US social lending firm StreetShares bags $1.2M in seed round to back veteran-owned businesses
Web-based lending firm StreetShares just closed a $1.2 million seed financing led by Accion Venture Lab. Community bankers from Washington, D.C., military veteran investors, Capital One alumni, and Harvard Business School angels also contributed to the round, according to VentureBeat.
PR Newswire cited StreetShares co-founder and chief executive officer (CEO) Mark L. Rockefeller saying: "We're thrilled to have these investors join StreetShares, and we look forward to working with people who believe in our mission: to fund the veteran-owned and main street businesses that are the true backbone of the American economy."
StreetShares had developed an online social lending platform that aims to support veteran-owned small enterprises. The platform focuses on affinity-based lending with a social experience through its online marketplace, the report detailed.
The startup was founded by Rockefeller, who used to be a Wall Street lawyer and an Iraq war veteran. StreetShares will start lending less than $100,000 for every transaction after it launches this month, VentureBeat added.