Now, one leading venture capitalist is supporting Kickfurther’s business model.
Reports on Monday (April 11) said Charles River Ventures Partner Bill Tai has backed Kickfurther and will join its board of advisors.
In a statement, Tai pointed to Kickfurther’s performance in the MaiTaiGlobal Extreme Tech Challenge (Tai is also a cofounder of MaiTaiGlobal).
“Kickfurther was such a standout opportunity in the Extreme Tech Challenge run by MaiTaiGlobal that many of our members wanted to fund the company,” he said. “So, we did, by pooling our capital into an XTC Fund that is now a happy backer.”
He did not reveal details of the funding, including how much the XTC Fund provided to Kickfurther. But the investor did point to the lucrative opportunity in invoice and inventory financing.
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“The aggregate market for lending against inventory is in the trillions of dollars,” Tai stated.
“Consolidation in the banking sector has made it uneconomic for traditional banks to service the millions of small businesses out there,” the venture capitalist continued. “Kickfurther’s solution is showing strong usage and traction because it offers solid returns to individuals who want to back products from companies they really trust and like and grow their money in the process.”
Kickfurther Founder and CEO Sean De Clercq described Tai’s involvement in the company as “extremely exciting.”
