Funding round
Vestwell Series C
Vestwell, which works in digital savings platform development in New York, raised $70M in a Series C round announced on 20 Jul 2021, led by Wells Fargo Strategic Capital and Fin Capital. 16 firms took part. It is Vestwell's fourth venture round on record; the one before was a Series B in Apr 2019.
$70M
Amount raised
Not disclosed
Post-money valuation
16
Investors
2 leads
Valuation
What this round says about the price
Vestwell did not disclose a valuation in this round. It came 27 months after Vestwell's Series B. It is 11% of the $623M Vestwell has raised in the venture rounds on record. Vestwell raised again 29 months later: a Series D round of $125M in Dec 2023. Its next priced round, a Series E in Feb 2026, valued it at $2.00B.
Vestwell's funding rounds
Vestwell has 6 venture rounds on record. This one is highlighted.
- Seed 1 Sep 2016, led by FinTech Collective $4.5M
- Series A 2 Oct 2017, led by F-Prime Capital Partners $8.0M
- Series B 2 Apr 2019, led by Goldman Sachs Principal Strategic Investments $30M
- Series C this round 20 Jul 2021, led by Wells Fargo Strategic Capital and Fin Capital $70M
- Series D 21 Dec 2023, led by Lightspeed Venture Partners $125M
- Series E 18 Feb 2026, led by Blue Owl Capital and Sixth Street $385M$2.00B post-money
Investors
Who put money in
Wells Fargo Strategic Capital and Fin Capital led the round with 14 other firms.
Lead investors
- Wells Fargo Strategic Capital new investor
- backs 49 venture-backed companies new investor
Also in the round
- Goldman Sachs backs 218 venture-backed companies new investor
- Morgan Stanley backs 120 venture-backed companies new investor
- Manulife new investor
- Point72 Ventures new investor
- Nationwide Ventures new investor
- Allianz Life Ventures new investor
- Northwestern Mutual new investor
- backs 47 venture-backed companies new investor
- Greenspring Associates new investor
- backs 71 venture-backed companies new investor
- backs 35 venture-backed companies new investor
- F-Prime Capital new investor
- Industry Ventures new investor
- Commerce Ventures new investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
13 Series C rounds in Investment Consultants & Financial Advisors within a year either side disclosed an amount; the median was $55M, and this round was 1.3 times the median. The closest in time, other companies' Series C rounds in Investment Consultants & Financial Advisors:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Investment Consultants & Financial Advisors | 2 Jun 2021 | $100M | not disclosed | Tarsadia |
| Investment Consultants & Financial Advisors | 18 May 2021 | $65M | $1.00B | Ribbit |
| Investment Consultants & Financial Advisors | 15 Sep 2021 | $55M | $500M | IGNIA and Blockchain Capital |
| Investment Consultants & Financial Advisors | 12 Oct 2021 | $100M | not disclosed | Owl Capital |
| Investment Consultants & Financial Advisors | 28 Apr 2021 | $55M | not disclosed | GIC |
| Investment Consultants & Financial Advisors | 28 Oct 2021 | $36M | $360M | Amplo |
| Investment Consultants & Financial Advisors | 11 Oct 2021 | $33M | not disclosed | Hana Financial Investment |
| Investment Consultants & Financial Advisors | 1 Nov 2021 | $47M | $447M | Hamilton Lane |
Sources
Where this comes from
Reported by 4 sources.
Questions
Frequently asked
How much did Vestwell raise in its Series C round?
Vestwell raised $70M in its Series C round, announced in Jul 2021.
Who led Vestwell's Series C round?
Wells Fargo Strategic Capital and Fin Capital led it, with Goldman Sachs, Morgan Stanley, Manulife, Point72 Ventures and Nationwide Ventures and 9 more.
What was Vestwell's valuation at the Series C round?
It was not disclosed.
How does it compare with other Series C rounds in Investment Consultants & Financial Advisors?
13 Series C rounds in Investment Consultants & Financial Advisors within a year either side disclosed an amount; the median was $55M, and this round was 1.3 times the median.
Did Vestwell raise again after this round?
Yes: a Series D round in Dec 2023 of $125M.