EQT Ventures leads $44m series-B for Cleo

The firm is currently investing from its second-generation fund, which closed on €660m in November 2019 and typically invests at series-A and -B.

Existing investors Balderton Capital, LocalGlobe and SBI, as well as existing angel investors including Taavet Hinrikus, Matt Robinson, Errol Damelin, Niklas Zennstrom, Alex Chesterman and Ian Hogarth, participated in the round.

The fresh capital will go towards improving credit, building personalised spending plans to stabilise financial safety nets and furthering US expansion as the company makes leadership hires in the San Francisco Bay Area.

Previous funding
Eight angel investors invested $700,000 in the company in January 2017 and in July that year, LocalGlobe led a £2m funding round , which saw participation from Zennström Philanthropies, Redbus Group, Entrepreneur First and some angel investors.

In September 2018, Balderton Capital led a $10m funding round for the company with participation from LocalGlobe. The business had a pre-money valuation of $30m at the time, according to Crunchbase.

TriplePoint Capital provided debt financing to the company in June 2019.

Company
Founded in 2016, Cleo offers insights about a user’s finances and the data needed to make financial decisions. The company is currently not profitable and is headquartered in London.

People
EQT Ventures – Tom Mendoza (deal partner).

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• Topics
• Expansion
• UK / Ireland
• Technology
• Venture
• EQT Ventures
• Balderton Capital
• United Kingdom