Kabbage Raises $30 Million to Make Small Loans to Online Merchants
Kabbage, which helps small online merchants obtain working capital, has raised $30 million in a third round of capital. The Atlanta-based company will use the funding to fuel growth opportunities. The round was led by Thomvest Ventures. Other investors, including UPS Strategic Enterprise Fund, Mohr Davidow Ventures, BlueRun Ventures, Warren Stephens, David Bonderman and Ron Conway’s SV Angel, also participated. To date, Kabbage has raised $56 million. Since launching two years ago, the company says it is now lending money to companies, which earn a combined $800 million in annual sales.