Over the past two weeks, Kabbage, a provider of capital to online small businesses, made two big announcements.
First, it raised $30 million in Series C financing. This installment brings Kabbage's total financing to $56 million. Investors include:
- Thomvest Ventures
- UPS Strategic Enterprise Fund
- Mohr Davidow Ventures
- BlueRun Ventures
- Warren Stephens
- David Bonderman
According to Forbes, Kabbage plans to use the $30 million to expand the business by funding offline businesses as well.
Kabbage also announced that Scott Thompson, former President of PayPal, will join its board of directors. The Atlanta-based startup's board currently includes:
- Rob Frohwein (Kabbage CEO)
- Marc Gorlin (Kabbage Chairman and Co-Founder)
- Bryan Stolle (General Partner Mohr Davidow Ventures)
- Jonathan Ebinger (Partner Blue Run Ventures)
- Bruce Miller (Managing Director Stephens)
- Don Butler (Managing Director of Thomvest Ventures)
To learn more about Kabbage, watch its FinovateSpring 2012 demo.