Upgrade is raising $105M

Upgrade has just authorized a new Series E preferred stock which could increase the valuation to $3.5 billion if all Series E shares are issued. The online lending platform company is previously backed by Ventura Capital, Uncorrelated Capital, Vy Capital, Silicon Valley Bank, Ribbit Capital, Union Square Ventures, and Santander InnoVentures to name a few. The most recent Series E round follows $40 million raised for Series D. The terms surrounding the Series E include pari passu liquidation preference with all other preferred, and conventional convertible meaning they will not participate with common stock if there are remaining proceeds. The most recent price per share is $6.4442, an up round from Series D at 2.1556.