Able, an Austin, Texas-based collaborative lender, raised $6M in Series A funding.
The round was led by Blumberg Capital and RPM Ventures, with participation from Peterson Partners and Expansion Ventures AngelList Syndicate.
The funding will be used to grow the team, scale their technology, and refine operations for an even more seamless experience.
Led by Evan Baehr and Will Davis, co-founders, Able is a collaborative lender that funds small businesses with the support of a network which makes additional capital, community resources and expert advice available. The model encourages collaboration, not just on the loan, but throughout the process and within the network. Business owners recruit 3-5 backers — friends, family, customers — to fund 25% of their total loan. Backers can choose their own rate up to Able’s, and the result is an up to $500,000 with a blended rate, on average between 8 and 12%.
Starting today, Able is available in 40 states and Washington D.C.