What is Upstart?
Founded in 2012 and headquartered in San Mateo, California, Upstart operates an online lending marketplace that leverages non-traditional variables, such as education and employment history, to predict creditworthiness. This methodology aims to provide more accurate risk assessments compared to conventional credit scoring models. Upstart's platform facilitates personal loans, distinguishing itself in the competitive fintech landscape by focusing on a broader spectrum of borrower data to drive its lending decisions.
How much funding has Upstart raised?
Upstart has raised a total of $676M across 9 funding rounds:
Angel/Seed
$1.8M
Debt
$2M
Series A
$5.9M
Series B
$18.9M
Series C
$32.5M
Unspecified
$50M
Debt
$5M
Stock Offering
$240M
Debt
$320M
Angel/Seed (2012): $1.8M with participation from New Enterprise Associates, First Round Capital, Google Ventures, and Kleiner Perkins Caufield & Byers
Debt (2013): $2M, investors not publicly disclosed
Series A (2013): $5.9M supported by Khosla Ventures, Founders Fund, Collaborative Fund, and First Round Capital
Series B (2014): $18.9M featuring Bradley Horowitz and Khosla Ventures
Series C (2017): $32.5M backed by Rakuten, Third Point Ventures, First Round Capital, and Khosla Ventures
Unspecified (2019): $50M with participation from HOOPP, First National Bank of Omaha, and Progressive Investment Company
Debt (2020): $5M led by PPP
Stock Issuance/Offering (2020): $240M supported by Undisclosed
Debt (2025): $320M, investors not publicly disclosed
Key Investors in Upstart
Khosla Ventures
Khosla Ventures provides venture assistance and strategic advice to entrepreneurs working on breakthrough technologies. The firm was founded in 2004 by Vinod Khosla, co-founder of Sun Microsystems. With over fourteen billion dollars under management, the firm focuses on a broad range of areas including consumer, enterprise, ai, fintech and financial services, semiconductors, health, agriculture/food, sustainable energy, and robotics.
Founders Fund
Founders Fund invests in the world's most important and valuable companies across all geographies, sectors and stages. The firm's partners have been founders and early funders of companies including PayPal, SpaceX, Palantir, Anduril, Airbnb, Stripe and Facebook. Founders Fund pursues a founder-friendly investment strategy, providing maximum support with minimum interference.
Collaborative Fund
With over $500 million in assets under management, Collaborative Fund is a leading source of capital and strategic support for entrepreneurs pushing the world forward. As an early investor in Beyond Meat, Dandelion Energy, Good Eggs, Gumroad, Lovevery, Lyft, Sweetgreen, Upstart, and Whoop, Collaborative Fund and its portfolio companies benefit from the community and lessons shared from the company's network.
What's next for Upstart?
The recent major strategic investment signals a pivotal phase for Upstart, likely enabling further expansion of its lending platform, technological development, and market reach. This capital infusion is expected to bolster its efforts in disrupting traditional lending practices and enhancing access to credit for a wider demographic. The company's focus on data-driven innovation positions it for continued advancement in the financial technology space.
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