Fintech Startup Clearco Raises $215 Million In SoftBank-Led Funding
- ByStartupStory | July 9, 2021
Fintech Startup Clearco raises $215 million in SoftBank-led funding. This is SoftBank Corps Vision Fund 2 as it expands their international presence as well. Clearco was started in 2015 by Candian entrepreneurs and investors Andrew D’Souza and Michele Romanow, is now based out in London, New York and Toronto. Romanow, who is currently starring in Canadian reality TV show “Dragon’s Den” , where entrepreneurs pitch ideas for an investment, said she was presented continuously with several funding and marketing plans, and that is how she and her partner got the startup idea, “I remember talking to Andrew and I was like, why are founders using the most expensive capital in the world to do something that really has a fixed return?” said Romanow.
The two came up with the idea of funding startups, where they would be rapid from 1% to 20 % of the revenue earned, until they reimburse the entire capital along with an extra 6 to 12 % depending on where the money is being put. Till now,they have provided $2.4 billion to 5,500 founders, according to D’Souza. E-commerce, mobile app and enterprise software companies which earn $10,000 or more monthly revenue can apply for up to $10 million by just engaging all their financial accounts into Clearco’s system which analyzes the data and suggests where to spend the money for the greatest benefit. Clearco said this model has led it to fund eight times as many companies headed by female founders as traditional venture capital firms. The founders have however not given the exact figure of their present valuation, but last April they raised a funding of $100 million, which made their startup valuation to a little less than $2 billion.
Follow Startup Story
Related Posts
