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Total amount raised
$403M
Latest funding date
2022-05-17
Location
Updater has successfully raised funding over nine rounds, with the latest being a Corporate Round, the company is backed by 17 investors, including Matsukiyo Cocokara and KITA DENSHI.
Keep reading to explore the intricacies of Updater's fundraising journey and the investors backing this innovative platform.
Updater has raised funding across multiple rounds backed by investors including Vista Credit Partners, Second Century Ventures, SoftBank Capital, IA Ventures, Commerce Ventures, and Fidelity International.
Keep reading to explore Updater's full fundraising journey.
What Is Updater?
Updater is a New York City-based technology platform powering the relocation industry. Founded in 2010, the company helps individuals, businesses, and real estate professionals manage and streamline every aspect of the moving process — from forwarding mail and transferring utilities to setting up home services and more. Updater powers over 25% of all U.S. household moves annually, working with real estate brokerages, apartment operators, and relocation management companies.
How Much Funding Has Updater Raised?
- Seed Round (2011)
- Amount Raised: Undisclosed
- Date: August 2011
- Lead Investors: Undisclosed
- Seed Round (2012)
- Amount Raised: Undisclosed
- Date: June 2012
- Lead Investors: Undisclosed
- Series A (First Tranche)
- Amount Raised: USD 5,000,000
- Date: May 2013
- Lead Investors: Undisclosed
- Participants: SoftBank Capital, IA Ventures, Commerce Ventures, Second Century Ventures
- Series A (Second Tranche)
- Amount Raised: USD 8,000,000
- Date: April 2014
- Lead Investors: Undisclosed
- Participants: SoftBank Capital, Second Century Ventures, IA Ventures, Commerce Ventures
- Series B
- Amount Raised: USD 20,000,000
- Date: December 2015
- Lead Investors: Undisclosed
- Series C
- Amount Raised: USD 30,000,000
- Date: September 2016
- Lead Investors: Fidelity International
- Participants: Fidelity International, Thorney Investment Group, existing institutional shareholders
- Series D
- Amount Raised: USD 45,000,000
- Date: September 2017
- Lead Investors: Undisclosed
- Participants: Institutional investors (specific names undisclosed)
- Venture Round (Convertible Note)
- Amount Raised: USD 20,000,000 (growth capital component; total financing of USD 95M included USD 75M for Bridgevine acquisition)
- Date: December 2019
- Lead Investors: Second Century Ventures
- Convertible Note
- Amount Raised: USD 60,000,000
- Date: November 2021
- Lead Investors: Undisclosed (multiple long-time backers including Second Century Ventures)
- Participants: Second Century Ventures and other existing investors
- Debt Financing
- Amount Raised: USD 215,000,000
- Date: May 17, 2022
- Lead Investors: Vista Credit Partners (subsidiary of Vista Equity Partners)
Total Amount Raised: At least $403M based on disclosed funding rounds (some early seed round amounts undisclosed; third-party sources estimate total as high as $453M–$467M).
Key Investors
- Vista Credit Partners
- Details: The credit investment arm of Vista Equity Partners, Vista Credit Partners led Updater's largest single funding round — a $215M debt financing in May 2022. David Flannery, President of Vista Credit Partners, described Updater as providing a "best-in-class platform" and a "win-win model for both consumers and businesses."
- Second Century Ventures
- Details: The strategic investment arm of the National Association of REALTORS® (NAR), Second Century Ventures has been one of Updater's most consistent backers. The firm participated in Updater's Series A (2014), the 2019 growth capital round, and the 2021 convertible note round — marking at least three separate investments.
- SoftBank Capital
- Details: SoftBank Capital co-invested in Updater's Series A rounds in 2013–2014 alongside IA Ventures, Commerce Ventures, and Second Century Ventures, providing early-stage institutional backing for the platform.
- IA Ventures
- Details: New York-based IA Ventures participated in Updater's Series A financing, helping establish the company's early investor base alongside SoftBank Capital and Commerce Ventures.
- Commerce Ventures
- Details: San Francisco-based Commerce Ventures participated in Updater's early funding rounds, joining as an investor starting with the Series A in 2014.
- Fidelity International
- Details: Fidelity International led Updater's Series C round in September 2016, alongside Thorney Investment Group and existing shareholders, in a private placement that raised $30M.
What's Next for Updater?
Updater is well-positioned to continue expanding its footprint in the relocation technology market. With over $215 million in debt financing secured from Vista Credit Partners in 2022, the company has the capital to fund extensive R&D, launch products into new markets, develop additional features for users, and invest substantially in talent. As the company powers over 25% of all U.S. household moves annually, Updater is poised to capture further market share and deepen its value proposition for real estate brokerages, property managers, and relocation management companies alike.
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