Lending Club to Announce $12 Million in New Venture Capital?
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
Related posts:
- Lending Club Makes $12M Series B Official
Earlier this week we noticed a funding announcement via Twitter from Luc Hardy of Sagax, assuming he was the VC responsible. According to the press release made public... - Lending Club Issues $50 Million in Loans
Some time yesterday, Lending Club passed the $50 million loan mark, showing yet again that they are a force to be reckoned with in the global P2P lending space.... - Peer to Peer Lending? Lending Club Funds 24% of Loans
Like most other social lending sites, Lending Club’s home page includes saccharine quotes from satisfied customers. The latest happy couple is Anna & Roger from Buffalo, who like... - 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... - Lending Club Posts Strong 1H 2009, Loans Growing 7% Per Month
Lending Club, the P2P lending marketplace which re-opened with SEC approval last October, has seen steady and impressive growth through the first half of 2009. The company has...
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.
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.