Corrected at 10:57 a.m: Lending Club execs participated in the round, not Lending Club (the company).
Propel(x), an online investment platform that connects “deep technology” startups with investors, announced today it raised $1.5 million in seed funding. The round was led by a handful of angel investors, including senior executives at Lending Club. Propel(x) said it plans to use the funds to grow its investor-base and build its community of experts.
The company said the platform specially targets startups in the life sciences, energy, cleantech, materials, and chemicals sectors because these are “underrepresented and underserved on AngelList.”
“By developing tools and resources not currently offered through other investment platforms, we are providing investors, from Silicon Valley and beyond, access to the right deal flow and diligence insights, while enabling startups to reach their funding goals more quickly,” said Propel(x)’s founder Swati Chaturvedi.
Other investors include IDG Capital Partners, Zhen Fund, TEEC Angels, TBN Network, and CLI Group.