Funding round
Vitesse Series A
Vitesse, which works in insurance financial infrastructure solutions in London, raised $8.6M in a Series A round announced on 11 Aug 2020, led by Octopus Ventures. 2 firms took part, 1 of them already investors. It is Vitesse's first venture round on record.
$8.6M
Amount raised
6,600,000 GBP converted
Not disclosed
Post-money valuation
2
Investors
1 lead
Valuation
What this round says about the price
Vitesse did not disclose a valuation in this round. It is Vitesse's first venture round on record, 6 years after it was founded in 2014. It is 6.7% of the $128M Vitesse has raised in the venture rounds on record. Vitesse raised again 18 months later: a Series B round of $26M in Feb 2022.
Investors
Who put money in
Octopus Ventures led the round with 1 other firm. Hoxton Ventures had backed Vitesse before.
Lead investor
- backs 164 venture-backed companies new investor
Also in the round
- Hoxton Ventures backs 50 venture-backed companies existing investor
Use of proceeds
What the money is for
According to the announcement, the money goes to hiring, product development, geographic expansion, sales and marketing, scaling operations and working capital.
- Hiring
- Product development
- Geographic expansion
- Sales and marketing
- Scaling operations
- Working capital
Comparable rounds
How it compares
73 Series A rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $13M, and this round was 66% of the median. The closest in time, other companies' Series A rounds in Payment Processing & Point of Sale:
| Company | Announced | Amount | Post-money | Led by |
|---|---|---|---|---|
| Payment Processing & Point of Sale | 1 Aug 2020 | $12M | not disclosed | not named |
| Payment Processing & Point of Sale | 22 Jul 2020 | $33M | not disclosed | Altos Ventures and Left Lane Capital |
| Payment Processing & Point of Sale | 15 Jul 2020 | $32M | not disclosed | Coatue |
| Payment Processing & Point of Sale | 14 Sep 2020 | $23M | not disclosed | Goldman Sachs |
| Payment Processing & Point of Sale | 27 Sep 2020 | $12M | not disclosed | Stripes |
| Payment Processing & Point of Sale | 16 Jul 2020 | $10M | not disclosed | Teamworthy Ventures |
| Payment Processing & Point of Sale | 21 Jul 2020 | $7.0M | not disclosed | HSBC |
| Payment Processing & Point of Sale | 30 Sep 2020 | $6.9M | not disclosed | not named |
Sources
Where this comes from
Reported by 5 sources.
Questions
Frequently asked
How much did Vitesse raise in its Series A round?
Vitesse raised $8.6M in its Series A round, announced in Aug 2020.
Who led Vitesse's Series A round?
Octopus Ventures led it, with Hoxton Ventures.
What was Vitesse's valuation at the Series A round?
It was not disclosed.
How does it compare with other Series A rounds in Payment Processing & Point of Sale?
73 Series A rounds in Payment Processing & Point of Sale within a year either side disclosed an amount; the median was $13M, and this round was 66% of the median.
Did Vitesse raise again after this round?
Yes: a Series B round in Feb 2022 of $26M.