New Issue: LendingClub sells $24.5 million of convertible preferreds in placement

By Devika Patel

Knoxville, Tenn., April 20 - LendingClub Corp. raised about $24.5 million in a private placement of series C convertible preferred stock on April 14, according to an 8-K filed Tuesday with the Securities and Exchange Commission.

The company sold 15,621,609 preferreds, which are convertible into common shares on a one-for-one basis.

Foundation Capital IV, LP was the lead investor. Canaan Partners VII LP, Norwest Venture Partners X, LP and Morgenthaler Ventures IX, LP also participated.

Based in Sunnyvale, Calif., the private company develops and markets networking products for the financial industry.

Issuer:	LendingClub Corp.
Issue:	Series C convertible preferred stock
Amount:	$24.5 million (approximate)
Preferred stock:	15,621,609
Conversion ratio:	Into 15,621,609 common shares
Warrants:	No
Investors:	Foundation Capital IV, LP (lead), Canaan Partners VII LP, Norwest Venture Partners X, LP and Morgenthaler Ventures IX, LP
Settlement date:	April 14

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