Total amount raised
$1.2 Billion
Latest funding date
3/1/2021
Location
OnDeck has raised a significant amount of funding over 16 rounds, with the latest being a Series A round. The company is backed by 23 investors, including notable names like Pillar VC and Liberty Mutual Insurance.
OnDeck's financial platform offers loan financing to small and medium-sized businesses, providing essential support for their growth and operational needs. Keep reading to explore the intricacies of OnDeck's fundraising journey and the investors backing this innovative platform.
What Is OnDeck?
OnDeck, founded in 2006, is a financial services company specializing in providing fast and easy small business loans. The company is headquartered in New York, New York, United States, and has an employee count ranging from 501 to 1000.
Operating in industries such as Credit, Finance, Financial Services, FinTech, and Small and Medium Businesses, OnDeck offers various funding options, including lines of credit and term loans. The company has funded over 150,000 businesses and delivered $15 billion across the U.S.
How Much Funding Has OnDeck Raised?
- 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 support OnDeck's growth and expansion as a technology-enabled financial platform.
- Post-IPO Debt
- Amount Raised: USD 85,000,000
- Date: February 2019
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide additional capital for business operations and expansion.
- Post-IPO Debt
- Amount Raised: USD 175,000,000
- Date: August 2018
- Lead Investors: Liberty Mutual Insurance
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To enhance financial stability and support growth initiatives.
- Post-IPO Debt
- Amount Raised: USD 93,000,000
- Date: July 2018
- Lead Investors: Credit Suisse
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure funds for operational and strategic purposes.
- Post-IPO Debt
- Amount Raised: USD 100,000,000
- Date: April 2018
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To bolster financial resources for continued growth.
- Post-IPO Debt
- Amount Raised: USD 200,000,000
- Date: December 2016
- Lead Investors: Credit Suisse
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's expansion and operational needs.
- Series E
- Amount Raised: USD 77,000,000
- Date: March 2014
- Lead Investors: Tiger Global Management
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To accelerate product development, geographic expansion, marketing, and hiring.
- Debt Financing
- Amount Raised: USD 130,000,000
- Date: September 2013
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To provide working capital for small businesses.
- Series D
- Amount Raised: USD 17,000,000
- Date: May 2013
- Lead Investors: Google Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the company's lending capabilities and market reach.
- Series D
- Amount Raised: USD 42,000,000
- Date: February 2013
- Lead Investors: IVP
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support the company's growth and operational expansion.
Total Amount Raised: USD 1,089,000,000. Current Valuation: Not publicly disclosed.
Key Investors
- Pillar VC
- Details: Pillar VC is a venture capital firm that focuses on early-stage investments. They participated in OnDeck's Series A funding round.
- Investment Focus Areas: Technology, innovation, early-stage startups.
- Notable Investments: Not publicly disclosed.
- Liberty Mutual Insurance
- Details: Liberty Mutual Insurance is a global insurance company. They are listed as one of the most recent investors in OnDeck.
- Investment Focus Areas: Insurance, financial services.
- Notable Investments: Not publicly disclosed.
- Tiger Global Management
- Details: Tiger Global Management is an investment firm that focuses on public and private companies in the technology sector. They led the $77 million growth investment round in OnDeck.
- Investment Focus Areas: Technology, internet, software, consumer, industrial sectors.
- Notable Investments: Facebook, LinkedIn, Spotify, Stripe.
- Google Ventures
- Details: Google Ventures, also known as GV, is the venture capital investment arm of Alphabet Inc. They participated in OnDeck's investment round.
- Investment Focus Areas: Technology, life sciences, artificial intelligence, robotics.
- Notable Investments: Uber, Nest, Flatiron Health.
- Institutional Venture Partners (IVP)
- Details: IVP is a later-stage venture capital and growth equity firm. They participated in OnDeck's investment round.
- Investment Focus Areas: Technology and media companies.
- Notable Investments: Twitter, Dropbox, Snap, Slack.
What's Next for OnDeck?
OnDeck stands at the cusp of significant opportunities, driven by the growing demand for fast and accessible loans among small businesses. With nearly $1 billion already deployed, the company is poised to expand its product offerings and geographic reach, potentially partnering with traditional lenders to further its mission.
Future fundraising efforts, including a potential IPO, could provide the capital needed to support these ambitious growth plans. However, OnDeck will need to navigate a competitive landscape, continuously innovate its proprietary credit models, and stay ahead of regulatory changes to maintain its edge in the alternative lending space.
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