There is probably no bigger name in venture capital than Kleiner Perkins (officially known as Kleiner Perkins Caulfield Byers or KPCB). They are one of the stalwarts of Silicon Valley having invested in such household names as Amazon, Google, Compaq, Groupon and AOL. Now, they have added Lending Club to that list of companies.
Today, Lending Club announced (press release is here) a $15 million equity investment from Kleiner Perkins. At the same time Kleiner Perkins partner Mary Meeker has been appointed to the board of Lending Club. Along with John Mack’s recent $2.5 million investment this brings the total capital raised by Lending Club to $100 million. More importantly it brings the total cash on the balance sheet to around $45 million.
Here is what Mary Meeker had to say about Lending Club in an official statement:
“Lending Club is helping reinvent the consumer lending industry. It’s the kind of opportunity that Kleiner Perkins is interested in and I knew I wanted to be involved.”