Austin based collaborative lender, Able, raised $6m in Series A funding led by Blumberg Capital and RPM Ventures. The company's unique peer based underwriting is now going nationwide, allowing more small businesses to secure the capital they need with the help of trusted friends & family. Another great push for alternative lending growth, and a sign that Silicon Valley VCs aren't letting market shifts effect near their term investments.
“We want to turn the experience of funding on its head for small businesses,” said Will Davis, co-founder, Able. “Seeking capital can be daunting, even depressing, and in many cases what you really want and need is additional support in the form of advice, mentorship, and encouragement. We’ve seen this firsthand with Able over the last year in Austin -- our members want much more than a loan, and they want to give back in return. Borrowers have returned to Able for a second loan or to Back someone else, and we’ve even seen Backers become Borrowers themselves. This really is a community committed to helping each other succeed.”