By Devika Patel
Knoxville, Tenn., March 19 - LendingClub Corp. raised about $12 million in a private placement of series B convertible preferred stock on March 13, according to an 8-K filed Thursday with the Securities and Exchange Commission.
The company sold 16,036,346 preferreds.
They are convertible into common shares on a one-for-one basis.
Canaan Partners VII LLC and Norwest Venture Partners X, LP were the investors.
Based in Sunnyvale, Calif., LendingClub develops and markets networking products for the financial industry. It is a private company.
| Issuer: | LendingClub Corp.
|
| Issue: | Series B convertible preferred stock
|
| Amount: | $12 million (approximate)
|
| Shares: | 16,036,346
|
| Conversion ratio: | Into 16,036,346common shares
|
| Warrants: | No
|
| Investors: | Canaan Partners VII LLC and Norwest Venture Partners X, LP
|
| Settlement date: | March 13
|
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