SAP Ventures, the corporate venturing unit of Germany-based software company SAP, has led its first deal since raising a $350m fund from its parent.
On Deck Capital, a US-based online fundraising platform for small companies with a slogan of "free tools and free financing insights" (pictured), has raised $15m in its series C round. SAP Ventures, which has posted managing director David Hartwig to On Deck’s board, was joined in the C round by venture capital firms Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures.
Hartwig said: "Our investment will help the company continue to grow towards its goal of fundamentally changing the way capital is delivered to Main Street businesses."
On Deck has delivered more than $100m in loans to thousands of small businesses across the US and last year trebled its revenues.