Toronto, Canada-based fintech company providing business-friendly capital for e-commerce companies, Clearco, raised USD 60 million in Series D. The round took place on October 4, 2023. Longtime Clearco investors Inovia Capital and Founders Circle Capital led the financing for the company.
In addition, the company announced a new asset-backed financing facility providing up to USD 100 million in financing capacity. Leading global alternative asset management firm Pollen Street Capital joined in the funding. The company is expected to support USD 850 million of Clearco originations over the next two years.
Purpose of financing for Clearco
The company seeks to fund revenue-based advances to e-commerce businesses that have been approved for funding through Clearco’s AI-backed underwriting model.
Besides, it has plans to recapitalize its business and bolster its position as a provider of growth capital to e-commerce businesses.
What the company’s official has to add
Andrew Curtis, CEO of Clearco, said, “We’re thrilled to announce this new round of funding and the launch of a new asset-backed facility as part of a broad recapitalization. It substantially delivers the company and creates a new and improved Clearco. All of these actions allow us to continue to support the growth of e-commerce businesses during a time of funding challenges for many companies. We are firm believers in the continued resilience and growth of e-commerce as an industry. We believe in providing the capital and resources these businesses need to succeed.”
What the investors have to comment
Karamdeep Nijjar, Partner at Inovia Capital, further said, “We are excited to reinvest in Clearco not only because of the company’s success in revolutionizing the way small businesses access capital but also because of the significant transformation the company has made in the last 12+ months. Clearco has retooled and re-established itself as a valuable partner for e-commerce businesses. We’re bullish about Clearco’s future and are confident the operational changes and newfound discipline and focus will create continued success for Clearco and 10,000+ customers.”
Besides, Dan Khouri, Partner at Pollen Street, said, “Pollen Street is proud to support Clearco’s mission to expand access to capital to e-commerce business. Clearco was one of the first platforms to provide financing solutions to entrepreneurs. We’re excited to play a key role in accelerating their growth.”
About the company
Andrew D’Souza, Ben Sanders, Charlie Feng, Ivan Gritsiniak, Michele Romanow and Tanay Delima launched the company in 2015. Clearco provides business-friendly capital for e-commerce companies to grow their businesses.
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