
Sources
Where this comes from
Reported by 6 sources.
Questions
Frequently asked
How much did Upgrade raise in its Series G round?
Upgrade raised $165M in its Series G round, announced in Oct 2025.
Who led Upgrade's Series G round?
Neuberger Berman Funds led it, with LuminArx Capital Management, DST Global and Ribbit.
What was Upgrade's valuation at the Series G round?
$7.30B post-money ($7.13B pre-money).