2022 marks the fourth year in a row in which Finovate alums have raised $1 billion or more in equity funding in the third quarter. The number of alums reporting investments in Q3 this year was lower than in previous years, and much of the quarter’s lofty fundraising total comes from a single, sizable investment of $800 million in Klarna.
Also continuing a trend we’ve seen for the past few years is the relatively strong performance of August compared to other months in the third quarter. While more capital was invested our alums in July (again, credit to Klarna), August featured more alums receiving funding than any other month in Q3 this year.
Previous Quarterly Comparisons
- Q3 2021: More than $1.1 billion raised by 14 alums
- Q3 2020: More than $1.2 billion raised by 14 alums
- Q3 2019: More than $1 billion raised by 21 alums
- Q3 2018: More than $400 million raised by 19 alums
- Q3 2017: More than $1 billion raised by 31 alums
Top Equity Investments for Q3 2022
The top equity investment of the quarter for Finovate alums this year was Klarna’s $800 million fundraising in July. In fact, at nearly 80% of the quarter’s total alum funding haul, Klarna’s investment was significantly larger than combined amount of the other six known alum investments in Q3.
While impressive in this context, the capital infusion did come with a reduction in Klarna’s valuation. According to Reuters, the Swedish e-commerce and payments innovator was valued at $6.7 billion in its July transaction, an 85% drop from its 2021 valuation of $46 billion.
Here is our detailed alum funding report for Q3 2022.
July 2022: $839 million raised by three alums
August 2022: More than $118 million raised by four alums
- Chekk: undisclosed – post
- Deposits: $5 million – news
- Solid: $63 million – post
- Truework: $50 million – post
September 2022: $52 million raised by one alum
If you are a Finovate alum that raised money in the third quarter of 2022 and do not see your company listed, please drop us a note at research@finovate.com. We would love to share the good news! Funding received prior to becoming an alum not included.