Clearbanc, a Toronto, Ontario, Canada-based company that funds marketing for fast-growing ecommerce brands, closed a $70M funding round.
Backers included Emergence Capital, Social Capital, CoVenture, Founders Fund, 8VC, iNovia Capital, Real Ventures, Portag3, Precursor, WTI, Berggruen, and FJ Labs. In conjunction with the funding, Emergence Capital Partner Santi Subotovsky will join Clearbanc’s board of directors.
Founded in 2015 by serial entrepreneurs and angel investors Andrew D’Souza and Michele Romanow, Clearbanc provides a technology platform that gives entrepreneurs access to capital without personal guarantees, warrants, equity, or credit checks. Its online automated system scans data from a business’ existing platforms like Stripe and Facebook, to measure their financial health and revenue trajectory. Qualified businesses receive ongoing capital in as little as one day as a capped revenue share deal. Businesses only repay the capital as they make revenue with no set repayment date and no compounding interest, ownership or control terms.
The company provides companies with $5k to $10m or more in marketing capital.
Clearbanc was part of the first group of entrepreneurs participating in the Y Combinator Fellowship program.