Mona raises an oversubscribed $3.5M led by Sandberg Bernthal Venture Partners to help small businesses find capital

Mona has closed an oversubscribed $3.5 million round led by Sandberg Bernthal Venture Partners. Alumni Ventures, Wisdom Ventures and a group of angels including former Google CEO Eric Schmidt also took part. The company was already backed by the Mastercard Strive USA Innovation Fund.

Co-founded by Andrew Leon Hanna, Mona runs an AI platform that helps US small businesses navigate lenders, government programmes and grants. Owners fill in one shared application, and Mona matches them with suitable capital, simplifies the applications and gives personalised advice, with human coaches working alongside the AI.

The company says it has worked with thousands of small businesses and helped them obtain millions in affordable capital, with early traction in Chicago, Detroit, Jacksonville, New York City and San Francisco.

Link to the announcement in the first comment.