Orrick Advises Upstart in $32.5 Million Funding Round

03.08.17

Orrick has advised online lender Upstart in a $32.5 million funding round that brings its total funding to date to $85 million. Rakuten, a global leader in internet services and global innovation headquartered in Japan, co-led the round with a U.S.-based asset manager.

Existing investors Third Point Ventures, Khosla Ventures, and First Round Capital also participated in the financing. As part of the transaction, Oskar Mielczarek de la Miel, Managing Partner of the Rakuten Fintech Fund, will join Upstart’s Board of Directors.

The Orrick team advising on this transaction was led by partner Amanda Galton and included assistance from partner Andrew Erskine and associate Isabel Ajuria. Orrick has been advising Upstart on financing and securities matters since its inception.