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.
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Issue: | Series D convertible preferred stock
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Amount: | $25 million (approximate)
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Shares: | 7,027,604
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Conversion ratio: | Into 7,027,604 common shares
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Warrants: | No
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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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