· Venture Capital Tracker · investment-strategies · 3 min read
Clay’s $115M Series D Is $7.1B — ARR Last Printed at $100M in December
Clay announced a $115 million Series D at $7.1 billion on September 9, 2026, led by Wellington. That is 2.3× the August 2025 $3.1 billion Series C and 42% above the January 2026 $5 billion employee tender. The Series D wire did not print current ARR. December 2025 $100 million ARR is the last company stock.
VCT data record
Funding event facts
Source-backed financing and transaction details. Unknown terms remain undisclosed rather than estimated.
Clay raises $115M Series D at $7.1B
Business Wire. Wellington led. ARR not in the announcement. January 2026 tender at $5B is secondary.
- Event type
- Funding Round
- Event date
- Sep 9, 2026
- Stage / label
- Series D
- Amount
- $115M
- Valuation
- $7.1B
- Confidence
- Company Disclosed
Company / target: Clay
Lead: Wellington Management
Participants: Sequoia Capital , Andreessen Horowitz , BoxGroup
Sources: financialpost.com reuters.com
Clay closed a $115 million Series D at $7.1 billion on September 9, 2026. Wellington led. The Business Wire is the company text; Reuters matches the dollars. Last verified September 10, 2026.
The number that will get copied wrong is treating $7.1 billion as a multiple of a fresh ARR print. The Series D wire omitted ARR. The last company stock is $100 million ARR in December 2025, from Clay’s January tender post.
This is clay.com (Clay Labs; New York). It is not a materials company.
Five-minute decision
| If you need… | Verdict |
|---|---|
| What happened | Funded. $115M Series D, Sep 9. Wellington led. |
| Valuation | $7.1B. 2.3× Aug 2025 $3.1B Series C. 42% above Jan 2026 $5B tender. |
| ARR | Not in the D announcement. Last company stock: $100M, Dec 2025. |
| Customers | Company: 17,000+ (Sep). Tender post: 14,000 (Jan). |
| Primary vs secondary | $115M is primary. The $5B tender allowed up to $55M of employee sales — do not add it. |
| Whether to diligence | Yes, if you underwrite GTM-agent infrastructure off a 2025 ARR print. No, if you need 2026 ARR. |
Investigate further when: a 2.3× mark-up in 13 months on a GTM data/agent product is the bet, and you can live without a current revenue stock.
Wait or pass when: you need 2026 ARR, net retention as of September, or Wellington’s cheque size.
What closed
| Field | Detail |
|---|---|
| Company | Clay (clay.com); New York; founded 2017; CEO Kareem Amin; co-founders Nicolae Rusan, Varun Anand (joined 2021) |
| Round | $115M Series D at $7.1B · Sep 9, 2026 |
| Lead | Wellington Management. No /fund/wellington |
| Named participants | Sequoia, StepStone, a16z, Perennial, Meritech, DST, CapitalG, BoxGroup, Boldstart, Bloomberg Beta, Evolution |
| Prior priced stack | $100M Series C at $3.1B, Aug 2025 (CapitalG). $46M Series B at $500M (Meritech; company 2024 post). $13.5M Series A (Sequoia). Seed / pre-seed: First Round, BoxGroup |
| Jan 2026 tender | $5B mark; up to $55M employee sales; DST led. Secondary |
| Lifetime primary | Series C-era company total was $204 million. Adding $115M implies about $319 million if nothing else closed in between — do not treat that as audited |
| Customers | 17,000+ (Sep wire), including 80% of the Forbes AI 50 plus Anthropic, Google, OpenAI, Stripe, ElevenLabs, Workday, Siemens. 14,000 in the January tender post |
| Other | $1 million GTM-engineer scholarship (company). Product conference Sculpt, Oct 8 — not a financing fact |
There is no Wellington /fund/ page. BoxGroup is an early check returning at D, not the lead.
$100M ARR vs a $7.1B mark
If December’s $100 million ARR were still the run-rate, $7.1 billion would be a 71× revenue mark. That is arithmetic on a stale denominator, not a September multiple the company printed. Customer count moved 14,000 → 17,000+ in eight months (~21%). That is not a substitute for 2026 ARR, NRR, or mix between self-serve and enterprise.
January’s tender post also claimed enterprise NRR above 200%, cash-flow positive for parts of 2025, and no enterprise churn. None of that was restated on September 9. Carry it as January company, not as Series D evidence.
11x is the a16z-backed digital-worker comparison on this site — outcome-priced SDRs, not Clay’s data-plus-workflow canvas. Do not collapse them into one “sales agent” round.
Related: Clay profile · Harvey $550M · September 9–10 index · September hub.
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