Cerebro's platform is designed for middle market corporate borrowers and lenders
Cerebro Capital, a digital commercial loan marketplace, has recently completed its second round of funding co-led by Ulu Ventures and Grotech Ventures.
Other investors who participated in this funding round included Sterling Partners, Inner Loop Capital and Point Field Partners.
Cerebro’s platform is designed for middle market corporate borrowers and lenders, addressing two key components of commercial loan process that include sourcing corporate loans and managing loan covenant compliance.
The funding raised by Cerebro will be used to further scale its online loan marketplace and broaden its capacity to streamline placement of corporate debt transactions.
Cerebro’s platform is connected to over 650 bank and non-bank lenders and is claimed to have seen the number of inquiries surge in the first quarter of this year.
Cerebro Capital founder and CEO Matthew Bjonerud said: “We are thrilled our platform is being recognized across the country with prominent west coast and east coast investors, in the form of this new capital raise.
“We exceeded our expectations in the dollars raised and at a critical juncture in our growth path as many of our customers navigate a volatile post COVID-19 economy. With this capital, we will continue to make it easier and faster to receive great terms on corporate loans including the new MSLP and PPP loans.”
In Q1 of this year, Cerebro saw borrowers used its platform for over $800m
Since its launch in October 2017, the company’s platform has been used by corporate borrowers to run over $740m in loan RFPs.
During this year’s first quarter, borrowers used the platform to predict structure and terms of more than $800m loans.
The company has also deployed artificial intelligence (AI) technologies to suggest optimal deal structuring and match borrowers to lenders.
Ulu Ventures managing director Clint Korver said: “The mid-market credit space is massive and an important part of how the US economy functions. It’s a market often bound by geography and inefficient for borrowers and lenders.
“We know Cerebro has the potential to unlock significant efficiencies and savings on both sides of the equation, making the platform more powerful, and its future that much brighter.”