"Clearco announced several recapitalization efforts Wednesday, including a $60 million Series D round and new asset-backed financing. The facility provides up to $100 million in financing capacity and will support $850 million of Clearco originations over the next two years.
Toronto-based Clearco uses AI and proprietary machine learning-based technology to underwrite businesses and help customers fund inventory and marketing invoices of between $10,000 and $2 million. To date, the company has financed over 10,000 companies with more than $2.5 billion.
The company was founded as Clearbanc in 2015, and provided capital to e-commerce founders growing their businesses without equity dilution, hidden fees or compounding cost of capital.
Today marks a turnaround for a company that’s had its share of ups and downs over the past year. At the beginning of this year, the company made a second round of layoffs and saw its co-founder and CEO Michele Romanow step down.