NEW YORK, NY, On Deck, the technology platform that connects Main Street directly to capital, announced today it has received $4 million in follow-on funding to its $15 million round in January, 2011, bringing Series C funding to $19 million in total. The funding comes from New York-based SF Capital Group, an experienced private investment firm. The follow-on investment will be used to drive the company's sales and marketing initiatives.
The funding supports On Deck's month-over-month double digit growth in new customer acquisitions and loan applications in 2011. Other recent developments include adding two senior executives of sales and business development to the management team and advocating for Main Street small businesses in appearances at Clinton Global Initiative, the New York City Urban Entrepreneurship Summit and the Association for Enterprise Opportunities National Microenterprise Conference.
"We are excited to add an experienced financial investor on our team," said Brad Kime, President of On Deck. "The first half of 2011 was a record breaking time for On Deck, and with SF Capital Group's investment we look forward to executing our growth objectives as we work towards bringing Main Street the capital they need to grow."
In connection with the follow-on funding, SF Capital Group President Neil Wolfson will join the On Deck Board of Directors. Prior to joining SF Capital Group, Neil spent five years as Chief Investment Officer and President of Wilmington Trust Investment Management, a $40 billion investment management firm. Prior to joining Wilmington Trust, Neil was a Partner at KPMG LLP where he served as National Partner in Charge of KPMG's investment practice. He has also held various senior management positions at Bear Stearns & Co. and Kidder, Peabody & Co. Neil holds an MBA in Finance and a BS in Management from New York University and is a Chartered Financial Analyst (CFA).
About On Deck
Launched in 2006, On Deck Capital uses data aggregation and electronic payment technology to evaluate the financial health of small businesses and to efficiently deliver capital to a market underserved by traditional bank loans. Through the On Deck Capital platform, millions of small businesses can obtain affordable loans to meet their daily operating and long term goals. The company's proprietary platform looks deeper into the health of small businesses, focusing on the overall business performance, rather than the owner's personal credit history. The On Deck system also provides a critically needed mechanism for commercial institutions to efficiently reach and serve the historically underserved Main Street small businesses market.
On Deck Capital is financed by some of the nation's leading venture capital firms, including SAP Ventures, Contour Venture Partners, First Round Capital, Khosla Ventures, RRE Ventures and Village Ventures. For more information, please visit: www.ondeckcapital.com
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