Scott Sanborn, the chief operating officer of established alternative finance giant Lending Club, has joined the board of CircleUp, an emerging online marketplace for private equity investment.
"Making growth capital available to companies, many for the first time, can make a significant difference in our economy," Sanborn said in a press release. "With the track record and team in place, I'm excited to serve on CircleUp's board and help the company continue to grow."
CircleUp says it currently has about $100 million available for investment through its platform and claims to be the largest online marketplace for private equity investing. The company also says it facilitates partnerships between entrepreneurs and larger corporate partners like General Mills, Johnson & Johnson, and others. (Lending Club has facilitated more than $8 billion worth of marketplace loans and was recently valued in an IPO at $8.5 billion.)
Sanborn has a history in ecommerce companies, having previously held chief marketing and revenue officer positions at eHealthInsurance and "senior leadership roles" at RedEnvelope, an online gifting service. He has also worked at the Home Shopping Network.
Also serving on the board are CircleUp's co-founders and investors from Union Square Ventures, Canaan Partners, and Rosepark Advisors.