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Recapitalization, $60M Series D support growth of e-commerce financier Clearco

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Clearco announced several recapitalization efforts Wednesday, including a $60 million Series D round and new asset-backed financing. The facility provides up to $100 million in financing capacity and will support $850 million of Clearco originations over the next two years.

Toronto-based Clearco uses AI and proprietary machine learning-based technology to underwrite businesses and help customers fund inventory and marketing invoices of between $10,000 and $2 million. To date, the company has financed over 10,000 companies with more than $2.5 billion.

The company was founded as Clearbanc in 2015, and provided capital to e-commerce founders growing their businesses without equity dilution, hidden fees or compounding cost of capital.

Today marks a turnaround for a company that’s had its share of ups and downs over the past year. At the beginning of this year, the company made a second round of layoffs and saw its co-founder and CEO Michele Romanow step down.

That’s when Andrew Curtis, who joined the company in July 2022, was named CEO. He told TechCrunch that his goals when stepping into the role were “to put Clearco in a better position to serve its customers.” He then set about restructuring the company over the last 12 to 15 months.

During that time, Clearco pivoted its product to focus on its Invoice Funding product, offering predictable payment amounts, on average between four and six months, and terms that are easy and hassle-free, Curtis said.

“We’ve been doing well,” Curtis said about the current status of the company. “This new series of transactions put Clearco in an incredibly strong position to provide e-commerce customers with growth capital they need to fuel their businesses. It also puts us in a strong position, both operationally and financially. It’s been a lot of work, but it’s an extraordinary outcome.”

Meanwhile, the Series D round was led by existing investors Inovia Capital and Founders Circle Capital. Clearco closed its new asset-backed facility with alternative asset management firm Pollen Street Capital.

Adding to that, in August, a group of investors, including Inovia Capital and Founders Circle, purchased a $60 million term loan Clearco had with Silicon Valley Bank in Canada.

The company is coming out of a quiet period, according to Curtis. During that time it has been slowly rebuilding its originations after experiencing a similar slowdown to fintechs. He declined to share specific revenue growth, but did say the new financing vehicles will enable Clearco to generate free cash flow and scale toward profitability.

With the new Series D capital, Curtis intends to deploy the new capital into running the business.

With venture capital funding down much of this year, Curtis said Clearco’s recapitalization comes at a good time for startups, especially e-commerce businesses, that are facing, among challenges, reduced access to capital.

“That’s really critical these days because interest rates have moved up a lot,” Curtis said. “Central banks have tightened monetary policy and the capital our merchants have access to is more expensive, and it’s also gone down. It’s a challenging time for small business owners, and we’re just really delighted that we’ve been able to accomplish all these complicated transactions so that we can serve those merchants better in the future.”



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World’s First Private Space Station Is Like A Luxurious Hotel With Earth Views; Watch

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California-based aerospace company Vast has revealed the remarkable interior design of Haven-1, which is set to become the world’s first commercial space station. In a newly released video, the company showcased a habitat that looks more like a luxury hotel than a typical orbital laboratory. The design, both sleek and inviting, promises a new level of comfort for future space travelers.

Haven-1 features modern wood veneer accents, padded white walls, and amenities similar to those found in top-tier hotels. The station also offers visitors a fully equipped gym to help them stay active, even in zero gravity. Additionally, private rooms are outfitted with the latest entertainment and communication technologies, ensuring that astronauts can easily stay in touch with family and friends on Earth.

“Set to launch on SpaceX’s Falcon rocket in 2025, Haven-1’s first paying customers will board in 2026,” Vast said in a press release.

ALSO SEE: What Will Earth Look Like From Private Space Station? Axiom Space’s Astronaut Reveals

Accommodating up to four astronauts, Haven-1 provides a level of comfort far surpassing that of the International Space Station (ISS). Each astronaut will have a cosy private room, complete with storage, a vanity, and a specially engineered queen-sized bed to enhance sleep quality in space.

Veteran NASA astronaut Andrew Feustel, who has accumulated over 225 days in space, played a key advisory role in shaping the design and layout of Haven-1. His extensive experience contributed to ensuring that the space station would not only be functional but also comfortable for its inhabitants.

“From communication and connectivity, to private space and interacting with others aboard, to advancing human progress on Earth and beyond, every detail has been designed with the astronaut experience at the core of our work,” he said.

ALSO SEE: Astronaut Floats In Space As Tiangong Space Station Cruises Above Blue Earth; Watch

(Image: Vast)





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Space footage shows Hurricane Milton explode into monster storm

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Some hurricanes rapidly intensify. Hurricane Milton has “explosively” intensified.

The National Hurricane Service, after observing the Category 5 cyclone continually strengthen, reported Monday that Florida-bound “Milton Explosively Intensifies With 175-Mph Winds.” This means Milton “is unfortunately hitting the top-end of possible intensification rates,” meteorologist Levi Cowan posted online. The hurricane jumped from a Category 1 to 5 in under a day.

Tropical storms, particularly the most powerful hurricanes, can exploit favorable environment conditions to rapidly intensify. This means increasing wind speed by some 35 mph, or 30 knots, in 24 hours. Milton has gone well beyond that.

“There is such a thing as ‘extreme rapid intensification’ and #Milton has done it,” Kathryn Prociv, a meteorologist with NBC news, explained online. “Extreme RI defined as a 58mph+ increase in 24 hours. Milton has gone 90mph.”

Mashable Light Speed

The footage below, captured by National Oceanic and Atmospheric Administration weather satellites, demonstrates Milton’s robust windup and growth. The storm is projected to make landfall on the west coast of the Florida peninsula on Wednesday, and is tracking toward the well-populated Tampa Bay region. It’s serious.

“If the storm stays on the current track, it will be the worst storm to impact the Tampa area in over 100 years,” the National Weather Service said.


“Extreme RI defined as a 58mph+ increase in 24 hours. Milton has gone 90mph.”

The storm is now rapidly spinning through the Gulf of Mexico, with extreme winds circulating around its well-defined eye:

Though a number of factors influence the formation of strong hurricanes (opposing winds that can break apart storms, moist or dry air, etc.), a vital influence is warm sea surface temperatures of over 80 degrees Fahrenheit (27 degrees Celsius). Warm oceans act as jet fuel for hurricanes, storm scientists explain. That’s because warmer oceans fuel tropical storms as more water naturally evaporates into the air, giving storms energy and moisture to intensify. Crucially, the oceans, which absorb most of the heat created by burning fossil fuels, are relentlessly warming.

Today, Atlantic hurricanes are already twice as likely to develop from a milder storm into a major hurricane.





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Historic Triple Hurricane Threat Hits Atlantic Basin In Unprecedented October Event

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The Atlantic Ocean is simultaneously hosting three active hurricanes in October, a phenomenon that has never occurred before in recorded history. Hurricanes Milton, Kirk, and Leslie are currently swirling in the Atlantic, marking a rare and potentially hazardous situation for people living near the coastal regions.

The National Hurricane Center (NHC) has confirmed the exceptional event, noting the unusual intensity and frequency of storms so late in the season. Typically, hurricane activity in the Atlantic declines as autumn progresses, but this year has defied traditional patterns.

The Hurricane season in the Atlantic basin, which includes the Atlantic Ocean, Caribbean Sea, and Gulf of Mexico, began on June 1 and will continue till November 30.

The most powerful of the three is Hurricane Milton in the Gulf of Mexico. It intensified into a Category 5 storm on the night of October 7 and brought winds with speeds up to 290 kilometers per hour. The NHC has warned of ‘devastating hurricane-force winds’ in Florida’s west coast.

It also said that ‘life-threatening’ winds are expected to spread across entire Florida peninsula and has advised residents to evacuate the areas if needed.

ALSO SEE: NASA Shares Frightening Video Of Hurricane Helene Shot From Space Station

The second one – Hurricane Leslie, formed near the Bahamas and is raising concerns for residents in Florida and the southeastern U.S. Forecasters have warned that Leslie could gain strength and possibly make landfall later in the week, prompting officials to issue early warnings for preparedness.

Meanwhile, Hurricane Kirk, a Category 2 storm, is currently churning in the eastern Atlantic west of Europe. Experts have predicted that the Kirk will no longer will be a hurricane when it reaches Europe but it could bring strong winds and rain to parts of Spain, Portugal, France, Belgium and the UK in a few days.

ALSO SEE: NASA Postpones October 10 Launch Of Europa Clipper Mission Due To Hurricane Milton

(Image: NOAA)





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