SoMoLend Holdings, a Cincinnati-based debt crowdfunding platform, recently raised $400k and closed its $2.18m seed funding round.
QED Investors provided the latest funds.
The company intends to use the capital to continue to develop the platform, adding social networking features, to expand marketing and customer acquisition efforts and develop fund-raising tools and education programs.
Led by Candace Klein, founder and chief executive officer, SoMoLend provides a debt-based, crowdfunding platform that connects small business borrowers with individual and organizational lenders in a local area. SoMoLend.com automates the loan application process, as well as interest negotiations, funding progress and payments, and also provides fundraising campaign tools.
15/05/2012: SoMoLend Raises $1.17M