Total amount raised
$1.2 Billions
Latest funding date
3/1/2021
Location
OnDeck has successfully raised significant funding across multiple rounds, attracting a diverse group of investors. The platform specializes in providing fast and flexible loan financing to small and medium-sized businesses.
Keep reading to delve into the details of OnDeck's funding journey and the investors who have backed this innovative financial platform.
What Is OnDeck?
OnDeck, founded in 2006 by Mitch Jacobs, is a technology-enabled financial platform based in New York City. The company specializes in providing loan financing to small and medium-sized businesses.
Utilizing proprietary software, OnDeck aggregates data about a business's operations, which is then processed by an algorithm to determine loan eligibility. This innovative approach allows for fast and flexible financing solutions.
With a workforce of 501-1000 employees, OnDeck has successfully funded over 150,000 businesses, delivering $15 billion across the U.S. The company is recognized for its streamlined application process and quick funding options.
How Much Funding Has OnDeck Raised?
- Series D
- Amount Raised: $42M
- Date: February 2013
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand product offerings and scale operations.
- Series D
- Amount Raised: $17M
- Date: May 2013
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
- Debt Financing
- Amount Raised: $130M
- Date: September 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support loan financing operations.
- Series E
- Amount Raised: $77M
- Date: March 2014
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate new product development and geographic expansion.
- Post-IPO Debt
- Amount Raised: $200M
- Date: December 2016
- Lead Investors: Credit Suisse
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To increase loan capacity and support business growth.
- Post-IPO Debt
- Amount Raised: $100M
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and expand loan offerings.
- Post-IPO Debt
- Amount Raised: $93M
- Date: July 2018
- Lead Investors: Credit Suisse
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing business operations and loan financing.
- Post-IPO Debt
- Amount Raised: $175M
- Date: August 2018
- Lead Investors: Liberty Mutual Insurance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand loan capacity and enhance financial services.
- Post-IPO Debt
- Amount Raised: $85M
- Date: February 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support business growth and loan financing.
- Series A
- Amount Raised: Not publicly disclosed
- Date: March 2021
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance technology and expand market reach.
Total Amount Raised: $919M. Current Valuation: Not publicly disclosed.
Key Investors
- Tiger Global Management
- Details: Tiger Global Management is a leading global investment firm that focuses on private and public companies. They have a strong presence in the internet, software, consumer, and financial technology sectors.
- Investment Focus Areas: Internet, software, consumer, financial technology.
- Notable Investments: Facebook, LinkedIn, Spotify.
- Institutional Venture Partners (IVP)
- Details: IVP is a later-stage venture capital and growth equity firm. They invest in rapidly-growing technology and media companies.
- Investment Focus Areas: Technology, media.
- Notable Investments: Twitter, Dropbox, Snap.
- Google Ventures (GV)
- Details: Google Ventures is the venture capital investment arm of Alphabet Inc. They invest in technology companies at various stages of development.
- Investment Focus Areas: Technology.
- Notable Investments: Uber, Nest, Slack.
- Liberty Mutual Insurance
- Details: Liberty Mutual Insurance is a diversified global insurer. They offer a wide range of insurance products and services.
- Investment Focus Areas: Insurance, financial services.
- Notable Investments: Not publicly disclosed.
- Credit Suisse
- Details: Credit Suisse is a leading global wealth manager with strong investment banking capabilities. They provide comprehensive financial services to clients worldwide.
- Investment Focus Areas: Wealth management, investment banking.
- Notable Investments: Not publicly disclosed.
What's Next for OnDeck?
OnDeck stands at the cusp of significant growth opportunities. The company plans to accelerate new product development and expand its geographic footprint, tapping into underserved markets. With a robust business model that has already deployed nearly $1 billion in capital, the potential for further growth is immense.
Future fundraising efforts, including a potential IPO, could provide the necessary capital to support these ambitious plans. However, OnDeck will need to navigate a competitive landscape, with rivals like CAN Capital and Kabbage also vying for market share. Additionally, traditional banks entering the alternative lending space could pose challenges.
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