Petal was founded in 2016 by Jack Arenas, Paul Rabil, Jason Rosen, and Andrew Endicott. The company has not publicly endorsed plans to participate in an IPO.
Petal, through a partnership with Visa, offers credit cards to customers with limited credit history. While many customers are first time credit card holders, others are using the company's products to rebuild damaged credit. The company has raised more than $650 in private funding from investors including Valar Ventures, CUNA Mutual, Encore Bank, Volery Capital Partners, Gopher Asset Management, RiverPark Ventures, Afore Capital, and Gaingels. Petal was valued at $800 million after a $55 million round of Series C funding in 2020.
These comments should not be interpreted to mean that the company is formally pursuing or foregoing an IPO.
Funding Date | Share Class | Amount Raised | Price per Share | Post-Money Valuation | Key Investors | |
---|---|---|---|---|---|---|
09/24/2020 | Series C-3 | $9.77MM | $xx.xx | $361.61MM | Valar Ventures, Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital, GR Capital, Nelstone Ventures, Abstract Ventures, Ride Ventures, The Gramercy Fund, Adventure Collective, Starta Ventures, Kelvin Beachum | |
Price per Share
$xx.xx
Shares Outstanding
1,993,873
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Valar Ventures, Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital, GR Capital, Nelstone Ventures, Abstract Ventures, Ride Ventures, The Gramercy Fund, Adventure Collective, Starta Ventures, Kelvin Beachum
|
||||||
09/24/2020 | Series C-2 | $6.41MM | $xx.xx | $361.61MM | Valar Ventures, Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital, GR Capital, Nelstone Ventures, Abstract Ventures, Ride Ventures, The Gramercy Fund, Adventure Collective, Starta Ventures, Kelvin Beachum | |
Price per Share
$xx.xx
Shares Outstanding
2,150,646
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Valar Ventures, Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital, GR Capital, Nelstone Ventures, Abstract Ventures, Ride Ventures, The Gramercy Fund, Adventure Collective, Starta Ventures, Kelvin Beachum
|
||||||
09/24/2020 | Series C-1 | $6.46MM | $xx.xx | $361.61MM | Valar Ventures, Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital, GR Capital, Nelstone Ventures, Abstract Ventures, Ride Ventures, The Gramercy Fund, Adventure Collective, Starta Ventures, Kelvin Beachum | |
Price per Share
$xx.xx
Shares Outstanding
2,029,644
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Valar Ventures, Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital, GR Capital, Nelstone Ventures, Abstract Ventures, Ride Ventures, The Gramercy Fund, Adventure Collective, Starta Ventures, Kelvin Beachum
|
||||||
09/24/2020 | Series C | $27.36MM | $xx.xx | $361.61MM | Valar Ventures, Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital, GR Capital, Nelstone Ventures, Abstract Ventures, Ride Ventures, The Gramercy Fund, Adventure Collective, Starta Ventures, Kelvin Beachum | |
Price per Share
$xx.xx
Shares Outstanding
6,882,870
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Valar Ventures, Rosecliff Ventures, Afore Capital, RiverPark Ventures, Great Oaks Venture Capital, GR Capital, Nelstone Ventures, Abstract Ventures, Ride Ventures, The Gramercy Fund, Adventure Collective, Starta Ventures, Kelvin Beachum
|
||||||
01/29/2019 | Series B-2 | $250,550 | $xx.xx | $121.81MM | Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures, Afore Capital | |
Price per Share
$xx.xx
Shares Outstanding
115,328
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures, Afore Capital
|
||||||
01/29/2019 | Series B-1 | $2.76MM | $xx.xx | $121.81MM | Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures, Afore Capital | |
Price per Share
$xx.xx
Shares Outstanding
1,177,696
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures, Afore Capital
|
||||||
01/29/2019 | Series B | $27.2MM | $xx.xx | $121.81MM | Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures, Afore Capital | |
Price per Share
$xx.xx
Shares Outstanding
10,432,848
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Valar Ventures, Greyhound Capital, Third Prime Capital, Rosecliff Ventures, Story Ventures, RiverPark Ventures, Afore Capital
|
||||||
01/10/2018 | Series A | $13.71MM | $xx.xx | $50.74MM | Valar Ventures, 5xmais, Abstract Ventures, RiverPark Ventures, Rosecliff Venture Partners | |
Price per Share
$xx.xx
Shares Outstanding
10,892,241
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Valar Ventures, 5xmais, Abstract Ventures, RiverPark Ventures, Rosecliff Venture Partners
|
||||||
12/15/2016 | Series Seed | $3.3MM | $xx.xx | $14.12MM | Abstract Ventures, Afore Capital, Brooklyn Bridge Ventures, Great Oaks Venture Capital, Guild Capital | |
Price per Share
$xx.xx
Shares Outstanding
6,874,999
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
800.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Abstract Ventures, Afore Capital, Brooklyn Bridge Ventures, Great Oaks Venture Capital, Guild Capital
|