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Accel Partners is investing $30 million in NY-based Capital Access Network (CAN). The new investment will allow CAN to target online-based businesses and expand overseas with partner organizations.
According to Reuters, small businesses and vendors that sell wares on Etsy or market through Facebook are prime targets for CAN advances. Both Etsy and Facebook are in Accel’s investment portfolios. CAN expects to provide businesses with $600 million in capital this year, up from $450 last year. An average transaction for CAN is in the $30,000 to $1.5 million range.
Accel partner Kevin Efrusy, told Reuters that banks were never good at lending money to this segment, especially after 2008 when credit dried up. Efrusy will take a seat on CAN’s board
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