Kabbage, Inc., an Atlanta, GA-based online provider of working capital for small businesses, closed a revolving, 3-year, $270m credit facility.
Top tier institutional investors participated in the debt round.
Kabbage intends to use the proceeds to expand its product structure and scale to reach more small businesses.
Launched in May 2011, Kabbage provides a proprietary and automated underwriting data platform to provide small businesses financing. It leverages data generated through business activity such as online sales, shipping, and other sources to understand performance and deliver fast, flexible funding in real time. To date, the company has advanced over $250 million to small businesses.
Kabbage is backed by Thomvest Ventures, Mohr Davidow Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., Western Technology Investment, H. Barton Asset Management, and TriplePoint Ventures.