Foro – a commercial lending platform that increases access to capital for growing businesses – announced the completion of a $4 million Series A extension funding round and the addition of two new investors. Investors in this round include TTV Capital, Fin Capital, Correlation Ventures, AME Cloud Ventures, and new two investors: Gaingels and B3 Capital.
This new funding round also marked the addition of two new investors Gaingels and B3 Capital, both of which focus on supporting purpose-driven companies that have a positive impact on their communities.
Foro’s technology-focused approach addresses some of the inequities in the commercial lending industry. And the platform initially anonymizes businesses to ensure that borrowers are judged based on the merits of their business and provides guidance on how to effectively navigate the commercial lending process.
Foro’s platform essentially simplifies and streamlines the commercial lending process for growing businesses seeking $1M-$20M. And Foro introduces businesses to the right lenders that meet their specific lending needs. As a result, lenders are connected with high-quality small and midsize businesses, making the lending experience faster and more rewarding for all parties.
With this funding round, the company is positioned to scale its reach and introduce more growing businesses with the best lending institution that matches its needs.
KEY QUOTES:
“We are thrilled with this additional funding, which is a testament to what the team has built and will continue to build for growing businesses. The capital will enable us to expand our reach and optimize our platform to meet the increasing demand from growing businesses and top lenders, especially in the current tight credit environment.”
— Dave Godsman, CEO of Foro
“We believe in Foro’s ability to reimagine the commercial lending experience. Foro’s early successes have demonstrated that there is a massive opportunity to connect lenders with high-quality businesses in an unbiased manner. We’re confident in what the team at Foro has already built, and we’re proud to support their mission as they continue to scale.”
— Mark Johnson, Partner at TTV Capital
“As the largest investor network focused on supporting and investing in the best venture-backed companies that embrace and value diverse leadership, including LGBTQIA+, we’re proud to be an investor in Foro. We align with and believe that their mission to democratize the commercial lending process will result in more growth opportunities for businesses with diverse leadership.”
— Lorenzo Thione, managing director of Gaingels
