Unit Raises $100M Series C Financing
Gunderson Dettmer represented client Unit, a developer of a financial infrastructure, in its $100 million Series C financing led by Insight Partners with participation from Accel, Better Tomorrow, Flourish Ventures, Moving Capital, and StepStone. Unit’s platform is intended to help companies launch vertical banks and build financial services into their products. The new capital brings the company valuation to $1.2 billion and will be used to accelerate product development and expand its product offering.
In the announcement of the transaction, CEO Itai Damti said, “We’d like to thank all the incredible people that work with us every day: our customers (always first!), our team, our bank partners, our ecosystem partners, and our investors. We wouldn’t be where we are without your ongoing trust and commitment. Unit was born into a booming tech ecosystem. We make this announcement as the tide is changing, but innovation doesn’t stop. The giant financial services industry will continue to transform quickly over the next 10 years. Individuals and businesses will continue to choose financial services that serve them well, and builders will continue to meet this demand. The capital and infrastructure are there, and we’re proud to play a part in enabling this.”
The Gunderson deal team was led by Trevor Knapp and included Nick Agate and Jake Winton.