Lending Club to Announce $12 Million in New Venture Capital?

March 17th, 2009 - 4 comments - Filed Under - by Matthew Paulson

I couldn’t help but notice a tweet from LucHardy, president of Sagax, a venture capital firm, saying “We’ve just raised another $12M at LendingClub – Bravo team!”.

Clicking on the “View tweet” link leads to a “That page doesn’t exist” error, which leads me to believe that Luc pulled his tweet when he realized that the internet (and especially Twitter) is a bad place to announce things like funding rounds.

If the funding announcement is indeed forthcoming (from a non-Twitter source), this confirms my suspicion just last 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 million.

Update: Lending Club Makes $12M Series B Official

Follow @P2PLendingNews

Pingback: Lending Club to Announce $12 Million in New Venture Capital? | P2P … « Venture Capital
F

This would be good news for those who are already deeply entrenched in the marketplace, looking to get their feet wet and those who are on the fence on the longevity of the platform or the availability of VC capital in this market. Hopefully we’ll see an official announcement in a few days from LC. Hopefully it will mean they can further push out into new advertising realms and grab some new clients (borrowers and lenders). Me, I’m excited just as long as they don’t blow it all purchasing loans. Follow the Field of Dreams mantra… If you build it, they will come. Lenders and borrowers will come if the platform can prove successful and stay on top of late loans first and foremost.
Mike

Do you think LC should be investing any of this money into some of the loans that just miss getting funded or not? In a way, it kind of puts their money where their mouth is, but it does take this money away from other needs.
Pingback: Lending Club Makes $12M Series B Official | P2P Lending News