SoMoLend, an Ohio-based software-as-a-service lending platform focused on the social, mobile and local aspects of the loan market, has raised $1.17m in seed financing.
The round was led by CincyTech, with participation from Queen City Angels, the North Coast Angel Fund, Blue Chip Partners, Shaker LaunchHouse, Eldar Investment LLC, Clarion Direct Investment and other individual investors.
The company intends to use the capital to complete an alpha application of the software, create market underwriting standards and develop a broader capitalization plan.
Founded in 2011 by CEO Candace Klein, SoMoLend SoMo has develped technology that connects credit-worthy businesses seeking money to launch and sustain their operations, with corporations and institutions looking to invest locally and with a purpose. It allows investors and borrowers to connect before and during the loan process via location, in a hyper-localized geographic scope.