Total amount raised
$13 Million
Latest funding date
03/01/2023
Location
SoLo Funds has successfully raised funding over 7 rounds, with the latest being a Venture - Series Unknown round. The company is backed by 23 investors, including notable names like Serena Ventures and Impact America Fund.
Keep reading to explore the intricacies of SoLo Funds' fundraising journey and the investors backing this innovative platform.
What Is SoLo Funds?
SoLo Funds is an AI-powered community banking solution based in Los Angeles, California. The company operates in various industries, including artificial intelligence, banking, financial services, fintech, lending, and wealth management.
Founded as a private entity, SoLo Funds has a workforce of 101-250 employees. The platform aims to provide unparalleled returns and access to capital, making it a notable player in the fintech space.
How Much Funding Has SoLo Funds Raised?
- Pre-Seed
- Amount Raised: USD 120,000
- Date: July 2018
- Lead Investors: Techstars
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To kickstart the development of SoLo Funds' platform and initial market entry.
- Convertible Note
- Amount Raised: USD 1,200,000
- Date: May 2017
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To secure additional capital for scaling operations and enhancing the platform.
- Seed
- Amount Raised: USD 1,600,000
- Date: October 2019
- Lead Investors: Richelieu Dennis
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand the team and accelerate user acquisition.
- Convertible Note
- Amount Raised: Not publicly disclosed
- Date: August 2020
- Lead Investors: Not publicly disclosed
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To support ongoing growth and operational needs.
- Series A
- Amount Raised: USD 100,000
- Date: January 2021
- Lead Investors: gener8tor
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To further develop the platform and expand market reach.
- Series A
- Amount Raised: USD 10,000,000
- Date: February 2021
- Lead Investors: ACME Capital
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To expand SoLo Funds' business in the U.S. and offer an alternative to predatory payday lenders.
- Series Unknown
- Amount Raised: Not publicly disclosed
- Date: March 2023
- Lead Investors: Serena Ventures
- Valuation at Round: Not publicly disclosed
- Motivation Behind the Round: To continue scaling operations and enhancing the platform's capabilities.
Total Amount Raised: USD 12,940,000. Current Valuation: Not publicly disclosed.
Key Investors
- Serena Ventures
- Details: Serena Ventures is a venture capital firm founded by tennis star Serena Williams. The firm focuses on early-stage companies, particularly those founded by women and people of color.
- Investment Focus Areas: Early-stage companies, women-founded companies, companies founded by people of color
- Notable Investments: Not publicly disclosed
- ACME Capital
- Details: ACME Capital is a venture capital firm that invests in early-stage technology companies. The firm aims to support innovative startups with high growth potential.
- Investment Focus Areas: Early-stage technology companies
- Notable Investments: Not publicly disclosed
- gener8tor
- Details: gener8tor is a global platform for investment and innovation that helps entrepreneurs succeed. The firm provides mentorship, funding, and resources to startups across various industries.
- Investment Focus Areas: Startups, early-stage companies, various industries
- Notable Investments: Not publicly disclosed
- Richelieu Dennis
- Details: Richelieu Dennis is the founder of Essence Ventures, a company that invests in media, technology, and lifestyle businesses. He is also known for founding Sundial Brands, a leading skincare and haircare company.
- Investment Focus Areas: Media, technology, lifestyle businesses
- Notable Investments: Essence Ventures, Sundial Brands
- Techstars
- Details: Techstars is a global platform for investment and innovation that helps entrepreneurs succeed. The firm runs accelerator programs and provides funding, mentorship, and resources to startups.
- Investment Focus Areas: Startups, early-stage companies, various industries
- Notable Investments: Not publicly disclosed
What's Next for SoLo Funds?
SoLo Funds is poised to capitalize on the growing demand for alternatives to predatory payday lending. With its community-based lending model, the company is expanding rapidly, financing tens of thousands of loans per month and experiencing a 40% monthly growth in loan volumes. This growth is particularly notable in high-cost living states like Texas, Illinois, California, and New York.
As SoLo Funds continues to scale, future fundraising opportunities are likely to arise. The company has already attracted a diverse group of investors and could see additional investment rounds to support its expansion and the introduction of new financial products. However, maintaining low default rates and ensuring regulatory compliance across different states will be critical challenges as the platform grows.
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