Startup News: Better, the digital mortgage provider, is going public with SPAC
After shelving plans over the past two years to become a public company via a special-purpose acquisition vehicle, Better is finally taking the plunge.
better.comReal Estate / Real Estate Products & ServicesFounded: 2016Funding to Date: $415.15MM
Better is the developer of a lending platform designed to provide a fast, transparent digital mortgage experience. The company offers a personalized rate quote in under 5 seconds, pre-approval in minutes, and a loan officer that earns no commission. The company was founded in 2016 and is headquartered in New York, NY.
Funding Date | Share Class | Amount Raised | Price per Share | Post-Money Valuation | Key Investors | |
---|---|---|---|---|---|---|
11/11/2020 | Series D-5 | $14 | $xx.xx | $4B | L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital | |
Price per Share
$xx.xx
Shares Outstanding
1
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital
|
||||||
11/11/2020 | Series D-4 | $5MM | $xx.xx | $4B | L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital | |
Price per Share
$xx.xx
Shares Outstanding
347,451
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital
|
||||||
11/11/2020 | Series D-3 | $2.61MM | $xx.xx | $4B | L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital | |
Price per Share
$xx.xx
Shares Outstanding
299,310
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital
|
||||||
11/11/2020 | Series D-2 | $58.19MM | $xx.xx | $4B | L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital | |
Price per Share
$xx.xx
Shares Outstanding
6,671,168
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital
|
||||||
11/11/2020 | Series D-1 | $16 | $xx.xx | $4B | L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital | |
Price per Share
$xx.xx
Shares Outstanding
1
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital
|
||||||
11/11/2020 | Series D | $131.75MM | $xx.xx | $4B | L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital | |
Price per Share
$xx.xx
Shares Outstanding
7,782,048
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
L Catterton, Activant Capital, Ally Ventures, American Express Ventures, Ping An Global Voyager Fund, 9Yards Capital
|
||||||
08/19/2019 | Series C-7 | $5MM | $xx.xx | $868.37MM | 9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
1,462,373
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-6 | $10.18MM | $xx.xx | $868.37MM | 9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
3,721,311
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-5 | $3.71MM | $xx.xx | $868.37MM | 9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
1,506,862
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-4 | $1.7MM | $xx.xx | $868.37MM | 9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
710,294
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-3 | $7.49MM | $xx.xx | $868.37MM | 9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
2,737,502
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-2 | $11.29MM | $xx.xx | $868.37MM | 9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
4,586,357
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C-1 | $10MM | $xx.xx | $868.37MM | 9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
2,924,746
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
08/19/2019 | Series C | $112.02MM | $xx.xx | $868.37MM | 9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
32,761,731
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
9Yards Capital, Activant Capital, AGNC Investment, Ally Ventures, Alumni Ventures Group, American Express Ventures, Fission Ventures, Kleiner Perkins, Pine Brook Partners
|
||||||
02/09/2017 | Series B-1 | $7.31MM | $xx.xx | $288.07MM | Goldman Sachs Group, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
3,654,311
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Goldman Sachs Group, Kleiner Perkins, Pine Brook Partners
|
||||||
02/09/2017 | Series B | $18.7MM | $xx.xx | $288.07MM | Goldman Sachs Group, Kleiner Perkins, Pine Brook Partners | |
Price per Share
$xx.xx
Shares Outstanding
9,351,449
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Goldman Sachs Group, Kleiner Perkins, Pine Brook Partners
|
||||||
05/31/2016 | Series A-1 | $7.54MM | $xx.xx | $151.02MM | 1/0 Capital, IA Ventures, KCK Group, Pine Brook Partners, Goldman Sachs Group | |
Price per Share
$xx.xx
Shares Outstanding
7,542,734
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Participating
Participation Cap
1000.0
Key Investors
1/0 Capital, IA Ventures, KCK Group, Pine Brook Partners, Goldman Sachs Group
|
||||||
05/31/2016 | Series A | $22.66MM | $xx.xx | $151.02MM | 1/0 Capital, IA Ventures, KCK Group, Pine Brook Partners, Goldman Sachs Group | |
Price per Share
$xx.xx
Shares Outstanding
22,661,786
Liquidation Pref Order
2
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Participating
Participation Cap
1000.0
Key Investors
1/0 Capital, IA Ventures, KCK Group, Pine Brook Partners, Goldman Sachs Group
|
After shelving plans over the past two years to become a public company via a special-purpose acquisition vehicle, Better is finally taking the plunge.