Total amount raised
$51.4 Millions
Latest funding date
2/1/2018
Location
Dwolla has successfully raised significant funding over multiple rounds, attracting a diverse group of investors. The platform specializes in ACH payment automation, offering a range of solutions to streamline payment processes for businesses.
Keep reading to explore the intricacies of Dwolla's fundraising journey and the investors backing this innovative platform.
What Is Dwolla?
Founded in 2008, Dwolla is a fintech company based in Des Moines, Iowa. The company was established by Ben Milne and Shane Neuerburg.
Dwolla specializes in providing sophisticated account-to-account payment solutions. Their modern API simplifies the integration with various payment networks, enabling businesses to program payments directly to bank accounts.
With a team of 51-100 employees, Dwolla continues to innovate in the payment automation space, serving a diverse range of businesses from start-ups to Fortune 500 companies.
How Much Funding Has Dwolla Raised?
- Angel Round
- Amount Raised: $250K
- Date: November 2009
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: Initial funding to develop the core technology and launch the platform.
- Grant
- Amount Raised: $55K
- Date: March 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support early-stage development and operational costs.
- Series A
- Amount Raised: $1M
- Date: November 2010
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the team.
- Series B
- Amount Raised: $5M
- Date: February 2012
- Lead Investors: Union Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance product features and increase market penetration.
- Series C
- Amount Raised: $16.5M
- Date: May 2013
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand the customer base.
- Series D
- Amount Raised: $9.7M
- Date: September 2014
- Lead Investors: CME Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and explore new market opportunities.
- Venture Round
- Amount Raised: $6.9M
- Date: January 2017
- Lead Investors: Foundry Group, Union Square Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support product innovation and expand the team.
- Venture Round
- Amount Raised: $12M
- Date: February 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the platform's capabilities and drive growth.
- Venture Round
- Amount Raised: $21M
- Date: July 2021
- Lead Investors: Foundry Group
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support growth initiatives, particularly in international payments, and expand partner relationships.
Total Amount Raised: $72.405M. Current Valuation: Not publicly disclosed.
Key Investors
- Foundry Group
- Details: Foundry Group is a venture capital firm based in Boulder, Colorado. They focus on investing in early-stage technology companies.
- Investment Focus Areas: Software, Internet, and Information Technology.
- Notable Investments: Fitbit, SendGrid, Zynga.
- Union Square Ventures
- Details: Union Square Ventures is a New York-based venture capital firm. They invest in internet services that create large networks.
- Investment Focus Areas: Internet, Mobile, and Web Services.
- Notable Investments: Twitter, Etsy, Tumblr.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a private venture capital firm based in Menlo Park, California. They provide seed, venture, and growth-stage funding.
- Investment Focus Areas: Software, Mobile, and Cloud Computing.
- Notable Investments: Facebook, Airbnb, Slack.
- CME Ventures
- Details: CME Ventures is the venture capital arm of CME Group. They invest in early-stage technology companies that have strategic relevance to CME Group.
- Investment Focus Areas: FinTech, Data Analytics, and Blockchain.
- Notable Investments: Digital Asset Holdings, Nervana Systems, Orbital Insight.
- Next Level Ventures
- Details: Next Level Ventures is a venture capital firm based in Des Moines, Iowa. They invest in growing companies that are based in Iowa.
- Investment Focus Areas: Healthcare, Agriculture, and Technology.
- Notable Investments: Workiva, Pear Deck, Gross-Wen Technologies.
What's Next for Dwolla?
Dwolla's future looks promising with significant opportunities on the horizon. The company is poised to expand into international markets such as Canada, the U.K., and Australia, leveraging its robust API to offer more customizable payment solutions. This expansion, coupled with the increasing demand for real-time payments and low-code financial technology, positions Dwolla to capture a larger share of the growing payments market.
As Dwolla scales its operations, future fundraising rounds are likely, especially with the anticipated larger Series C round next year. These funds will support further technological advancements and market expansion. However, the company will need to navigate regulatory challenges in new markets and maintain the scalability of its real-time payment infrastructure to stay competitive.
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