Union Square, Canaan Partners, Norwest, Morgenthaler among investors
By Devika Patel
Knoxville, Tenn., Feb. 2 - LendingClub Corp. took in about $6.7 million in a private placement of series D convertible preferred stock on Jan. 31, according to an 8-K filed Thursday with the Securities and Exchange Commission. The deal priced raised about $25 million on July 28.
The company sold 7,027,604 preferreds in July and preferreds in the second tranche. The preferreds are convertible into common shares on a one-for-one basis.
Union Square Ventures was the lead investor for the first tranche. 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: | $31.7 million (approximate)
|
| Shares: | 8,909,034
|
| Conversion ratio: | Into 8,909,034 common shares
|
| 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 (for $25 million), Jan. 31 (for $6.7 million)
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