CircleUp, an online marketplace for private equity investing, has announced that Lending Club’s COO and CMO Scott Sanborn has joined the company’s board of directors.
He will continue in his leadership role as chief operating officer and chief marketing officer at Lending Club, which recently completed its landmark initial public offering. This announcement follows a year of significant growth for CircleUp, with more than $100 million currently available for investment on the platform.
Scott Sanborn commented:
"CircleUp has established itself as the clear leader in the online private equity landscape, with a disciplined approach to helping investors find quality opportunities. Making growth capital available to companies, many for the first time, can make a significant difference in our economy. With the track record and team in place, I'm excited to serve on CircleUp's board and help the company continue to grow."
Sanborn was previously the chief marketing revenue officer for eHealthInsurance, a publically traded ecommerce company. He has also had senior leadership roles at RedEnvelope, Inc., an e-commerce and catalogue retailer of upscale gifts.
Ryan Caldbeck, CircleUp CEO, added:
"We're thrilled to welcome Scott to our Board. Scott brings a valuable and unique perspective, having scaled a two-sided marketplace in a similar environment. He shares our values and passion for helping entrepreneurs thrive while providing strong returns to investors. I'm confident his inspirational leadership and wealth of experience will help elevate CircleUp to our next phase of growth."
Other eminent members of CircleUp’s board include Ryan Caldbeck and co-Founder Rory Eakin, as well as investors Andy Weissman of Union Square Ventures, Daniel Ciporin of Canaan Partners, and Matthew Christensen of Rose Park Advisors. David Krane of Google Ventures and David Topper of General Atlantic are board observers.
Adding Sanborn to the board could prove to be a shrewd move by CircleUp. After the success of the Lending Club and OnDeck IPO we are expecting more platforms to come to market this year. Could this board acquisition be a sign that CircleUp want to make use of Sanborn’s experience in this area in future years?