DN Capital (DN), a global early-stage venture firm, has exited its investment in Brigit, a financial technology company, following its $460m acquisition by Upbound Group.
Brigit offers financial tools, including budgeting features, alerts, and cash advances up to $250, to over one million monthly users – mainly lower-income individuals like students and single parents – to avoid overdraft fees.
Since its launch in 2017, the company has surpassed $100m in revenue and achieved profitability.
Before backing Brigit’s Series A in 2019, DN played a key role in its early growth by facilitating and anchoring a debt facility. This support allowed Brigit to continue to offer financial services to its customers and laid the groundwork for its Series A funding, which included investment from a Silicon Valley venture firm and Kevin Durant. DN joined the oversubscribed round and secured a board observer role for partner Steven Schlenker.
The debt facility grew to more than 10 times DN’s initial equity investment, and cemented DN as one of Brigit’s three largest equity investors.
