Dealstruck Raises $58MM in New Funding
Online direct lender Dealstruck secured a new $50 million credit facility led by Brevet Capital Management and $8.3 million in equity funding led by Trinity Ventures. This latest round of funding will allow Dealstruck to provide growth capital to even more small businesses nationwide and complements other existing facilities, bringing Dealstruck’s total lending capacity to more than $100 million.
Dealstruck has loaned more than $50 million since its launch in October 2013, making it the fastest online direct lender to cross the $50 million milestone.
“In less than two years we’ve experienced record growth, having built our organization on meeting the unique needs of small businesses that could not otherwise secure capital from traditional lenders,” said Ethan Senturia, co-founder and CEO of Dealstruck. “Recent IPOs by alternative lenders validate an increasing need for new sources of growth capital. We look forward to building on our growth to-date by setting even more businesses on the path to becoming bankable.”
“We are proud to back Dealstruck on its mission to help small businesses grow,” said Noel Fenton, Trinity Ventures. “When small businesses succeed, it’s a win for everyone. Dealstruck is poised to help thousands of small- and medium-sized businesses grow.”
“Brevet is pleased to provide financing to Dealstruck, an innovative leader in the online, direct lending arena focused on small businesses. The facility will allow Dealstruck to better support small businesses which are an important engine of economic growth,” said Doug Monticciolo of Brevet Capital. “These businesses and their owners will greatly benefit from financial inclusion afforded by the Dealstruck platform.”
Over the past year, Dealstruck has grown its staff 250%, expanded its customer base into 43 states and launched three core products — a term loan, an asset-based line of credit, and an inventory line of credit. The company also forged new partnerships with The UPS Stores and Lending Tree to reach even more growing, successful businesses with unique financing needs.