News & Press
In an era where small business lending is taking flight, with Lending Club and OnDeck now on the verge of IPOs, one startup is entering the market with a new focus; ApplePie Capital has announced that it is launching a lending marketplace for franchise businesses, the first of its kind.
The San Francisco-based service aims to make it easier for entrepreneurs to open up a franchise, like one at Subway or Burger King. Instead of waiting months to secure lending, ApplePie aims to help franchise owners expedite the process.
During the go-go ‘90s, an innovative company called OffRoad Capital emerged on the scene, pairing accredited investors with startups seeking funding via its online platform. A kind of AngelList 1.0, even OffRoad itself was backed by $17 million from roughly 150 accredited investors. Its timing was lousy, though. Just as OffRoad began gaining real momentum, the tech market nosedived, and in 2001, the company was quietly acquired for an undisclosed amount.
But the band is back together. A year ago, in fact, OffRoad founder Stephen Pelletier and former OffRoad executive VP Denise Thomas rejoined forces to create ApplePie Capital, a San Francisco-based online loan business focused on franchise financing.
ApplePie Capital Announces First-Ever Loan Marketplace to Connect Investors with Franchise Businesses
$3.77 Million Round in ApplePie Capital led by Freestyle Capital, QED Investors, and Signia Venture Partners
San Francisco, CA, November 11, 2014 – ApplePie Capital today announced the first-ever franchise loan marketplace that will connect high-quality franchise brands and their entrepreneurs with investors seeking attractive fixed income returns. As the first marketplace lender solely dedicated to the franchise industry, ApplePie Capital will bridge the financing gap for thousands of qualified entrepreneurs who wish to open or expand their franchise business. This will democratize access to capital to help propel entrepreneurship, support proven Main Street businesses, and create jobs throughout the country. Entrepreneurs can invite their families, friends, and communities to invest in their franchise businesses alongside ApplePie Capital’s growing network of individual and institutional investors.