Lending Club Reveals $4.1 M in New Funding
In their latest prospectus filed with the SEC before relaunching their site, Lending Club revealed that they have received $4.1 million in new funding, apparently from Canaan Partners and Norwest Venture Partners, the same venture capital firms that provided Lending Club’s $10.2 million Series A.
From the “Risks related to Lending Club and the Lending Club platform” section of the prospectus dated Oct 13, 2008:
To strengthen our financial position, on September 29, 2008, we completed a $4.1 million equity financing round, and $1.0 million of our convertible notes were converted into equity.
Although the prospectus is somewhat vague on how this all went down, it states that 9.6M shares were sold during in Aug 2007, and an additional 3.8M shares were sold in Sep 2008. It then lists the participants in those financings, showing Norwest and Canaan each with about 6.9M shares, all at $1.065 per share.
Lending Club hints at further financing in the “Management’s discussion and analysis of financial condition and results of operations” section:
Going forward, we expect to complete an additional round of equity financing in 2009. We expect to continue raising smaller rounds of debt and convertible debt financing in the meantime.
This brings the total funding raised at Lending Club to $16.4 million.
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[...] week that Lending Club is running a little low on funds after their recent lending binge. On top of Lending Club’s previous fundraising of $16.4 million, A $12 million round would bring the total raised to $28.4 [...]