On Deck Raises $15 Million Series C, Led By SAP Ventures
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry
On Deck is a technology platform company that connects “Mainstreet directly to capital.” The company has raised $15 million in SEries C funding. This round of funding was led by SAP Ventures. On Deck saw 3X revenue in 2010. On Deck created a platform that evaluates the financial health of Main Street businesses. On Deck delivered about $100 million in loans to thousands of Main Street small businesses. Main Street is a metonym for retail areas of a village, town, or small city.
“We started On Deck knowing that technology and electronic data would be the key ingredients to connecting Main Street to capital,” stated On Deck Founder and CEO Mitch Jacobs. “Four years later our system has been completely validated by the $100 million dollars delivered to small businesses. We’re excited to have SAP Ventures, a firm that brings a wealth of business software experience to the table, as a financial investor.”