Funds for Socially Active Small Businesses
Kabbage, Inc., a provider of working capital for online merchants, today has launched Social Klimbing, a platform which gives small businesses additional access to capital based on its social network activity, and is the first time a financial services company has provided benefits to its customers as a result of Facebook fan pages and Twitter feeds.
"Kabbage is the only company providing working capital to companies based on social media activity and utilization," said Kathryn Petralia, Kabbage co-founder and COO. "With Social Klimbing, small businesses can -- for the first time -- benefit from maintaining and growing relationships with their customers through Facebook and Twitter. While other companies are 'talking' about customer engagement, Kabbage is actually quantifying and utilizing it as a means to give small businesses more capital to grow."
To date, Kabbage has leveraged marketplace data, such as seller ratings for online merchants, to underwrite its business customers. With Social Klimbing, Kabbage can now reward businesses that leverage social media to attract, interact with and retain customers. Social Klimbing allows customers to connect their Kabbage accounts to existing or new Facebook fan pages and Twitter feeds, which is immediately analyzed and translated into additional capital. As customers increase followers, activities and chatter on Twitter and Facebook, they will automatically gain access to more funds.
Atlanta-based Kabbage is a financial services data, technology and marketing platform just for online merchants, supporting millions of small and medium businesses that make a living selling online. Kabbage leverages data generated through merchant activity across various marketplaces and channels to understand business performance and craft financing options that meet their needs.
Kabbage is venture funded and backed by Mohr Davidow Ventures and BlueRun Ventures, with additional investors including: David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., and the UPS Strategic Enterprise Fund.