Kabbage Wins VentureBeat Award for Most Disruptive
ATLANTA – December 4, 2012 – Kabbage, Inc. announced today that it was selected from more than 200 companies and seven finalists as the winner of CloudBeat’s 2012 Innovation Showdown from VentureBeat. Kabbage was chosen by a panel of judges consisting of investors and industry experts using criteria including the level of industry disruption, the uniqueness of its innovation in leveraging the cloud, and meaningful customer impact.
“The CloudBeat Innovation Showdown pitted seven of the most innovative cloud companies against each other. Kabbage stood out with a simple yet powerful service that offers real value,” said Dylan Tweney, Executive Editor of VentureBeat. “We were impressed at how its seven minute online funding application lets small businesses leverage assets they already have in the cloud -- such as Facebook activity, eBay and Amazon sales revenue, UPS shipping data and more, in order to provide them with instant decisioning and funds to grow.”
Kabbage’s patented data science platform is driving rapid growth for Kabbage customers and for Kabbage. The average Kabbage small business customer experiences revenue growth rates of 266% after they begin using Kabbage funding. The company’s momentum has also accelerated dramatically over the last year. One year ago, Kabbage had 30 employees and originated $15 million in advances on an annualized basis. Today, Kabbage has nearly 80 employees and is originating $200 million on an annualized basis.
“We are thrilled to win this award, but even more excited that each of our accomplishments increases our exposure and ability to fund more small businesses – the most important business segment in the United States,” said Rob Frohwein, CEO of Kabbage. “Kabbage makes the promise of big data a reality by leveraging the cloud to link to hundreds of data sources, provide real time analytics, and deliver tangible value to small businesses – simple, user friendly, and instant access to funds to grow. Kabbage is the fastest way for a small business to get funding that exists anywhere.”
The VentureBeat award marks the fourth major award for innovation that Kabbage has received in the last six months. The company has also been awarded “The Most Innovative Company in Financial Services” by PYMNTS.com, “Top 100 Private Company in North America” by Red Herring, and “Top 10 Innovators of the Year” by Bank Technology News.
For more news and information on Kabbage, follow the company on Facebook and Twitter.
About Kabbage, Inc.
Kabbage, Inc., headquartered in Atlanta, has pioneered the first financial services data and technology platform to provide funding to small businesses in less than 7 minutes. Kabbage leverages data generated through business activity such as selling online, shipping data, and dozens of other data sources to understand business performance and craft financing options for small businesses. Kabbage is venture funded and backed by Mohr Davidow Ventures, Thomvest Ventures, BlueRun Ventures, the UPS Strategic Enterprise Fund, with additional investors including: Ron Conway’s SV Angel, David Bonderman, founder of TPG Capital, Warren Stephens, CEO of Stephens Inc., Western Technology Investment, H. Barton Asset Management, and TriplePoint Ventures.