Community Capital Fuels Continued Growth with $2.6 Million Series Seed Financing
Digital loan transactions marketplace and analytics solution provider plans expansion to meet demands of new partnerships and client network growth
NEW YORK–(BUSINESS WIRE)–#communitybanking–NEW YORK–(BUSINESS WIRE)–Community Capital Technology Inc. (“Community Capital”), an enterprise loan transactions marketplace and business intelligence platform, today announced it has closed a $2.6 million Series Seed financing. The round was anchored by Naples Technology Ventures, an early-stage venture capital fund located in Naples, Florida. Also participating in the funding round were Pittsburgh-based 412 Venture Fund and Allegheny Financial Group, as well as several other new and returning fintech angel investors and seasoned entrepreneurs.
The Company will deploy the funding to extend the capabilities of its platform, advance product innovation, expand operations, and further build its sales and transactions teams – all with an eye toward scaling major new strategic partnerships, further accelerating growth, and reinforcing the firm’s digital leadership in the secondary loan trading and participations markets.
Garrett Smith, Community Capital’s Founder and CEO, said, “We are thrilled to have attracted such a strong network of investors in this critical round. Given their deep collective experience in the fintech industry, the confidence they have placed in us validates our value proposition and growth potential, while further highlighting that Community Capital’s platform is quickly becoming the preferred liquidity management solution for community-based financial institutions. The funding demonstrates the importance of providing more effective, efficient balance sheet management tools for these institutions who serve as critical sources of capital for communities and businesses.”
The announcement comes as the Company has experienced dramatic growth over the last six months. Despite a global pandemic, Community Capital cemented several large client partnerships that bring its client membership base to over 1,100 financial institutions nationwide. With billions of dollars in active, proprietary deal flow, the peer-to-peer loan transactions and analytics platform now supports the balance sheet and liquidity management needs of a broad network of loan originators and investors, including regional banks, community banks, credit unions, and direct lenders, along with service and technology providers that support these institutions.
FUNDRAISING ROUND PARTICIPANTS:
- Naples Technology Ventures, led by seasoned fintech and finservices entrepreneurs, is a venture capital firm focused on early-stage technology and services companies;
- 412 Venture Fund is a Pittsburgh-based firm run by successful entrepreneurs who leverage their operational experience to nurture companies through mentorship and network building;
- Allegheny Financial Group, another Pittsburgh firm, is a financial advisory and investment firm that selectively invests in compelling early-stage opportunities alongside its UHNW clients;
- In addition, most current Community Capital investors also participated in this round, including several experienced fintech entrepreneurs and angel investors.
“We invested in Community Capital because we believe that the sophistication and scalability of the technology platform, along with management’s strategic vision, is nothing short of transformational in evolving the way financial institutions manage their balance sheets and liquidity. There is strong industry demand for this type of solution, and we are proud to contribute to accelerating the Company’s future growth as it scales its footprint, technology, and team,” said Neeraj Vohra, Chief Investment Officer of Naples Technology Ventures and newly-appointed Community Capital Board Member.
412 Venture Fund Managing Partner, Ilana Diamond, further noted, “We have successfully backed a number of fintech companies and are particularly impressed with Community Capital’s team and market approach. Their rapid growth and early adoption by leading community-focused financial institutions is a testament to its unique value proposition to provide better digital tools and analytic insights to drive more efficiencies in loan transactions. We are excited to support the Company’s next phase as they continue to deploy and grow partnerships across the U.S.”
“Community Capital has everything we look for in an investment—a team of seasoned entrepreneurs, strong market validation, leading-edge technology, and a huge market opportunity. We are excited to help drive the Company’s vision forward, said Jonathan Kuhn of Allegheny Financial Group.”
Both investment firms, 412 Venture Fund and Allegheny Financial, were introduced to Community Capital by SteelBridge Labs, another Pittsburgh-based firm and early investor in the Company.
Ahead of closing the raise, Community Capital announced the release of its new technology platform, designed in close partnership with current clients and other financial institutions, which includes enhanced deal matching, decision-making intelligence, and transaction management tools. In addition, the Company recently welcomed key new members to its business development team, including Matthew Downs, Chief Commercial Officer, and Mick McDonough, Managing Director. These executives bring extensive financial services industry experience including Citizens Commercial Bank and GE Capital.
About Community Capital Technology Inc. (“CCT”). Community Capital is a digital platform for optimizing the management of loan portfolios. CCT’s loan transaction marketplace provides Regional Banks, Community Banks, CUSOs, Credit Unions, and other non-bank originators or credit investors, a simpler, more cost effective and transparent way to buy, sell and/or participate out loans of any type. Member firms are able to efficiently find relevant opportunities or capital partners, actively manage balance sheet risk, and drive returns, resulting in better access to capital for their clients and communities. Visit www.communityct.com to learn more and follow on LinkedIn.
About Naples Technology Ventures (“NTV”). Naples Technology Ventures is a Venture Capital Firm that invests in early-stage technology and services companies. NTV looks for companies that show strong value-add and demonstrate being in emergent and/or expanding markets with both Software-As-A Service (SaaS) and/or a Services-based model. NTV focuses on investments in Series Seed and Series A+ rounds. For further information, visit www.naplestechnologyventures.com.
About 412 Venture Fund (“412VF”). 412 Venture Fund is an early-stage venture capital firm, created by founders, for founders. 412VF looks for companies that have a product in the field, a scalable business model, and a diverse leadership team. Furthermore, 412VF is focused on finding companies that can benefit from 412VF’s experience and network in business software solutions, healthcare IT, autonomous navigation, industrial solutions, artificial intelligence, and consumer electronics. For more information, visit www.412venturefund.com.
For Community Capital Technology