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Clearbanc Raises $70 Million to Fund Entrepreneurs

November 12, 2018 by Fintech Newsdesk Leave a Comment

Toronto’s Clearbanc today announced it has closed a USD $70 million investment from a group of investors including Emergence Capital, Social Capital, CoVenture, Founders Fund, 8VC, iNovia Capital, Real Ventures, Portag3, Precursor, WTI, Berggruen, and FJ Labs.

Emergence Capital Partner Santi Subotovsky will join the company’s board of directors.

The company was founded in 2015 by serial entrepreneurs and angel investors Andrew D’Souza and Michele Romanow, who is also a Dragon on CBC’s Dragons’ Den.

Clearbanc’s technology 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 gauge 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. Clearbanc provides companies with $5k to $10 million or more in marketing capital.

“I saw hundreds of entrepreneurs on Dragons’ Den every year, who had great businesses but needed a better funding model,” said Romanow. “Whether an entrepreneur needs $10 thousand or $10 million, we started Clearbanc to serve them efficiently and scale in a manner other investors cannot.”

“This is a landmark year for us. We’ve funded over $100M in marketing capital for over 500 ecommerce brands already in 2018,” said co-founder and CEO Andrew D’Souza. “Clearbanc not only puts the power back in the hands of entrepreneurs — rather than investors and banks — but also plans to fund millions of small businesses globally instead of the small handful that most investors typically fund in a year.”

Filed Under: News Tagged With: Clearbanc

 
 
 
 

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