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New Investment for Dealstruck Boosts Lending Capital to More than $100 Million

Dealstruck_homepage_July2015

Dealstruck has raised $10 million in new capital from Community Investment Management (CIM). The online business lender now retains total capital of $70 million and says the investment will enable it to lend more than $100 million to small businesses.

Managing partner for CIM, Jacob Haar, praised Dealstruck’s transparency and “compelling financing options” in explaining his firm’s investment in the company. In his statement, Dealstruck CEO Ethan Senturia emphasized the way lenders like Dealstruck have helped small businesses overcome traditional funding challenges, improving overall the “financial landscape for small businesses.”

“The growth in alternative lending has breathed new life into so many small businesses,” Senturia said. “And growing the capital pool means more access and more opportunity.”

Dealstruck_stage_FS2015

Dealstruck CEO and co-founder Ethan Senturia presented Dealstruck’s Line of Credit Borrower Portal at FinovateSpring 2015 in San Jose.

The company also announced that Robert Riedl, former COO of Consumer Portfolio Services, would be joining Dealstruck as head of capital markets. Reidl has more than 25 years’ experience in specialty lending, and began his career as an investment banker at ContiFinancial Services, Jefferies & Company, and PaineWebber.

Dealstruck provides small businesses with up to $500,000 in funding. Funding solutions include traditional business loans; asset- and inventory-backed lines of credit; as well as revenue-based options. The company uses the applying business’s past two years of tax returns, current bank account information, and the FICO scores of the business’s owners in order to make a customized, funding determination in minutes.

Dealstruck’s Series B round comes just a few months after the company’s $8.3 million Series A round in April. Also this spring, Dealstruck was named to AlwaysOn’s first OnFinance Top 100. Founded in June 2012 and headquartered in San Diego, California, Dealstruck demoed its Line of Credit Borrower Portal at FinovateSpring 2015 in May.