Lending firm Bond Street recently raised $110 million in a new round of funding. The investment was led by a group of investors including venture capital firm Spark Capital and investment bank Jefferies. The other investors included Slow Ventures, Eagle Cliff, Nathan Blecharczyk (Co-founder of Airbnb), David Chang (Chef and founder of momofuku) and Nic Jammet, Nate Ru and Jonathan Neman (Co-founders of sweetgreen). According to the company, most of this investment will go towards empowering hundreds of small businesses across the country to invest in their future.
Bond Street CEO and Co-founder David Haber said, “I’m really proud of what our team has accomplished and even more excited for what’s ahead. We know we’re just getting started on helping solve this important need in our country.
“Over the next few months, we’ll be growing our team and scaling our lending. If you are a business owner who is looking to invest in your growth or if you are an entrepreneur who is excited to help change the future of small business financing, we hope you’ll join us!”
Unlike other lenders, Bond Street’s focus goes beyond basic credit scores as it takes thousands of data points into account, including borrowers recent business financials, personal credit data and even information from across the web. The company uses bank-level encryption to keep their customers’ data safe.
About Bond Street:
Founded in 2013, the company aims to transform small-business lending through technology, data and design. The company had previously raised $1.5 million in 2014’s seed round which was led by the investors like Homebrew, Founder Collective, Collaborative Fund and Red Swan.
Bond Street offers fast, affordable financing to small businesses based in the United States which have more than two years of operating history and have generated more than $200,000 in annual revenue. The term loans offered by the company range from $50k to $500k. The loans offered are flexible and can be used for a variety of growth Investments like moving or improving the office space, refinancing debt, purchasing inventory or equipment and expanding your team. Bond Street charges a flat origination fee of 3% of the approved loan amount once the loan has been successfully funded.
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Source: Company’s website
About Spark Capital:
Spark Capital is a venture capital firm that invests in startups led by creative thinkers. The company partners with entrepreneurs who make products and services for consumers as well as business people. The company has offices in the Back Bay area of Boston, SoHo in New York City and SoMA in San Francisco. Spark Capital was founded 10 years ago, and today invests out of a $450M early-stage venture fund and a $375M venture growth fund. For more information visit .