In an investment that brings its total lending capacity to more than $100 million, direct lender Dealstruck has raised $58 million in new funding. The funding comes in the form of a $50 million credit facility led by Brevet Capital Management and the completion of a Series A round led by Trinity Ventures.
Co-founder and CEO of Dealstruck Ethan Senturia said, “Recent IPOs by alternative lenders validate an increasing need for new sources of growth capital. We look forward to building on our growth to date by setting even more businesses on the path to becoming bankable.”
The funding will be used to provide funding to small businesses across the country. Dealstruck has loaned more than $50 million since inception, and says it is the fastest online direct lender to reach and surpass the “$50 million lent” milestone.
(Left to right): Dealstruck CTO Russell McLoughlin and CEO Ethan Senturia presented at FinovateSpring 2014 in San Jose.
Talking about his firm’s investment, Doug Monticciolo of Brevet Capital focused on Dealstruck’s role in supporting small businesses, which Monticciolo called “an important engine of economic growth.” Added Noel Fenton of Trinity Ventures, “When small businesses succeed, it’s a win for everyone. Dealstruck is poised to help thousands of small- and medium-sized businesses grow.”
Operating in 43 states, Dealstruck offers three loan products: a term loan, an asset-based line of credit, and an inventory line of credit. Term loans are available up to $250,000, with lines of credit available as high as $500,000. Approved loans are funded within 48 hours.
Dealstruck made its Finovate debut at FinovateSpring 2014 in San Jose, where it demonstrated its Investor API. The company was founded in July 2012 by Ethan Senturia, CEO, and Russell McLoughlin, CTO, and is headquartered in Carlsbad, California.