Peer-to-peer platform Lending Club made two announcements today. First, a $15 million equity investment from Kleiner Perkins Caufield & Byers. It also received $2.5 million from board member John Mack, the former CEO of JPMorgan.
These installments bring Lending Club's total funding to $100 million and total unrestricted cash to over $45 million.
The company also announced that Mary Meeker (inset), general partner at KPCB, will join its board of directors. Meeker states:
"Lending Club is helping reinvent the consumer lending industry, it's the kind of opportunity that Kleiner Perkins is interested in and I knew I wanted to be involved."
Meeker joins Lending Club's existing board members:
- Lending Club CEO, Renaud Laplanche
- Former Morgan Stanley CEO, John Mack
- Jeff Crowe of Norwest Venture Partners
- Daniel Ciporin of Canaan Partners
- Rebecca Lynn of Morgenthaler Ventures
Lending Club presented at FinovateStartup 2009.