Clearbanc Raises $300M in Funding

ClearbancClearbanc, a Toronto, Canada-based business finance provider, raised $300M USD in equity financing.

The round was led by Highland Capital and existing investors Inovia and Emergence Capital, and the financing facility was led by Arcadia Funds and Upper90.

The company intends to use the funds to accelerate sales and engineering team expansion and scale the growth capital available to portfolio companies. In conjunction with the funding, Dan Nova, General Partner at Highland Capital, is joining the board of directors.

Founded in 2015 by Michele Romanow, Andrew D’Souza, Ivan Gritsiniak, Charlie Feng, and Tanay Delima, Clearbanc leverages data-driven algorithm to provide growth capital to online brands. It can invest from $10k to $10m in less than a day using its data-driven, machine learning funding model. The company has already invested in 1,000+ companies across 43 states so far in 2019 and these brands are expected to generate $1.5+ billion in revenue this year.

Customers span small businesses across the United States, Canada, and the UK to some of the fastest growing consumer brands today, like Le Tote, Leesa Sleep, Buffy, and Public Goods.
The company, which has raised $420m to date, is also launching a Venture Partner Network to give founders access to mentorship as well as financial and strategic knowledge. The program’s founding partners at launch include Gary Vaynerchuck of VaynerMedia, Jason Finger of Seamless & Upper90, Ryan Hoover of Product Hunt, Jack Abraham of Hims & Atomic, Jesse Horwitz of Hubble Contacts, Morgan Hirsch of Public Goods, Harry Stebbings of 20 Minute VC, Ruma Bose of Humanitarian Ventures, Jason Stoffer of Maveron, Rahul Vohra of Superhuman and Clearbanc’s own co-founder Michele Romanow.

Clearbanc will continue to expand throughout the year, adding partners from key industry verticals.

 

FinSMEs

09/08/2019

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