TLDR:
- Honeycomb Credit secures $6 million in Seed+ funding round to close the growing funding gap for small businesses.
- New capital led by SustainVC targets mobile app improvement and national expansion to promote economic equity through community investment.
Investment platform Honeycomb Credit has secured $6 million in a Seed+ funding round co-led by SustainVC, Muditā Venture Partners, and the American Family Insurance Institute for Corporate and Social Impact. This capital aims to democratize small business funding by allowing entrepreneurs to borrow directly from their own customers and communities. Founded by George Cook, Honeycomb is revolutionizing small business lending by providing an avenue for anyone to invest as little as $100 in their favorite local businesses.
The platform has facilitated nearly $30 million in funding for over 400 businesses across 38 states, with a focus on supporting veteran, women, BIPOC, and low-to-moderate income owned enterprises. The new capital will enable Honeycomb to launch a mobile experience for seamless in-store investing, expanding their services to more small businesses across the United States. The goal is to create an inclusive financial system that distributes economic opportunity more equitably across communities.
Honeycomb’s oversubscribed Seed+ round follows a $2 million Seed Round in 2022. The funding will help Honeycomb define and scale a new, high-yield, high-impact asset class allowing various types of investors to deploy capital into Main Street communities. This initiative aims to drive returns while strengthening communities and promoting economic equity.
