Today, Patch of Land announced a large Series A financing round led by SF Capital Group with Prosper President, Ron Suber, also investing. Neil Wolfson, of SF Capital Group will be joining the Board of Directors of Patch of Land. Neil and his firm have also invested in other top marketplace lenders, including OnDeck and BorrowersFirst. We reached out to Ron Suber for comment regarding his investment:
Many people and platforms are looking for capital and consultation to help them reach escape velocity like Prosper has. For a marketplace lending platform to be successful they need to have what I consider the three legs of the stool in place. The first leg is product, the middle leg is capital and the third leg is underwriting/technology. Those platforms that can find a balance between all three legs with the right management team, unit economics and a big addressable market are realizing that the sky is the limit.
We also reached out to Jason Fritton, CEO of Patch of Land to learn more about this deal and to talk about Patch of Land’s place in this market. [Read more…]