PayPal Co-Founder Peter Thiel Backs Fellow Alum's Tech Venture
PayPal co-founder and technology investor Peter Thiel is part of a $3.5 million investment in former PayPal executive Eric M. Jackson's cloud-based business technology startup.
Jackson's company, CapLinked, is a Redondo Beach, Calif.-based venture that uses a software-as-a-service model to power business transactions such as asset sales, financings and M&A.
The round was led by venture capital firm Subtraction Capital, Indicator Ventures and venture debt lender Western Technology Investment also participated. CapLinked plans to use the proceeds to expand its sales and marketing efforts. The latest funding brings the company's total funding to more than $7 million. Earlier investors include Founders Fund's seed-stage fund FF Angel and 500 Startups.
"CapLinked has built a leading secure platform with a broad array of applications by thoughtfully incorporating customer feedback and true market needs," said Geoff Bernstein, cofounder and managing partner at Indicator Ventures in a release, adding his company increased support for the startup because of its "proven ability to compete in a market that's been dominated by old school incumbents and newcomers alike, coupled with their impeccable track record for unparalleled customer service and customer retention."
CapLinked's clients include Lending Club, Ernst & Young, Sunbelt Business Brokers, Competitive Power Ventures, FTI Consulting and Brookline Bank.
Thiel is an active investor in technology startups, including last week's investment in Deposit Solutions, a company that provides an open technology platform for retail savings deposits. Thiel has also backed e-digital payments enabler Stripe.
Jackson authored the 2008 book "The PayPal Wars" which detailed the founding of the payments company through its 2002 sale to eBay. eBay spun off PayPal in 2015.