While most of us have spent the past week dreaming of Labor Day destinations, small business lending platform Lendio was busy raising capital. And lots of it.
The company announced late this week that it had secured $4.2 million as part of a Series B funding round. The round was led by Runa Capital, and also included the participation of current investors Tribeca Venture Partners and Highway 12 Ventures.
As reported in a TechCrunch profile
of the company published this week, Lendio plans to use the new funding to help the hundreds of thousands of entrepreneurs and business owners that have come through the platform to get access to the capital they need to grow their enterprises.
Lendio was founded in 2005, and is headquartered in Salt Lake City, Utah. The company’s platform connects small businesses in search of capital with lenders looking for creditworthy borrowers and good returns. The company cites a successful match rate of 85% for the companies that complete a Lendio profile.
Lendio earned $6 million in Series A funding in February 2011, and $2 million in debt funding later that year. We last reported on Lendio a month ago, as the company partnered with ProfitStars
(another Finovate alum) to provide small businesses with ProfitStars’ BusinessManger
and access to LendingNetwork
. See our story on the new deal here
The company presented its lending platform at FinovateFall 2011 in San Francisco. Watch Lendio’s demo here