AssetAvenue Raises $11 million

By Georgina McCreadie on 9th April 2015

P2P/Marketplace Lending

AssetAvenue has raised $11 million in its Series A funding round. This round was led by DCM Ventures, a global venture capital firm, which is also an investor in SoFi.

AssetAvenue Raises $11 million

Additional investors include NetEase and Matrix Partners, who were the lead investors in the company’s $4 million seed round last year. Ron Suber, President of Prosper, also invested.

Since the platform was founded in December 2013 it has experienced rapid growth. The company will use this funding to continue investment in its technology and proprietary lending platform with additional product developments, as well as expanding its team with key hires across multiple departments, along with increasing its marketing and sales campaigns.

David Manshoory, CEO and Co-Founder of AssetAvenue, commented:

“We are thrilled to have this exceptional group of investors supporting AssetAvenue’s mission to revolutionize the real estate lending industry. We will use this infusion of capital to further accelerate our growth and deliver on our promise to better serve those seeking quick and efficient access to capital on our platform, while also providing institutional and accredited investors the ability to earn attractive returns.”

DCM Ventures has over $2.5 billion under management and has invested in over 250 technology companies across the US and Asia.

David Chao, General Partner at DCM Ventures, commented:

“We’re extremely excited to support AssetAvenue’s rapid growth. The company’s ability to provide quick and efficient loans through its use of technology will dramatically change how lending is done in the commercial real estate space.”

AssetAvenue offers bridge and transitional loans for commercial real estate such as office buildings, industrial properties, shopping centres, apartment complexes and luxury, non-owner occupied residential properties.

Josh Hannah, General Partner at Matrix Partners, explained:

"We were one of the lead investors in the company's seed round, and our belief in the AssetAvenue team has been reinforced after seeing the company achieve significant milestones in its first year. The team is very experienced and they have identified a great opportunity to address the needs of an underserved market that is not being met by current banking solutions. We're pleased to participate in the Series A round and look forward to seeing AssetAvenue's growth over the next year."

In the second half of 2014 AssetAvenue funded about $24.2 million in loans. The platform saw notable growth of 16x growth in loan funding from Q3 to Q4, with loans in major markets across six states varying in size from $175,000 to more than $5.6 million. With this Series A funding round completed the platform looks set to continue along an impressive growth trajectory.