Clearbanc Launches Runway in Response to Covid-19
This month Clearbanc announced its latest product, Runway, in response to the impact of the novel coronavirus. Having historically served the needs of those businesses that are seeking funds for digital marketing, with Runway Clearbanc is expanding into capital for more generalized purposes in the face of covid-19.
“All companies are concerned about one thing and that thing is runway: ‘how many months do I have left and how do we extend that?’ Clearbanc CEO Michele Romanow explained. “So we built this really cool product, where you can give us a little bit of information and we can show you how much runway you have today at your current economics, and then how much we could extend that runway.”
Open to e-commerce, D2C, and enterprise SaaS businesses, Runway has already begun issuing funds. Amounts begin at $10,000 and can run up to $10 million, with monthly cash injections being an option if Clearbanc deems it suitable. Fees range from 6-12% and funding is equity-free.
“These is no playbook for the current economic crisis and recovery, and every founder needs more insight and options to navigate this incredibly difficult time. In addition, venture capital is even harder to come by. Capital is the most important tool to sustain and grow a business, and is now needed more than ever.”
Brendan Garrett was a Reporter at deBanked.