Brex valued at $2.6B with new cash from Kleiner Perkins
Curated by: Startups
Reports published late last month indicated Brex, the fast-growing fintech startup, was raising yet another round. Today, the San Francisco-based company is confirming it’s closed on $100 million in Series C-2 funding at a valuation of $2.6 billion.
Kleiner Perkins has lead the round via former general partner Mood Rowghani, who left the fund last year to form Bond alongside Mary Meeker and Noah Knauf. Existing investors DST Global, IVP, Y Combinator and Greenoaks Capital have also participated in the round.
The Y Combinator graduate, which provides corporate cards tailored for startups, is also announcing the launch of its third product: a card made specifically for life sciences companies. With a focus on pharmaceutical, biotech and cosmetic businesses, Brex has customized its underwriting model for the life sciences sector and crafted targeted rewards, including cash back on lab supplies and conference fees.
Brex’s funding history March 2017: Brex graduates Y Combinator April 2017: $6.5M Series A | $25M valuation April 2018: $50M Series B | $220M valuation October 2018: $125M Series C | $1.1B valuation June 2019: $100M Series C-2 | $2.6B valuation
Brex’s valuation has grown significantly from $1.1 billion just eight months ago. Why?