# Zubale funding: rounds and investors > Zubale has raised $29M across 2 rounds since 2019. Investors include Liquid 2 Ventures, NFX and Gaingels. Every round with its source. Source: https://millionrounds.com/company/zubale (Millionrounds; every figure on the page links to its filing or article) Mexico · [Series A startup](https://millionrounds.com/companies) # Who invested in *Zubale* 2 rounds we have observed, with the 12 investors named in them. Every figure came from a named source, and where the company reported a raise to the SEC itself, that is shown beside it. Advertising & Adtech Consumer Apps Martech Funding summary Updated 26 Oct 2026 **$29M** raised across 2 rounds since 2019, from 2 sources **$4.4M** Round **$25M** Series A - **Latest round:** Series A, $25M Nov 2023 - **Step-up i:** 5.7× - **Investors:** 12 (1 led) See who backed them ## The funding story Each circle is a round, placed by date and sized by amount. The line above is the running total. 2020 2021 2022 2023 **$4.4M** Round **$25M** Series A - **First round:** Round, $4.4M - **Biggest round:** $25M - **Between rounds:** 4 years ## The rounds - **Nov 2023** Series A **$25M** *5 new* *1 returning* [Gaingels](https://millionrounds.com/fund/gaingels) [Felicis](https://millionrounds.com/fund/felicis-ventures) [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [Flybridge](https://millionrounds.com/fund/flybridge) [QED Investors](https://millionrounds.com/fund/qed-investors) [Pear VC](https://millionrounds.com/fund/pear-vc) Source recorded - **Oct 2019** Round **$4.4M** *7 new* [NFX](https://millionrounds.com/fund/nfx) Lead [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [Industry Ventures](https://millionrounds.com/fund/industry-ventures) [Jonathan Swanson](https://millionrounds.com/fund/jonathan-swanson) [Bob White](https://millionrounds.com/fund/bob-white) Sergio Romo XFactor Fund Reported by TechCrunch ## Who was in which round The busiest backers across the latest rounds. A filled square is a round they joined; a dark one, a round they led. **Round** 2019 **Series A** 2023 [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) [NFX](https://millionrounds.com/fund/nfx) L [Gaingels](https://millionrounds.com/fund/gaingels) [Felicis](https://millionrounds.com/fund/felicis-ventures) [Flybridge](https://millionrounds.com/fund/flybridge) [QED Investors](https://millionrounds.com/fund/qed-investors) [Pear VC](https://millionrounds.com/fund/pear-vc) [Industry Ventures](https://millionrounds.com/fund/industry-ventures) [Jonathan Swanson](https://millionrounds.com/fund/jonathan-swanson) [Bob White](https://millionrounds.com/fund/bob-white) ## Everyone who backed them [Liquid 2 Ventures](https://millionrounds.com/fund/liquid-2-ventures) VC firm **2** rounds [NFX](https://millionrounds.com/fund/nfx) VC firm **1** round, led 1 [Gaingels](https://millionrounds.com/fund/gaingels) Private equity **1** round [Felicis](https://millionrounds.com/fund/felicis-ventures) VC firm **1** round [Flybridge](https://millionrounds.com/fund/flybridge) VC firm **1** round [QED Investors](https://millionrounds.com/fund/qed-investors) VC firm **1** round [Pear VC](https://millionrounds.com/fund/pear-vc) VC firm **1** round [Industry Ventures](https://millionrounds.com/fund/industry-ventures) VC firm **1** round [Jonathan Swanson](https://millionrounds.com/fund/jonathan-swanson) Angel **1** round [Bob White](https://millionrounds.com/fund/bob-white) Angel **1** round Sergio Romo no record of our own yet **1** round XFactor Fund no record of our own yet **1** round Missing a round, or an investor who was in one? [Tell us](https://millionrounds.com/corrections?slug=zubale). ## Also claim to have backed them These 2 firms list Zubale as a portfolio company on their own websites, but no report of a round names them. They are the firms' own claims, kept apart from the rounds above. [Jaguar Ventures](https://millionrounds.com/fund/jaguar-ventures) VC firm Per its own site [Transform Capital](https://millionrounds.com/fund/transform-capital) Private equity Per its own site ## Quick answers about Zubale ### Who invested in Zubale? Zubale's investors include Liquid 2 Ventures, NFX, Gaingels, Felicis and Flybridge, and 7 more on record. ### How much has Zubale raised? Zubale has raised $29M across 2 rounds since 2019. ### When did Zubale last raise? Zubale's most recent round was a Series A of $25M in Nov 2023. ### What was Zubale's biggest round? Its most recent round, $25M in Nov 2023, is also its largest on record. ### Who backed Zubale first? Zubale's first round on record, in Oct 2019, was backed by NFX, Liquid 2 Ventures and Industry Ventures and 4 others. ### What stage is Zubale at? Zubale's latest named round is a Series A, in Nov 2023. ### Where is Zubale based? Zubale is based in Mexico. ### Who led Zubale's rounds? NFX led the Undisclosed round in 2019. ## Companies like Zubale In the same sector, and raised in the last eighteen months. [**ARQ** $71M · Jul 2026](https://millionrounds.com/company/arq)[**Kevel** $75M · Oct 2026](https://millionrounds.com/company/kevel)[**Cuttable** $29M · Oct 2026](https://millionrounds.com/company/cuttable)[**Cashbanx** $4.1M · Oct 2026](https://millionrounds.com/company/cashbanx)[**Mika Games** $10M · Oct 2026](https://millionrounds.com/company/mika-games)[**Whop** $400M · Oct 2026](https://millionrounds.com/company/whop) ## Find investors like these Search every investor by what they have actually funded, then narrow to your stage and market. Free. 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