23rd April 2024 – TechCrunch has exclusively learned that Pomelo, a business that combines credit and international money transfer, has secured $35 million in a Series A round-headed by Dubai venture firm Vy Capital. The business is also launching a $75 million expansion of its warehouse.
In addition to early investors Afore Capital, additional investors in the financing included Founders Fund and A* Capital. Through this sale, a total of $55 million in stock capital and $125 million for the warehousing facility have been raised. TechCrunch reported on Pomelo’s 2022 $20 million seed round backed by the Founders Fund.
Vy Capital, the new backer, is a little-known investment company that has amassed over $5 billion in assets and gained notoriety for supporting Elon Musk during his acquisition of Twitter.
Conclusion
Keith Rabois is still a board member of Pomelo, having closed one of his final investments there before joining Khosla Ventures and departing Founders Fund. In an interview with TechCrunch, Eric Velasquez Frenkiel, the founder and CEO of Pomelo, said that “both Keith Rabois and Kevin Hartz went super pro rata on this round,” characterizing the Series A investment as “preemptive.” He only said that it was an “up round,” declining to disclose the value.
Source:Link
