Total amount raised
$172 Million
Latest funding date
10/1/2022
Location
Tally has successfully navigated five funding rounds, attracting investment from notable backers such as Menora Mivtachim and Cowboy Ventures. The company's latest Series D round saw participation from seven investors, including lead investor Sway Ventures.
Keep reading to explore the intricacies of Tally's fundraising journey and the investors backing this financial automation platform.
What Is Tally?
Tally, a financial automation company, was based in San Francisco, California. The company specialized in helping members pay off their credit card debt and operated within the financial services, fintech, and mobile apps industries.
Founded with a mission to simplify financial management, Tally had an employee count ranging from 101 to 250. Despite its closure, the company had made significant strides in the financial sector, raising multiple rounds of funding, including a Series D round.
How Much Funding Has Tally Raised?
- Seed Round
- Amount Raised: USD 2,000,000
- Date: June 2015
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To develop the initial product and validate the market need for a credit card debt management solution.
- Series A
- Amount Raised: USD 15,000,000
- Date: May 2016
- Lead Investors: Shasta Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To scale the platform and expand the user base.
- Series B
- Amount Raised: USD 25,000,000
- Date: July 2018
- Lead Investors: Kleiner Perkins
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance the technology and introduce new features to the platform.
- Series C
- Amount Raised: USD 50,000,000
- Date: June 2019
- Lead Investors: Andreessen Horowitz
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate growth and expand market reach.
- Series D
- Amount Raised: USD 80,000,000
- Date: October 2022
- Lead Investors: Sway Ventures
- Valuation at Round: USD 855,000,000
- Motivation Behind the Round: To continue business growth and expand the automated debt pay-down system.
Total Amount Raised: USD 172,000,000. Current Valuation: USD 855,000,000.
Key Investors
- Sway Ventures
- Details: Sway Ventures is a venture capital firm that led Tally's Series D funding round. Ken Denman, a general partner at Sway Ventures, joined Tally’s board of directors as part of the investment.
- Investment Focus Areas: Technology, early to mid-stage companies, consumer internet.
- Notable Investments: Uber, Addepar, Tally.
- Andreessen Horowitz
- Details: Andreessen Horowitz is a prominent venture capital firm investing in technology companies across various stages. They participated in multiple funding rounds for Tally.
- Investment Focus Areas: Technology, software, consumer, enterprise technology.
- Notable Investments: Facebook, Airbnb, Lyft.
- Kleiner Perkins
- Details: Kleiner Perkins is a venture capital firm known for its investments in early-stage and growth-stage companies. They have been a consistent investor in Tally.
- Investment Focus Areas: Technology, life sciences, healthcare.
- Notable Investments: Google, Amazon, Twitter.
- Shasta Ventures
- Details: Shasta Ventures is a venture capital firm focusing on early-stage technology companies. They have invested in Tally from its early stages.
- Investment Focus Areas: Early-stage technology, enterprise software, consumer technology.
- Notable Investments: Nest, Mint, Anaplan.
- Menora Mivtachim
- Details: Menora Mivtachim is an Israeli insurance company that participated in Tally's Series D funding round. They focus on a variety of investment areas.
- Investment Focus Areas: Insurance, financial services, technology.
- Notable Investments: Various technology and financial services companies.
What's Next for Tally?
As Tally looks to the future, the company is poised to capitalize on the growing need for debt management solutions. With over 30% of Americans carrying interest-bearing credit card debt, Tally's automated debt pay-down system offers a significant opportunity to help consumers manage and reduce their financial burdens. The company has already paid off over $1 billion in credit card debt for its members, and the potential to introduce new lines of credit at lower interest rates could further expand its reach.
Future fundraising opportunities appear promising, given the successful Series D round and the involvement of high-profile investors. This financial backing positions Tally well for additional funding rounds to scale operations and introduce new product offerings. However, the company may face challenges such as economic fluctuations, competition from other fintech companies, and regulatory changes. Despite these hurdles, Tally's innovative approach and strong investor support suggest a bright future ahead.
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