Asenso Launches a Crowdfunding Campaign to Make Applying for Small Business Loans Easier

Molly Wright

Molly Wright is an intern for dot.LA. She previously edited the London School of Economics' student newspaper in the United Kingdom, interned for The Hollywood Reporter and was the blogging editor for UCLA's Daily Bruin.

Asenso Launches a Crowdfunding Campaign to Make Applying for Small Business Loans Easier
Image from Wikimedia Commons

Asenso Finance, a fintech startup trying to make it easier for small businesses to receive loans from community banks and financial institutions, is looking to raise $1 million in a new crowdfunding campaign.


Manhattan Beach-based Asenso is using the crowdfunding platform Wefunder.com to find retail investors willing to back its seed round. The startup, which launched last fall and is backed by Los Angeles venture studio Talino Venture Labs, is raising the funds at a $15 million pre-money valuation. It is also offering seed investors special “Early Bird” terms: those contributing the first $300,000 will invest in a simple agreement for future equity (SAFE) at a $12 million pre-money valuation, or a 20% discount. As of Monday afternoon, it had raised nearly $91,000.

Asenso aims to close the round by the end of the first quarter or early second quarter, Carina Oriel, the firm’s corporate development and strategy lead, told dot.LA. The company plans to deploy 40% of the funds toward developing its technology, 30% toward working capital and 30% toward marketing, she added.

Asenso’s digital platform attempts to digitize the loan application and servicing process for community banks and community development financial institutions (CDFIs), with the goal of making it easier for small business owners to receive loans at affordable interest rates. That digitization allows community banks and CDFIs to provide more loans to more small businesses while cutting down on their operational costs.

The startup’s product arrives after the coronavirus pandemic devastated millions of small businesses across the country, forcing many to turn to programs like the Small Business Administration’s beleaguered Paycheck Protection Program to find relief. In 2020, 62% of businesses received a coronavirus-related loan or grant to keep their operations afloat, and many small businesses still feel uncertain about their prospects nearly two years after the pandemic’s onset.

mollywright@dot.la

Subscribe to our newsletter to catch every headline.

Cadence

Greater Good Health Raises $10M To Fix America’s Doctor Shortage

Keerthi Vedantam

Keerthi Vedantam is a bioscience reporter at dot.LA. She cut her teeth covering everything from cloud computing to 5G in San Francisco and Seattle. Before she covered tech, Keerthi reported on tribal lands and congressional policy in Washington, D.C. Connect with her on Twitter, Clubhouse (@keerthivedantam) or Signal at 408-470-0776.

Greater Good Health Raises $10M To Fix America’s Doctor Shortage
Courtesy of Greater Good Health

The pandemic highlighted what’s been a growing trend for years: Medical students are prioritizing high-paying specialty fields over primary care, leading to a shortage of primary care doctors who take care of a patient’s day-to-day health concerns. These physicians are a cornerstone of preventative health care, which when addressed can lower health care costs for patients, insurers and the government. But there’s a massive shortage of doctors all over the country, and the pipeline for primary care physicians is even weaker.

One local startup is offering a possible answer to this supply squeeze: nurse practitioners.

On Wednesday, Manhattan Beach-based Greater Good Health unveiled $10 million in new funding led by LRVHealth, adding to $3 million in seed funding raised by the startup last year. The company employs nurse practitioners and pairs them with doctor’s offices and medical clinics; this allows nurse practitioners to take on patients who would otherwise have to wait weeks, or even months, to see a doctor.

Read more Show less

Plus Capital Partner Amanda Groves on Celebrity Equity Investments

Minnie Ingersoll
Minnie Ingersoll is a partner at TenOneTen and host of the LA Venture podcast. Prior to TenOneTen, Minnie was the COO and co-founder of $100M+ Shift.com, an online marketplace for used cars. Minnie started her career as an early product manager at Google. Minnie studied Computer Science at Stanford and has an MBA from HBS. She recently moved back to L.A. after 20+ years in the Bay Area and is excited to be a part of the growing tech ecosystem of Southern California. In her space time, Minnie surfs baby waves and raises baby people.
PLUS Capital​’s Amanda Groves.
Courtesy of Amanda Groves.

On this episode of the L.A. Venture podcast, Amanda Groves talks about how PLUS Capital advises celebrity investors and why more high-profile individuals are choosing to invest instead of endorse.

As a partner at PLUS, Groves works with over 70 artists and athletes, helping to guide their investment strategies. PLUS advises their talent roster to combine their financial capital with their social capital and focus on five investment areas: the future of work, future of education, health and wellness, the conscious consumer and sustainability.

Read more Show less
RELATEDEDITOR'S PICKS
LA TECH JOBS
interchangeLA
Trending