(Bloomberg) — Clear Finance Technology Corp., the lender co-founded by Canadian television personality Michele Romanow, secured a new round of funding, giving it room to mount a potential turnaround after a slowdown in the tech-startup industry battered its business.
The company, which does business as Clearco, said it secured the ability to raise as much as $100 million through an asset-backed debt facility with Pollen Street Capital, which would provide cash to extend new loans. It said its venture capital backers Inovia Capital and Founders Circle Capital have also taken an additional $60 million stake in preferred equity.
It’s not clear how much — if any — of the preferred equity stake involved new cash, however, since Inovia, Founders Circle and SVB Capital had purchased $60 million of debt the company owned to Silicon Valley Bank, which collapsed earlier this year, and…
