Clearbanc, a provider of growth capital for online businesses, has netted $70m in its latest funding round.
The capital was supplied by investors including Emergence Capital, Social Capital, CoVenture, Founders Fund, 8VC, iNovia Capital, Real Ventures, Portag3, Precursor, WTI, Berggruen, and FJ Labs.
Following the funding round, Emergence Capital partner Santi Subotovsky will join the Clearbanc board of directors.
Founded in 2015, Clearbanc offers entrepreneurs access to growth capital without the need of personal guarantees, warrants, equity or credit checks. Via a digital automated system, Clearbanc scans data from a business’ existing platforms such as Stripe and Facebook to build a clearer image of financial health and revenue trajectory.
Businesses to qualify for funding, receive ongoing capital for as little as one day as a capped revenue share deal. The platform has new set repayment date, with the business only completing repayments once it earns revenue – there is also no compounding interest, ownership or control terms. Clearbanc offers capital ranging from $5,000 to $10m.
Clearbanc co-founder and CEO Andrew D’Souza said, “This is a landmark year for us. We’ve funded over $100M in marketing capital for over 500 ecommerce brands already in 2018.
“Clearbanc not only puts the power back in the hands of entrepreneurs — rather than investors and banks — but also plans to fund millions of small businesses globally instead of the small handful that most investors typically fund in a year.”
Earlier in the year, Emergence Capital led the $20m Series B round of Total Expert, a platform helping lenders and banks improve revenue lines.
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