Total amount raised
$119.9 Millions
Latest funding date
4/1/2021
Location
Rho has successfully raised significant funding through multiple rounds, including a Series B round that closed on December 9, 2021. The company is backed by 14 investors, including notable names like M13 and DFJ Growth.
Keep reading to explore the intricacies of Rho's fundraising journey and the investors backing this innovative financial platform.
What Is Rho?
Rho, founded in 2018, is an all-in-one financial platform based in New York, New York. The company was established by Alex Wheldon, Damian Kimmelman, and Everett Cook.
Rho offers a comprehensive suite of financial products, including business checking and savings accounts, corporate credit cards, and expense management solutions. Their platform is designed to enhance efficiency, control, and visibility over financial transactions.
With a team of 251-500 employees, Rho continues to innovate in the fintech space, providing businesses with the tools they need to manage their finances effectively.
How Much Funding Has Rho Raised?
- Seed Round
- Amount Raised: $4.9M
- Date: October 2019
- Lead Investors: Inspired Capital Partners
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of their financial platform.
- Seed Round
- Amount Raised: Not publicly disclosed
- Date: January 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop and refine their product offerings.
- Series A
- Amount Raised: $15M
- Date: January 2021
- Lead Investors: M13
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale operations and expand their market reach.
- Debt Financing
- Amount Raised: $100M
- Date: April 2021
- Lead Investors: Community Investment Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and provide additional liquidity.
- Series B
- Amount Raised: $75M
- Date: December 2021
- Lead Investors: Dragoneer Investment Group, DFJ Growth
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To invest in innovation and simplify finance operations for organizations.
Total Amount Raised: $194.9M. Current Valuation: Not publicly disclosed.
Key Investors
- DFJ Growth
- Details: DFJ Growth is a venture capital firm that invests in high-growth technology companies. They have a strong track record of backing industry leaders.
- Investment Focus Areas: Technology, Clean Energy, Healthcare, Consumer, Enterprise
- Notable Investments: Tesla, SpaceX, Twitter
- Dragoneer Investment Group
- Details: Dragoneer Investment Group is a growth-oriented investment firm. They focus on partnering with exceptional management teams to build enduring businesses.
- Investment Focus Areas: Technology, Media, Telecommunications, Consumer, Financial Services
- Notable Investments: Airbnb, Uber, Spotify
- Community Investment Management
- Details: Community Investment Management is an institutional impact investment manager. They provide debt capital to innovative financial technology companies.
- Investment Focus Areas: Financial Inclusion, Small Business Lending, Impact Investing
- Notable Investments: Funding Circle, LendingClub, Kiva
- M13
- Details: M13 is a venture capital firm that invests in consumer technology companies. They support entrepreneurs with a unique combination of capital and operational expertise.
- Investment Focus Areas: Consumer Technology, Health and Wellness, FinTech, Media
- Notable Investments: Ring, Lyft, Pinterest
- Inspired Capital Partners
- Details: Inspired Capital Partners is an early-stage venture capital firm. They focus on investing in technology companies that are transforming industries.
- Investment Focus Areas: Early-stage Technology Companies
- Notable Investments: Chief, Orum, Finix
What's Next for Rho?
Rho's future looks promising as it continues to invest in innovation, particularly in simplifying finance operations for organizations. With the recent $75 million Series B funding, the company is well-positioned to expand its product offerings and enhance its platform capabilities. The hiring of Sebastjan Trepca as CTO signals a strong focus on engineering and technological advancements.
As Rho scales, future fundraising opportunities seem likely, especially given the fintech industry's growing demand for integrated financial services. However, the company will need to navigate challenges such as intense competition and the complexities of scaling operations while maintaining service quality. Strategic acquisitions may also play a role in bolstering Rho's market position and technological edge.
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