Foro Secures $4 Million in Series A Extension Round To Democratize Commercial Lending, Adds Two New Investors
Charlotte, NC, March 29, 2023 – Foro, a Charlotte-based commercial lending platform that increases access to capital for growing businesses, announced the completion of a $4 million Series A extension funding round, and the addition of two new investors.
“We are thrilled with this additional funding, which is a testament to what the team has built and will continue to build for growing businesses,” said Dave Godsman, CEO of Foro. “The capital will enable us to expand our reach and optimize our platform to meet the increasing demand from growing businesses and top lenders, especially in the current tight credit environment.”
TTV Capital, Fin Capital, Correlation Ventures, and AME Cloud Ventures, invested additional funds to their Series A funding.
“We believe in Foro’s ability to reimagine the commercial lending experience,” said Mark Johnson, Partner at TTV Capital. “Foro’s early successes have demonstrated that there is a massive opportunity to connect lenders with high-quality businesses in an unbiased manner. We’re confident in what the team at Foro has already built, and we’re proud to support their mission as they continue to scale.”
The new funding also marked the addition of two new investors, Gaingels and B3 Capital, both of whom focus on supporting purpose-driven companies that have a positive impact on their communities.
Foro’s technology-driven approach addresses some of the inequities in the commercial lending industry. The platform initially anonymizes businesses to ensure that borrowers are judged solely on the merits of their business and provides guidance on how to effectively navigate the commercial lending process.
“As the largest investor network focused on supporting and investing in the best venture-backed companies that embrace and value diverse leadership, including LGBTQIA+, we’re proud to be an investor in Foro,” said Lorenzo Thione, managing director of Gaingels. “We align with and believe that their mission to democratize the commercial lending process will result in more growth opportunities for businesses with diverse leadership.”
The company’s platform simplifies and streamlines the commercial lending process for growing businesses seeking $1M-$20M. Foro introduces businesses to the right lenders that meet their specific lending needs. As a result, lenders are connected with high-quality small and midsize businesses, making the lending experience faster and more rewarding for all parties.
With this new funding, the company is positioned to scale their reach and introduce more growing businesses with the best lending institution that matches their needs. To learn more about Foro and its commercial lending platform, visit foro.io.
Foro democratizes access to capital by streamlining the commercial lending process. Using a proprietary algorithm, they enable growing businesses seeking capital to have the choice, clarity, and confidence needed to choose the right lender and fuel their future. At the same time, lenders are able complement their services by identifying businesses actively seeking growth capital that fit their lending criteria. To learn more about how Foro is accelerating and improving the commercial lending process for both businesses and financial institutions, visit Foro.io today.
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