Drake and Ryan Reynolds value Wealthsimple at $5 billion!

Iconic investors, blockbuster valuation.

The details:

-post-money valuation of C$5 billion, a jump from $1.5B just in October 2020

-$750 million raise, $500m of which is secondary sale by Power affiliates

-Power will be diluted to 43% ownership, but 60% voting rights

-Power's gain on investment is $2.3B from $315m investment (an 8.3x return or 79% CAGR)

-Drake, Ryan Reynolds and Michael J. Fox and athletes Kelly Olynyk, Dwight Powell, and Patrick Marleau all participated.

-Key investors: Meritech, Greylock lead funding round; they're joined by new best-in-class investors including DST Global, Sagard, Iconiq, Dragoneer, TCV, iNovia and others

-Iconiq is Zuck's money manager, Greylock is LinkedIn founder Reid Hoffman's vehicle, DST is a bigger player yet, has been involved with many of the biggest hits in Silicon Valley

-User base is now more than 2 million

-From the press release: The last time Meritech and Greylock co-led a funding round was the Facebook Series B in 2006.

-Use of proceeds is to pay for the marketing of the next financing round.

-I can't help shake the feeling that they could have gotten a better deal if they had gone with Jenny Coco from Coco Paving:

Fintech