This morning, we announced a $165 million funding round at a valuation of $1.6 billion.
The Series D investment includes new investors, Hanaco, PayPal Ventures, Whale Rock, Schonfeld, and participation from previous backers, NEA, Insight Venture Partners, Acrew, and Pelion.
We wouldn’t be here today without the support and commitment of our customers and our team. I wanted to take a moment to thank you for the commitment you’ve shown us, especially through the past year.
The 2020 rollercoaster
2020 started strong. We had an aggressive financial plan that was going to stretch us, and we were ahead of schedule. We were confident that this would be a year to remember.
And we were right.
When COVID-19 hit, we saw many FinTech companies hurting, but we also saw the best companies finding a way to succeed. We watched companies like PayPal, Square, and Shopify, being creative and inventive.
We were committed to follow their lead—to adapt, to innovate, to thrive.
As a team, we internalized the mantra of Navy Seals: “No one is coming. It’s up to us.”
In spite of the hard, our team kept fighting, narrowing our focus, and ensuring our business was built for the future.
Dedicated to our core elements, we were able to reduce acquisition costs by 75% and double our contribution margin—allowing us to scale more efficiently and invest more in our product development and customer teams.
We didn’t just survive 2020, we emerged as a more effective company. We saw everyone at Divvy rally together behind a common goal with an obsessive focus on our customers.
This collective resolve and the sheer grit of our employees is what makes Divvy special.
2020 brought to the surface what we have always known: Divvy is here to serve business owners, empowering them to take control of their financial health and dictate their own futures. We can think of no greater calling.
At its heart, Divvy supports the American dream.
Divvy serves businesses across every industry by providing the capital and financial software they need to thrive.
By doubling down on our mission, we’ve seen monthly sign-ups increase nearly 500% since March of this year.
Today, we help over 9,000 companies. We grow together. We win together.
This round of funding empowers us to continue to support businesses by providing the capital they need to thrive and cutting-edge financial software to manage it.
We’ve added Tier 1 strategic investors like PayPal Ventures, the best hedge funds like Whalerock and Schonfeld, and international late-stage growth backers like Hanaco.
With a valuation of $1.6 billion, we’ve joined the ranks of previous Utah tech unicorns like Qualtrics, Pluralsight, and Domo.
Most importantly, our Series D allows us to continue to invest in our people and our product. We are humbled and thankful to be here today.