Finovate alums raised $1.1 billion in funding in the third quarter of 2019. The quarterly total represents a significant rebound over last year’s Q3 sum and is reminiscent of the third quarters from 2017 and 2015 in topping the $1 billion mark.
Previous Quarterly Comparisons
- Q3 2018: More than $400 million raised by 19 alums
- Q3 2017: More than $1 billion raised by 31 alums
- Q3 2016: More than $500 million raised by 30 alums
- Q3 2015: More than $1 billion raised by 40 alums
As our list of the quarter’s top equity investments below reveals, the $460 million fundraising from Klarna in August represents a significant amount of this year’s Q3 total. The investment, led by Dragoneer Investment Group, gave the Swedish ecommerce innovator a valuation of $5.5 billion and the title of the largest private fintech in Europe.
Also noteworthy was the $200 million raised by San Francisco, California-based payroll, benefits, and HR platform Gusto. Along with a pair of new participants Fidelity and Generation Investment Management, Gusto’s investors boosted the company’s valuation to $3.8 billion in the third quarter. There must be something special about Q3 and Gusto; the company’s previous $140 million in funding led the quarter’s top investments last year.
Top Ten Equity Investments for Q3 2019
- Klarna: $460 million
- Gusto: $200 million
- Trulioo: $53 million
- Credit Sesame: $43 million
- Numbrs: $40 million
- HackerOne: $35.4 million
- Flybits: $35 million
- Sezzle: $30 million (IPO)
- Scalable Capital: $28 million
- Kyndi: $20 million
Here is our detailed alum funding report for Q3 2019.
July 2019: More than $354 million raised by 10 alums
August 2019: More than $554 million raised by six alums
September 2019: More than $148 million raised by five alums
If you are a Finovate alum that raised money in the third quarter of 2019, and do not see your company listed, please drop us a note at email@example.com. We would love to share the good news! Funding received prior to becoming an alum not included.