Bolstr, a Chicago, IL-based marketplace where consumer, retail and manufacturing businesses can access growth capital from accredited investors, raised $1.65m in seed funding.
Backers included Montage Ventures, Kapor Capital, DRW Trading Group, Merrick Ventures, and Wilson, Sonsini, Goodrich & Rosati.
Founded in 2011 by Charlie Tribbett and Larry Baker, Bolstr provides small businesses with a platform to access $25k – $500k in capital from a pool of accredited investors utilizing an innovative revenue share structure. Through the solution, business owners can raise capital while maintaining 100% equity ownership. Each monthly payment back to investors is sized by a set percentage of gross sales.
Each loan is variable, and there are no prepayment penalties.