Upgrade was founded in 2016 by Adelina Grozdanova, Jeffrey Bogan, Matt Wierman, Renaud Laplanche, Soul Htite, and Visar Nimani. Upgrade has not officially endorsed a plan to participate in an IPO.
Upgrade is a credit company that operates on a "buy now pay later" model, allowing online shoppers to organize purchase balances into fixed-rate installment plans. Per Forge data, Upgrade raised $587 million in funding over 7 rounds. Their latest funding was raised on Nov 16, 2021, from a Series F round. Key investors include Koch Disruptive Technologies, DST Global, Mouro Capital, Coatue, and CreditEase Fintech Investment Fund.
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 | |
---|---|---|---|---|---|---|
11/16/2021 | Series F | $279.6MM | $xx.xx | $6.28B | Coatue Management, DST Global. Dragoneer Investment Group, Gopher Asset Management, G Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital, Vy Capital | |
Price per Share
$xx.xx
Shares Outstanding
49,607,432
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Coatue Management, DST Global. Dragoneer Investment Group, Gopher Asset Management, G Squared, Koch Disruptive Technologies, Old Well Partners, Ribbit Capital, Sands Capital, Ventura Capital, Vy Capital
|
||||||
08/11/2021 | Series E | $105.05MM | $xx.xx | $3.33B | Koch Disruptive Technologies, BRV, Ventura Capital | |
Price per Share
$xx.xx
Shares Outstanding
32,601,690
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Koch Disruptive Technologies, BRV, Ventura Capital
|
||||||
06/17/2020 | Series D | $81.75MM | $xx.xx | $1.11B | Santander InnoVentures, Union Square Ventures, Ribbit, Vy Capital, Silicon Valley Bank, Ventura Capital, Uncorrelated Ventures | |
Price per Share
$xx.xx
Shares Outstanding
75,845,644
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
Santander InnoVentures, Union Square Ventures, Ribbit, Vy Capital, Silicon Valley Bank, Ventura Capital, Uncorrelated Ventures
|
||||||
08/23/2018 | Series C-2 | $9.89MM | $xx.xx | $652.34MM | CreditEase Fintech Investment Fund, Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital | |
Price per Share
$xx.xx
Shares Outstanding
16,928,384
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
8.0%
Cumulative
Cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
CreditEase Fintech Investment Fund, Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital
|
||||||
08/23/2018 | Series C-1 | $93.15MM | $xx.xx | $652.34MM | CreditEase Fintech Investment Fund, Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital | |
Price per Share
$xx.xx
Shares Outstanding
159,363,504
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
16.0%
Cumulative
Cumulative
Participating
Non-participating
Participation Cap
N/A
Key Investors
CreditEase Fintech Investment Fund, Apoletto, FirstMark Capital, NOAH, Ribbit, Sands Capital, Silicon Valley Bank, Union Square Ventures, Vy Capital
|
||||||
04/06/2017 | Series B | $20MM | $xx.xx | $309.99MM | Undisclosed Investors | |
Price per Share
$xx.xx
Shares Outstanding
46,390,912
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
Undisclosed Investors
|
||||||
04/06/2017 | Series A-2 | $42.3MM | $xx.xx | $309.99MM | Union Square Ventures, Credit Ease, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, Silicon Valley Bank, Uprising, Vy Capital, Apoletto | |
Price per Share
$xx.xx
Shares Outstanding
161,679,392
Liquidation Pref Order
1
Liquidation Pref As Multiplier
1.0x
Conversion Ratio
1.0x
Dividend Rate
Cumulative
Non-cumulative
Participating
Participating
Participation Cap
1000.0
Key Investors
Union Square Ventures, Credit Ease, FirstMark Capital, Noah Holdings, Ribbit Capital, Sands Capital Ventures, Silicon Valley Bank, Uprising, Vy Capital, Apoletto
|
||||||
05/31/2016 | Series A-1 | $3.25MM | $xx.xx | $12.36MM | Undisclosed Investors | |
Price per Share
$xx.xx
Shares Outstanding
69,333,344
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
Undisclosed Investors
|
||||||
05/31/2016 | Series A | $2.5MM | $xx.xx | $12.36MM | Undisclosed Investors | |
Price per Share
$xx.xx
Shares Outstanding
53,333,344
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
Undisclosed Investors
|