Lendio, the US-based operator of an online marketplace for small business loans, secured $20m yesterday in a round co-led by Comcast Ventures, mass media group Comcast’s corporate venturing arm.
Venture capital fund Stereo Capital co-led the round, which included Napier Park Global Capital, Blumberg Capital, Tribeca Venture Partners and North Hill Ventures.
Lendio’s online platform helps small and medium-sized businesses find financing, and it was responsible for $63m in loans in Q3 2016. It will put the funding towards sales and marketing.
The round increased Lendio’s overall equity funding to $51m and follows a $20.5m round in March 2015 backed by Napier Park, Blumberg Capital, North Hill Ventures, Tribeca Venture Partners, Pivot Investment Partners, Runa Capital and Highway 12 Ventures.
Comcast Ventures managing director Dave Zilberman will join Lendio’s board of directors in conjunction with its investment. He said: “Lendio’s success securing meaningful partnerships and impressive year-over-year growth shows the company is poised to go big.
“This funding will help the company further its mission of helping small business owners find the right loans.”