Company appoints VP operations, sets plans to develop additional financing products for SMBs
San Diego, Calif. – January 17, 2014 – Dealstruck, Inc., the first crowdlending provider to provide multiple financing products, announced today that it has successfully closed a $1.2 million seed-stage investment round. Southern California-based angels filled the round.
The seed round represents the first funding for Dealstruck and will enable the company to enhance its online platform, build out its underwriting team, offer additional products to its already growing borrower population, and streamline the company’s technology for institutional and accredited individual investors.
CEO Ethan Senturia co-founded Dealstruck when he saw that small businesses struggled to secure financing and was limited to highly selective banks or costly alternative fast cash alternatives. Dealstruck’s technology helps those businesses stuck in the middle to graduate to consecutively healthier financing options over time. To date, Dealstruck features “Crowd-Loan,” a term-loan product and “Crowd-Line,” an asset-based, working-capital line of credit.
“It’s easy to endorse a crowdfunding platform and an asset-based line of credit for growing small businesses that aren’t yet bankable,” said Giles Raymond, investor. “Dealstruck is uniquely positioned to meet the unmet needs of millions of profitable SMBs across their financing lifecycle, while offering investors compelling opportunities and increased control.”
In addition to its funding announcement, Dealstruck has appointed Rudy Navarro as the company’s Vice President of Operations. Previously Executive Vice President at Capital Partners, the largest factoring company in the nation, Navarro will lead Dealstruck’s efforts to streamline and automate the underwriting, documentation and compliance process.
“Building on the momentum from our newly expanded line of capital finance products for the unmet market, we’re thrilled to announce our seed round as well as Rudy’s appointment,” said Senturia. “Our support by experienced experts keen on pioneering the future of finance options for profitable small business is exciting and inspiring. We look forward to funding many new loans and receiving Rudy’s contribution to our own growth during this next quarter.”
Winner of the Best Pitch award at San Diego Tech Coast Angel’s 2012 Quick Pitch Competition, Dealstruck launched its funding marketplace in June 2013 and has quickly expanded its team and product line to meet growing market demand. To learn more about the company and its SMB credit products, please visit www.dealstruck.com.
About Dealstruck
The Dealstruck lending marketplace connects profitable, small – and medium-sized businesses (SMBs) with innovative credit solutions funded by individual and institutional accredited investors. Unlike the one-size-fits-all approach offered to them by banks and the high-cost, short-term credit offered to them by alternative lenders, Dealstruck provides growing SMBs with a suite of products that give them a credible and transparent path to bankable. Dealstruck is the first crowdlending platform to offer multiple products to SMBs, and the first to allow investors the freedom to choose specific investments. For more information, please visit https://www.dealstruck.com/.
