Clearco 2.0 is Open for Business
Today is a monumental day at Clearco. I’m proud to announce we’ve completed multiple actions to recapitalize our business and ensure our stability and long-term success. These include a $60M equity raise from our existing investors, led by long-time partner Inovia Capital, and a new asset-backed financing facility, which is expected to support $850M of Clearco originations over the next two years.
Read more about the news here.
To accomplish these actions simultaneously, during a period of macroeconomic uncertainty and historic interest rate increases, is a testament to the resilience and continued power of the Clearco team and brand.
Almost a decade ago, Clearco was founded to make it easier for entrepreneurs to grow their business without giving up equity or pledging collateral. The rise of DTC, the advent of consumer-friendly digital ad platforms, and the idea that anyone could be an entrepreneur with a good idea supercharged our growth, enabling us to fund over 10,000 businesses. Clearco singlehandedly created the category of revenue-based financing for e-commerce businesses. What began as the “20 Minute Term Sheet” has evolved into something much more revolutionary and sophisticated: growth capital to scale any e-commerce business.
Of course, in going from 2015 to today, Clearco didn’t get everything right, but the focus never changed – providing e-commerce businesses the capital they need to fund growth. Over the past 12 months, we’ve transformed ourselves, strengthened our leadership, and made significant changes to our product, technology, and data. Today, we take a critical step forward in building the future of e-commerce funding, and are poised to make an even bigger impact over the next decade. With our simpler, more business-friendly Invoice Funding product and our advanced underwriting, we’re able to solve the most pressing needs of e-commerce businesses.
Like most companies, we made hard calls in the last 12 months to be in the position we are now, focusing on long-term opportunities to grow intelligently and profitably. When we first started, people thought we were crazy to challenge the banks and VCs. But, through a pandemic, a period of historic tightening monetary policy and difficult macroeconomic conditions, we have persisted and are thriving.
When I talk to e-commerce leaders about the biggest challenges facing their businesses – their first answer is almost always a resounding “access to capital!” That is why Clearco exists, and that is why we have fought so hard in the last year to ensure Clearco rises once again as the clear leader in providing working capital to e-commerce businesses to propel them forward.
Our mission is and has always been to fuel e-commerce companies, providing financing when others are unwilling. By creating the sustainable and laser-focused Clearco 2.0 you see today, we’ll be able to support countless more entrepreneurs for years to come.
To any e-commerce business, we’re excited to introduce you to the new Clearco, and look forward to being a part of your journey. You are our lifeblood, and we work diligently every day to ensure you have the best opportunities to grow your business and achieve your goals.
Chief Executive Officer