After raising $1 billion, fintech Varo closes another $29 million, replaces founder CEO

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Fintech Varo has been hoping to raise a $55 million Series G round but has, so far, closed on $29 million to date, according to a recent SEC filing.

Varo declined to comment on this new round but the fintech has raised just over $1 billion in funding since its 2015 inception, according to PitchBook

It wouldn’t be the first time its fundraising didn’t go as hoped for. In 2023, Varo raised a $50 million equity round at a lower valuation ($1.85 billion post-money) than its massive and, it said, “oversubscribed” $510 million Series E



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After raising $1 billion, fintech Varo closes another $29 million, replaces founder CEO


Fintech Varo has been hoping to raise a $55 million Series G round but has, so far, closed on $29 million to date, according to a recent SEC filing.

Varo declined to comment on this new round but the fintech has raised just over $1 billion in funding since its 2015 inception, according to PitchBook

It wouldn’t be the first time its fundraising didn’t go as hoped for. In 2023, Varo raised a $50 million equity round at a lower valuation ($1.85 billion post-money) than its massive and, it said, “oversubscribed” $510 million Series E



Source link

Disclaimer

We strive to uphold the highest ethical standards in all of our reporting and coverage. We StartupNews.fyi want to be transparent with our readers about any potential conflicts of interest that may arise in our work. It’s possible that some of the investors we feature may have connections to other businesses, including competitors or companies we write about. However, we want to assure our readers that this will not have any impact on the integrity or impartiality of our reporting. We are committed to delivering accurate, unbiased news and information to our audience, and we will continue to uphold our ethics and principles in all of our work. Thank you for your trust and support.

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