Financing military veteran-owned small businesses lender StreetShares announced on Wednesday it secured $23 million during its Series B funding round, which was led by Rotunda Capital Partners, LLC, with participating from existing investors, including veteran-focused venture firm, Stony Lonesome Group.
As previously reported, StreetShares provides small business financing through small business loans, its Patriot Express Lines of Credit and government contractor financing. The lender’s key focus is towards businesses owned by military veterans and family members of the military and veteran community. It also allows the public to participate in supporting these businesses with innovative investor products, such as Veteran Business Bonds. While sharing details about the latest investment round, Mark L. Rockefeller, CEO of StreetShares, stated:
“StreetShares uses technology to serve the business funding and alternative investment needs of America’s heroes and their communities. This injection of capital allows us to continue to provide red-carpet treatment to our very special members— the veteran entrepreneurs, small business owners, government contractors, and impact investors—that make up our country’s next ‘Greatest Generation.'”
John Fruehwirth, Managing Partner at Rotunda, also commented:
“We’re thrilled to join StreetShares as a strategic business partner and investor. Mark L. Rockefeller, Mickey Konson, and the entire team at StreetShares have really been innovators in the small business lending and investing space. Our team at Rotunda is proud to join StreetShares and its mission to improve access to credit for veteran-owned small businesses while providing unique investment opportunities to their supporters.”
Mickey Konson, COO of StreetShares, then noted:
“Securing this funding is a huge step in StreetShares’ growth and we’re excited to have the support from a great firm like Rotunda Capital. StreetShares is proud to fuel this special class of great American small businesses, and our partnership with Rotunda demonstrates that we are just getting started.”
StreetShares added Brian Burke of Cooley LLP acted as counsel for the funding round.