Union Square, Canaan Partners, Norwest, Morgenthaler among investors
By Devika Patel
Knoxville, Tenn., Aug. 3 - LendingClub Corp. took in about $25 million in a private placement of series D convertible preferred stock on July 28, according to an 8-K filed Wednesday with the Securities and Exchange Commission.
The company sold 7,027,604 preferreds, which are convertible into common shares on a 1 for 1 basis.
Union Square Ventures was the lead investor. Canaan Partners VII LP, Norwest Venture Partners X, LP and Morgenthaler Ventures IX, LP also participated.
Based in San Francisco, LendingClub is a private company, which operates a lending network that brings together investors and creditworthy borrowers.
| Issuer: | LendingClub Corp.
|
| Issue: | Series D convertible preferred stock
|
| Amount: | $25 million (approximate)
|
| Shares: | 7,027,604
|
| Conversion ratio: | Into 7,027,604 common shares
|
| Warrants: | No
|
| Investors: | Union Square Ventures (lead), Canaan Partners VII LP, Norwest Venture Partners X, LP and Morgenthaler Ventures IX, LP | Settlement date: | July 28
|
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