Clearco Raises US $ 215 Million in New Funding Round Led by SoftBank Vision Fund 2 to Accelerate International Expansion and Continue Development of a Suite of AI-Driven, Founder-Friendly Services
Clearco is democratizing access to growth for e-commerce businesses and has invested more than $ 2.4 billion in the United States in over 5,500 companies, with 30% of founders being BIPOC and funding advanced to 8 times more women-led companies than traditional venture capital.
NEW YORK, LONDON, and TORONTO, July 8, 2021 / PRNewswire / – Clearco, the world’s largest e-commerce investor and the company that is revolutionizing the opportunities for founders to grow their businesses, announced today a $ 215 million New round of funding in the United States led by new investor SoftBank Vision Fund 2 * to continue to propel the growth of the first founder’s business and product line.
SoftBank Vision Fund 2’s participation in this new funding round contributes significantly to the momentum and advancement of Clearco’s vision and commitment to a large and diverse hub of growth products and services that eliminate effectively the hurdles founders have traditionally faced, including giving up equity in exchange for capital, inventory funding, and data that drives growth and operational efficiency.
As Clearco continues to rapidly expand its international presence and operations, led by the recent hires of Ruma bose, director of growth and Sarah clark, Head of UK, SoftBank Vision Fund 2 investment also adds strategic capital to accelerate market expansion plans. Newly appointed executives are also joining Clearco this month. Satwik Seshasai, CTO joining Compass and Katrina shackelford, vice president of products, joined from Amazon.
âSoftbank’s investment at a time when we are accelerating at breakneck speed and leading a founder’s revolution is both humbling and exciting as we continue to work to break down archaic barriers and deliver an alternative and accessible solution to founders around the world. Â»Declared the co-founder and president MichÃ¨le Romanow. âWe continue to be fully committed to our vision of changing the trajectory of what it means to reach capital to grow your business and the full service tools to succeed, whether it’s strategic direction, access to a powerful network of partners or evaluation tools that allow founders to accelerate the growth of their business. “
The founders, especially the women and founders of BIPOC, traditionally have few and often inaccessible options to grow their business and Clearco is unique in its ability to nurture entrepreneurship and opportunities outside of traditional networks and regions with a AI and data-driven decision making. As global venture capital funding for female founders fell 27% in 2020, according to Crunchbase, Clearco has funded eight times more women-led companies than traditional venture capital firms. During the same period, 13% of Clearco’s funding went to companies led by the founders of Black and LatinX, compared to 2.6% for traditional venture capital firms; in total, a third of Clearco’s funding went to color founders.
âWe are a company that was built by founders for founders, and we have all faced the same issues that we are not only working to solve but to replace with better products and opportunities in a whole new category,â said the co-founder and CEO AndrÃ© D’Souza. âWe have invested more 2.4 billion US dollars in nearly 5,500+ companies with a platform we know our Founders need and this cycle allows us to continue to build a suite of world-class services Founders deserve to grow their businesses. “
Softbank Investment Advisors Kristin bannon led the new round of funding. In addition, Intuit, Bow Capital and West Park participated.
âClearco is a market leader who has created an entire industry that is fiercely dedicated to democratizing access to capital and a full range of services that serve the founder’s journey,â said Kristin bannon, director at SoftBank Investment Advisers. âWe are delighted to partner with Andrew, Michele and the Clearco team in their goal of transforming the e-commerce industry. “
Clearco offers a range of industry-leading performance financing products and services, tailored to help founders retain ownership, including:
ClearCapital: ClearCapital provides up to 10 million dollars capital without equity for e-commerce businesses looking to expand their marketing or stock up on inventory.
ClearAngel: ClearAngel gives start-up founders access to non-equity capital, data-driven advice and Clearco’s vast network of applications, agencies and investors.
Clear the track: ClearRunway gives SaaS and subscription companies an easier way to grow, converting monthly income into no-equity investments of up to 10 million dollars.
Information and evaluation: Clearco’s Insights & Valuation tools help founders identify where they fit in their category across more than 20 metrics of sales and marketing performance, as well as the total value of their business.
Co-founded as Clearbanc in 2015, Clearco offers the most user-friendly capital solutions for e-commerce, mobile apps and SaaS founders, along with a full suite of products and access to a powerful network. global, information, data and recommendations. . Clearco has funded more than 5,500 companies to date, including Leesa Sleep, fashion rental service The tote, household goods company Public Goods, blouse UNTUCKit, speech therapy online Expressable and digital real estate market SetSchedule. For more information visit clear.co and @getClearco.
Philip Price Fry
Head of communications
* As of the date of this press release, SoftBank Group Corp. made capital contributions to enable SoftBank Vision Fund 2 (“SVF 2”) to invest in certain holding companies. The information included in this document is provided for informational purposes only and does not constitute an offer to sell or a solicitation of an offer to buy limited partnership interest in any fund, including SVF 2. SVF 2 does not yet have an external close, and any potential third party investors will receive additional information relating to any SVF 2 investment prior to the close.
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