FundThrough
| ISIN | 🆔 |
|---|---|
| Founded 📆 | July 2014 |
| Founder 👔 | Steven Uster, Deepak Ramachandran, Graham McBride |
| Headquarters 🏙️ | Toronto, Ontario |
Area served 🗺️ | |
| Members | |
Number of employees | |
| 🌐 Website | www |
| 📇 Address | |
| 📞 telephone | |
FundThrough is a financial technology company headquartered in Toronto, Canada.[1] Founded in 2014, FundThrough offers businesses an online funding platform to manage cash flow by advancing funds from outstanding invoices.[1] The platform serves small businesses in the U.S. and Canada.[2]
Since 2014, FundThrough has received $60.8 million in funding from venture capital investors ScaleUp Ventures, Hedgewood, and Real Ventures, and family office investors.[1][3][4][5] In June 2018 the company closed a $34 million Series A financing round, led by David Mirvish and ScaleUp Ventures.[5]
In April 2018, FundThrough was featured on the University of Toronto Impact Centre’s Narwhal List; a compilation of Canada’s fastest scaling private tech companies.[6]
History[edit]
Founding[edit]
FundThrough was founded in 2014 by co-founders Steven Uster, Deepak Ramachandran, and Graham McBride.[4]
Funding[edit]
In the company’s seed round, they raised $26.8 million in debt and equity, led by ScaleUP Ventures, Hedgewood, and Real Ventures.[1][3][4] The round was supported by other venture capital firms, namely:
- Klister Credit
- OnWave Ventures
- Five Elements Environment Ventures
- Origin Merchant Partners
- Barlow Lane Holdings
In June 2018, the company closed a $34 million Series A round, which included $9 million in equity, led by David Mirvish and ScaleUp Ventures, and a $25 million credit facility provided by Intercap Inc.[5] Mirvish became the largest equity investor in the company's latest round of funding, contributing $3.2 million of the total $9 million that was raised.[5] Noting that his investment in a financial technology company was a departure from his usual investments in art and real estate, Mirvish has cited a familiarity with factoring - the funding model employed by FundThrough - as his impetus to invest.[5][7] According to Mirvish, invoice factoring was "critical" to his parents, Anne and Ed Mirvish, when starting the business that grew to become Honest Ed's.[7]
Business Model[edit]
FundThrough’s platform enables users to apply for funding limits based on their sales performance and invoicing history.[8] Users then have the ability to use this limit to advance funds on outstanding invoices to generate on-demand working capital.[1] To be assessed for a funding limit, users create a free FundThrough account and connect FundThrough to their accounting software and online bank.[1][9]
Recognition[edit]
In 2018, FundThrough was featured on the University of Toronto Impact Centre’s “Narwhal List”; a compilation of Canada’s fastest scaling private tech companies.[6]
References[edit]
- ↑ 1.0 1.1 1.2 1.3 1.4 1.5 "Small-business lender FundThrough secures $24.6-million in financing". Retrieved 2018-06-01.
- ↑ "FundThrough Inc.: Private Company Information - Bloomberg". www.bloomberg.com. Retrieved 2018-06-01.
- ↑ 3.0 3.1 "FundThrough | Crunchbase". Crunchbase. Retrieved 2018-06-01.
- ↑ 4.0 4.1 4.2 "FundThrough Raises $2.2 Million for Online Lending Platform to Finance Businesses". Techvibes. Retrieved 2018-06-01.
- ↑ 5.0 5.1 5.2 5.3 5.4 "Arts impresario David Mirvish jumps into fintech with investment in small-business lender FundThrough". Retrieved 2018-06-25.
- ↑ 6.0 6.1 "The Narwhal List 2018 - Impact Centre | University of Toronto". Impact Centre | University of Toronto. Retrieved 2018-06-01.
- ↑ 7.0 7.1 "Toronto-based startup FundThrough lands millions in funding, eyes U.S. expansion | The Star". thestar.com. Retrieved 2018-06-25.
- ↑ "Short on cash? New 'fintech' companies give small businesses more options". Retrieved 2018-06-01.
- ↑ "FundThrough aims for faster and more convenient B2B lending". Financial Post. 2015-02-23. Retrieved 2018-06-01.
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