Bags, a New York-based provider of a small business loan discovery and management platform, raised $3M in Seed funding.
The round was led by Slauson & Co., with participation from Connecticut Innovations, Schultz Family Foundation’s Entrepreneurs Equity Fund, Altrinsic Global Advisors, Tim Armstrong, Owen Van Natta, Edith Cooper, and André Swanston.
The company intends to use the funds to expand the capabilities of its platform with debt management features and data infrastructure solutions for lenders.
Led by CEO Daniel Taylor, and co-founders Ignacio Semereneand William Hayden, Bags is a loan discovery and management platform that connects diverse and women-owned businesses to equitable lenders. The platform is designed to reduce time and friction in the loan application process with integrated, contextualized education and detailed guides for earning loan approvals to secure funding.
With Bags, formerly known as AMP Community, diverse business owners discover the best non-dilutive ways to secure funding. Bags helps entrepreneurs get the working capital that they need, understand the implications of debt financing, and manage their repayment process, all with lenders that have a vested interest in supporting the community the business aims to serve.
The platform includes lending options from $10K to $5M, with industry-low interest rates and flexible terms. Bags has helped put over $5 million into small businesses since 2021, including lifestyle luxury brand M65 Studio, founded by Anthony Hendrickson, and Droplet, a wellness beverage brand created by Celeste Perez.
FinSMEs
21/10/2022