This week we announced the closing of our $5 million Series A financing. In the world of startups, that’s a significant milestone. One prominent commentator recently observed that 99.9% of those who attempt to achieve it fail to do so. Judged by that measure the team here at Groundfloor ought to be feeling pretty good about it. And we do.
But more than a sense of accomplishment, we feel gratitude and an eagerness to redouble our efforts. Certainly, we wouldn’t be here without the investors, advisors and early employees who’ve believed in us and invested their capital, their time and their careers to build the company. Likewise, we appreciate the borrowers and lenders who’ve seen the value of Groundfloor and ventured into the unknowns of participating in an unproven concept from an unknown company.
The real accomplishment lies not in today’s news, but on the horizon where our vision for a new age of finance is rising. We know that raising venture capital for our company is a means to an end, not an end in itself. It’s important not because we’re a startup, but because our goal is to grow past being one. Startups are now lionized into economic legend, but “startup” is just a stage--like “adolescent” (and who would want to remain that?). The word itself isn’t even a real noun, but a verb-become-noun. Startups are searching for themselves, and whether successful or not, fleeting.
Great companies, on the other hand, endure for the benefit of many. That’s what we aim to be and to do. This week, we announced a step in that direction. This capital will enable us to hire more people to grow the team and build more technology to serve more lenders and more borrowers. We’ll be able to do so more efficiently and look forward to more loans from more places, expanding to additional states, and sharing new product features like an automatic investment tool, investing with IRAs, and more.
Tell us what you’re looking forward to from GROUNDFLOOR. Leave us a comment below or reach out to me and Nick directly at firstname.lastname@example.org.