At Canaan we believe that marketplace lending will continue to grow rapidly – consistently taking share from traditional providers of credit (big banks, credit card companies, etc.) because of its fundamental cost advantages and superior technology. We are early investors in the leaders in the space: Lending Club (consumer unsecured – Series A); Realty Mogul (commercial real estate – Series A); Borro (consumer secured – first U.S. round). As the marketplace lending ecosystem evolves there will be opportunities to sell “picks and shovels” to the participants who are cashing in on the massive disruption occurring in the financial system. We invested in Orchard to help build a platform that makes it more efficient for institutional investors to put money to work across multiple platforms. We have spent the last year searching for a platform to help connect origination platforms to borrowers more efficiently – then we found EVEN.

EVEN Financial is applying lessons learned from the ad-tech industry to help consumer credit marketplace lenders programmatically acquire new borrowers. To rely on the VC crutch of “X for Y”, EVEN is building the Supply Side Platform (SSP) for the marketplace lending ecosystem (Orchard has already established itself as the Demand Side Platform DSP). EVEN will partner with existing lead generation platforms and tie in ad-tech data sources. With this data, EVEN is able to create a robust profile and connect a borrower to the appropriate origination platform – lowering the cost for the origination platforms while also increasing the supply of borrowers.

As with all our investments, we’re very excited to be working with the team at EVEN. Ian Rosen was one of the first checks into Orchard (before us!) and has been passionate about marketplace lending for years. Phil Rosen (no relation to Ian) was on the founding team at Orchard, and knows the space well. And Jarid Maged spent six years at AdMeld helping the leading SSP. This is the team we’ve been looking for.

Ian, Phil, and Jarid, welcome to the Canaan family. We are excited to be partnering with you, and look forward to helping you make some big changes to the U.S. financial system.


March 20, 2015

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