Kabbage Raises $30 Million In Series C, Helps $800 Million In Sales For SMBs
Kabbage is an online company that provides working capital for small businesses. Kabbage has raised $30 million in Series C funding. Kabbage plans on using the funding to further advance their data platform and expand on their partnerships.
This round of funding was led by Thomvest Ventures (venture capital arm of Peter Thomson). Thomson is a director of Thomson Reuters. Major existing investors including UPS Strategic Enterprise Fund, Mohr Davidow Ventures, BlueRun Ventures, Warren Stephens, SV Angel (Ron Conway), and David Bonderman also participated in this round. Kabbage has raised a total of $56 million in equity to date.
“Kabbage has completely redefined small business finance in less than two years,” stated Peter Thomson. “Its disruptive business model and technology platform is providing much needed working capital to small businesses quickly and efficiently, helping to drive the overall economy.”
Kabbage has a unique funding platform works with dozens of data sources to determine real-time business performance and provides funding to businesses in under 7 minutes. Kabbage has received multiple U.S. patents.
Kabbage launched 2 years ago and has grown at a rapid pace. They now fuel around $800 million in annual sales for their SMBs. Kabbage’s customers are very active and takes an average of around 10 advances per year to help them grow.
This article was written by Amit Chowdhry. You can follow me at @amitchowdhry or on Google+ at +AmitChowdhry