MATERIALS FOR RELEASE:
OurCrowd Closes World’s Largest Crowdfunding Round for Borro
OurCrowd joins Rocket Internet AG (RKET), Canaan Partners and other investors as it completes largest Equity Crowdfunding round in History
Jerusalem, Israel. February 10, 2015: OurCrowd, the leading equity crowdfunding platform for accredited investors, announced that it led a $19.5M Series E funding round for Borro, the UK-NY based, asset-backed online lender. OurCrowd was joined by Rocket Internet AG (RKET), Canaan Partners and Augmentum Capital in this funding round. OurCrowd alone raised $6M of the capital invested, making this the single largest equity crowdfunding round ever completed and demonstrates how equity crowdfunding can complement and even lead traditional funding sources, such as venture capital.
OurCrowd Founder and CEO, Jon Medved, commented, “In under two years, OurCrowd went from participating in early seed rounds to now successfully leading a $19.5M dollar major funding round together with Tier 1 VCs such as Canaan and the renowned internet company, Rocket. We are delighted to be investing in quality companies like Borro, which is redefining the Fintech industry.”
Launched in the UK in 2009 and in the US in 2012, Borro has defined a new category of online personal asset-based lending. Borro focuses on providing liquidity to individuals, entrepreneurs, and business owners who use luxury personal assets such as watches, jewelry, supercars, fine art, antiques and high-end handbags as collateral for short term loans.
OurCrowd Founder and CEO, Jon Medved said, “Seven years ago, I joined the first angel investor group at Lending Club (NYSE:LC) and witnessed first-hand the exponential growth of online lending. Lending Club’s IPO in December of 2014 was a pivotal point in the online lending industry and has shown that there will be multiple winners with eventual multi-billion dollar market caps. ”
Paul Aitken, CEO and Founder of Borro, said: “We are delighted with our collaboration with OurCrowd. Their ability to lead this important funding round has proven that equity crowdfunding has indeed come of age. I was excited by the quality of the investors they have brought to the table and am looking forward to their adding additional value to Borro as we move forward.”
Borro was recently ranked #8 right behind Lending Club (NYSE: LC) #6 and OnDeck #7 (NYSE: ONDK) in KPMG’s 50 Best Fintech Innovators Report. OurCrowd ranked #22 on the list. Borro is backed by a consortium of high caliber VC investors with significant expertise in online finance. Investing alongside OurCrowd is Rocket Internet AG, a German internet company based in Berlin that builds online startups and owns share of various internet companies including Foodpanda/Hellofood, Home24, Jabong, Jumia and Lamoda. Other Borro investors include Canaan Partners (investor in Lending Club) and Augmentum Capital (investor in the UK’s top lending marketplace, Zopa). Borro has recruited notable financial industry veterans to its board of directors who bring a significant amount of experience to the company, including Nigel Morris (co-founder Capital One) as Chairman and Paul Grattan (ex-CEO Egg, First Direct.)
Borro launched in 2009 in the UK, and has gone on to open offices in New York and Los Angeles. It is the leading online platform for luxury asset-backed lending and has defined a new lending category in a climate where loans to individuals, SMEs and entrepreneurs were few and far between. Borro offers loans from $5,000 – $2,000,000 secured against luxury assets including fine art, antiques, jewelry, luxury watches, fine wine, prestige and classic cars and other high value assets. Borro investors include: Canaan Partners (Lending Club), Eden Ventures, Augmentum Capital. Borro’s board of directors includes Nigel Morris (co-founder Capital One) as Chairman, and Paul Gratton (ex-CEO Egg, First Direct). More information can be found at www.borro.com/uk.
OurCrowd is the leading hybrid venture capital equity crowdfunding platform for accredited investors who wish to invest in Israeli and global early stage companies. Managed by a team of well-known investment professionals and led by serial entrepreneur Jon Medved, OurCrowd selects opportunities, invests its own capital and brings these startups to its accredited membership. Members choose those deals they invest in via OurCrowd-managed partnerships. OurCrowd investors must meet stringent accreditation criteria and invest a minimum of $10,000 per deal. OurCrowd provides post investment support to its portfolio companies, assigning industry experts as mentors and taking board seats. OurCrowd has raised over $100 million in equity crowdfunding for its 57 portfolio companies which include leading companies, such as: BillGuard, Consumer Physics (SCiO), BioCatch, Abe’s Market and ReWalk, OurCrowd’s first portfolio company to complete a successful IPO on the NASDAQ. Visit us online: www.ourcrowd.com.
Borro Product Video:
Press contact: Leah Stern, CST: Chief-Story-Teller
C: +972.54.341.4861 / USA Phone: +1.877.848.0964 ext. 2 / E: email@example.com