Updater
Total amount raised
$102.5 Millions
Latest funding date
September, 2017
Updater
Location
Title
Updater has successfully raised significant funding over multiple rounds, establishing itself as a key player in the moving services industry. The platform offers a comprehensive suite of tools designed to simplify the moving process for both individuals and businesses.
Keep reading to delve into the details of Updater's fundraising journey and the investors who are backing this innovative platform.
What Is Updater?
Updater, founded in 2011, is headquartered in New York City. The company was established by David Greenberg, who experienced firsthand the complexities of moving and sought to simplify the process for others.
Updater offers a platform designed to streamline various aspects of moving, from setting up utilities to booking moving help. Their services aim to make the moving experience as stress-free as possible for both individuals and businesses.
With a dedicated team, Updater has grown to employ over 100 people, all focused on enhancing the moving process through innovative solutions and partnerships.
How Much Funding Has Updater Raised?
- Seed Round
- Amount Raised: $2 million
- Motivation Behind the Round: Initial funding to develop and launch the Updater platform.
- Series A Round
- Amount Raised: $5 million
- Date: May 2013
- Lead Investors: SoftBank Capital and IA Ventures
- Motivation Behind the Round: To invest in first-class talent, technology resources, and marketing.
- Series A Round
- Amount Raised: $8 million
- Date: April 2014
- Lead Investors: SoftBank, Second Century Ventures, IA Ventures, and Commerce Ventures
- Motivation Behind the Round: To expand services and integrate with more vendors.
Updater has raised a total of $15 million in funding. The current valuation is $50 million (~estimated).
Key Investors
- SoftBank Capital
- Details: SoftBank Capital is a venture capital firm that focuses on early and growth-stage investments. It is part of the larger SoftBank Group, known for its significant investments in technology and telecommunications.
- Investment Focus Areas: Technology, telecommunications, internet services, AI, robotics.
- Notable Investments: Alibaba, Uber, WeWork.
- Second Century Ventures
- Details: Second Century Ventures is the strategic investment arm of the National Association of Realtors. It focuses on advancing innovation in the real estate industry.
- Investment Focus Areas: Real estate technology, services, fintech.
- Notable Investments: DocuSign, HouseCanary, Notarize.
- IA Ventures
- Details: IA Ventures is an early-stage venture capital firm that invests in companies leveraging data as a core asset. The firm is known for its focus on data-centric businesses.
- Investment Focus Areas: Fintech, healthcare, enterprise software.
- Notable Investments: TransferWise (now Wise), The Trade Desk, Datadog.
- Commerce Ventures
- Details: Commerce Ventures is a venture capital firm that invests in companies transforming commerce. It focuses on retail, financial services, and digital health sectors.
- Investment Focus Areas: Retail, financial services, digital health.
- Notable Investments: Bill.com, Marqeta, Socure.
What's Next for Updater?
Updater stands at the cusp of a significant opportunity, with 45 million Americans moving each year. The platform's ability to integrate with 60,000 vendors positions it as a one-stop solution for movers, simplifying tasks from changing addresses to updating utilities. This vast market potential is further amplified by the trend of brand loyalty shifts during moves, offering lucrative advertising opportunities.
Future fundraising seems promising, given the successful $8 million Series A round. As Updater scales, additional investment rounds could fuel further expansion and technological advancements. However, challenges such as seamless vendor integration and user acquisition remain critical hurdles to overcome.
Use Clay to Get Funding Data
Sales professionals, take advantage of Clay's platform to access comprehensive fundraising data on companies like Updater and gather other critical business insights.
Sign up for free on Clay and start leveraging these powerful tools today.
