Funding round
Varo Growth
Reported as "Growth Equity"
Varo, which works in digital banking services in San Francisco, raised $63M in a Growth round announced on 18 Feb 2021, led by Russell Westbrook Enterprises. 1 firm took part. It is Varo's fourth venture round on record; the one before was a Series D in Jun 2020.
$63M
Amount raised
Not disclosed
Post-money valuation
1
Investors
1 lead
Valuation
What this round says about the price
Varo did not disclose a valuation in this round. It came 8 months after Varo's Series D. It is 5.8% of the $1.08B Varo has raised in the venture rounds on record. Varo raised again 7 months later: a Growth round of $510M in Sep 2021, at $2.50B post-money.
Varo's funding rounds
Varo has 6 venture rounds on record. This one is highlighted.
- Series B 18 Jan 2018, led by TPG and Warburg Pincus $45M
- Series C 16 Jul 2019, led by Warburg Pincus, TPG and Gopher Asset Management $100M
- Series D 3 Jun 2020, led by Gallatin Point Capital and TPG $241M
- Growth this round 18 Feb 2021, led by Russell Westbrook Enterprises $63M
- Growth 9 Sep 2021, led by Lone Pine Capital $510M$2.50B post-money
- Series G 2 Feb 2026, led by Warburg Pincus and Coliseum Capital Management, LLC $124M
Investors
Who put money in
Russell Westbrook Enterprises led the round.
Lead investor
- backs 2 venture-backed companies new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to product development, scaling operations and working capital.
- Product development
- Scaling operations
- Working capital
Comparable rounds
How it compares
The closest in time, other companies' Growth rounds in Banks & ATMs:
Sources
Where this comes from
Reported by 3 sources.
Questions
Frequently asked
How much did Varo raise in its Growth round?
Varo raised $63M in its Growth round, announced in Feb 2021.
Who led Varo's Growth round?
Russell Westbrook Enterprises led it.
What was Varo's valuation at the Growth round?
It was not disclosed.
Did Varo raise again after this round?
Yes: a Growth round in Sep 2021 of $510M at $2.50B post-money.