Percent, a New York based startup, announced on 22nd April 2021 that it has raised US$ 12.5 million in its series A funding round. The round was led by White Star Capital and B Capital Group along with participation from R&R Ventures, Revel Partners, Recharge Capital, Fantail Ventures, 10X Venture Partners and more.
Investors: White Star Capital is a New York based investment firm that was founded in the year 2007 by Christian Hernandez, Eric Martineau-Fortin and Jean-Francois Marcoux. It is a multi-stage investment firm that invests particularly in North America, Europe and Asia. It primarily invests in technology companies and its portfolio includes companies such as Freshly, Meero, Drop, Butternut Box and more.
B Capital Group, on the other hand, is a California based venture capital firm that invests in promising information technology companies. It was founded in the year 2015 by Eduardo Saverin and Raj Ganguly.
“Percent launched in 2018 with an ambitious vision to help corporate borrowers of any size secure and fulfil debt capital through technology. By innovating the way private debt is originated, structured, and syndicated, Percent is poised to become the dominant infrastructure layer delivering debt capital with unprecedented levels of transparency and efficiency.”—Sep Alavi, general partner at White Star Capital.
Purpose of investments: The latest round brings the total funds raised to date by Percent to around US$ 20.5 million. The funds would be utilised to expedite the company’s infrastructure development and convert a pipeline of over 250 data-driven originators and $2 billion in pending transaction volume.
About Percent:
Percent (formerly known as Cadence) was founded in 2018 by Jane Yang and Nelson Chu. It is a private investment platform that seeks to make investing in alternative investments more transparent, easy and accessible. It believes that everyone should be able to build a financial future that they can control and monitor.
Here’s a brief look at how it works:
Interested investors and individuals will simply have to sign up and log in to their platform to be able to view hundreds of exclusive investment opportunities. Once an investor invests in something, he/she will receive a digital proof of the investment. Further, once the investment is done, the investor can monitor how its performing and track its accrued interest. Finally, when the investment reaches its maturity, the investor can redeem it in cash or further invest in other deals.
By early 2021 Percent had overseen around US$ 400 million investments and US$ 6 million in interest. It will seek to base its growth on the rapidly growing private credit market.
What the CEO has to say:
“As the company evolved and our broader vision changed, the ties that bound us to the name Cadence became few and far between. The world thinks in the form of percents when it comes to measuring returns, tracking ownership, and monitoring performance. In this way, Percent embodies our past, our present, and our future in just a single word and I couldn’t be more excited to see how we grow into the new brand.”— Nelson Chu, co-founder and CEO of Percent.
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