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-2 | $6.41MM | $xx.xx | $361.61MM | Abstract Ventures, Adventure Collective, Afore Capital, Gr Capital, Great Oaks Venture Capital, Kelvin Beachum, Nelstone Ventures, Ride Ventures, Riverpark Ventures, Rosecliff Ventures, Starta Ventures, The Gramercy Fund, Valar Ventures | |
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Abstract Ventures, Adventure Collective, Afore Capital, Gr Capital, Great Oaks Venture Capital, Kelvin Beachum, Nelstone Ventures, Ride Ventures, Riverpark Ventures, Rosecliff Ventures, Starta Ventures, The Gramercy Fund, Valar Ventures
|
||||||
09/24/2020 | Series C-1 | $6.46MM | $xx.xx | $361.61MM | Abstract Ventures, Adventure Collective, Afore Capital, Gr Capital, Great Oaks Venture Capital, Kelvin Beachum, Nelstone Ventures, Ride Ventures, Riverpark Ventures, Rosecliff Ventures, Starta Ventures, The Gramercy Fund, Valar Ventures | |
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Abstract Ventures, Adventure Collective, Afore Capital, Gr Capital, Great Oaks Venture Capital, Kelvin Beachum, Nelstone Ventures, Ride Ventures, Riverpark Ventures, Rosecliff Ventures, Starta Ventures, The Gramercy Fund, Valar Ventures
|
||||||
09/24/2020 | Series C-3 | $9.77MM | $xx.xx | $361.61MM | Abstract Ventures, Adventure Collective, Afore Capital, Gr Capital, Great Oaks Venture Capital, Kelvin Beachum, Nelstone Ventures, Ride Ventures, Riverpark Ventures, Rosecliff Ventures, Starta Ventures, The Gramercy Fund, Valar Ventures | |
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Abstract Ventures, Adventure Collective, Afore Capital, Gr Capital, Great Oaks Venture Capital, Kelvin Beachum, Nelstone Ventures, Ride Ventures, Riverpark Ventures, Rosecliff Ventures, Starta Ventures, The Gramercy Fund, Valar Ventures
|
||||||
09/24/2020 | Series C | $27.36MM | $xx.xx | $361.61MM | Abstract Ventures, Adventure Collective, Afore Capital, Gr Capital, Great Oaks Venture Capital, Kelvin Beachum, Nelstone Ventures, Ride Ventures, Riverpark Ventures, Rosecliff Ventures, Starta Ventures, The Gramercy Fund, Valar Ventures | |
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Abstract Ventures, Adventure Collective, Afore Capital, Gr Capital, Great Oaks Venture Capital, Kelvin Beachum, Nelstone Ventures, Ride Ventures, Riverpark Ventures, Rosecliff Ventures, Starta Ventures, The Gramercy Fund, Valar Ventures
|
||||||
01/29/2019 | Series B-2 | $250,550.00 | $xx.xx | $121.81MM | Afore Capital, Greyhound Capital, Riverpark Ventures, Rosecliff Ventures, Story Ventures, Third Prime Capital, Valar Ventures | |
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Afore Capital, Greyhound Capital, Riverpark Ventures, Rosecliff Ventures, Story Ventures, Third Prime Capital, Valar Ventures
|
||||||
01/29/2019 | Series B-1 | $2.76MM | $xx.xx | $121.81MM | Afore Capital, Greyhound Capital, Riverpark Ventures, Rosecliff Ventures, Story Ventures, Third Prime Capital, Valar Ventures | |
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Afore Capital, Greyhound Capital, Riverpark Ventures, Rosecliff Ventures, Story Ventures, Third Prime Capital, Valar Ventures
|
||||||
01/29/2019 | Series B | $27.2MM | $xx.xx | $121.81MM | Afore Capital, Greyhound Capital, Riverpark Ventures, Rosecliff Ventures, Story Ventures, Third Prime Capital, Valar Ventures | |
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Afore Capital, Greyhound Capital, Riverpark Ventures, Rosecliff Ventures, Story Ventures, Third Prime Capital, Valar Ventures
|
||||||
01/10/2018 | Series A | $13.71MM | $xx.xx | $50.74MM | 5xmais, Abstract Ventures, Riverpark Ventures, Rosecliff Venture Partners, Valar Ventures | |
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
5xmais, Abstract Ventures, Riverpark Ventures, Rosecliff Venture Partners, Valar Ventures
|
||||||
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
8.0%
Cumulative
Non-cumulative
Participating
Non-participating
Participation Cap
--
Key Investors
Abstract Ventures, Afore Capital, Brooklyn Bridge Ventures, Great Oaks Venture Capital, Guild Capital
|