By Sandy Miller, General Partner and Eric Liaw, Principal
Today, OnDeck (NYSE: ONDK) priced the initial public offering of its stock, raising $200 million dollars to further strengthen the company and add fuel for continued growth and success. With a market cap of over $1.5 billion, OnDeck is the most highly valued New York-based, venture-backed technology company to go public this century. Dating back to IVP's founding in 1980, OnDeck is the 101st company in the IVP portfolio to go public and we could not be more excited to continue our partnership as they enter this next phase of their journey.
IVP led OnDeck's $59 million Series D financing in February of 2013. As we evaluated making our investment, we were attracted to several key characteristics that continue to be true, nearly two years later:
OnDeck provides a disruptive product that truly serves a massive market: There are 28 million small and medium sized businesses in the United States, who collectively employ approximately 50% of the private workforce. Yet SMBs consistently find it difficult to secure the capital they need. Since 2007 (and including through the financial crisis), OnDeck has leveraged their proprietary algorithms to successfully deploy nearly $2 billion of capital to SMBs who in turn use the proceeds to grow their businesses.
OnDeck is led by a committed and experienced management team: OnDeck is led by CEO Noah Breslow, who was the 4th employee of the company. CFO Howard Katzenberg was also an early employee. Since funding their first loan in 2007, OnDeck has added experienced executives from companies including American Express, Paypal, Capital One, and Intuit. Further supporting the senior team are over 350 energetic and talented employees.
OnDeck is exhibiting impressive growth: With a great team executing against a massive market, OnDeck has the ingredients for a strong growth trajectory, and is actually accelerating. Origination volume grew 165% in 2013 vs. 2012; through the first 9 months of 2014 origination volume grew 171% as compared to the first 9 months of 2013. Net revenue nearly tripled in the first nine month of 2014 as compared to the same period in 2013.
IVP is thrilled to be one of OnDeck's largest shareholders. Now that Noah, Howard, and team have stepped into the batter's box as a public company, we can't wait to see what comes next!
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