Lowenstein Sandler represented Mercantile, the industry-specific credit card platform designed to meet the unique needs of small businesses, in a $15 million Series A fund raise led by Index Ventures, with participation from seed investors First Round Capital, General Catalyst, SV Angel, Operator Partners, Box Group, and others. The fundraise brings Mercantile’s total funding to $22 million, which the company plans to further invest in product development, as well as build out its partnership and go-to-market teams.
Mercantile partners with industry-specific software providers and associations to distribute custom-built cards as an added benefit to their members and customers. By working with these organizations, Mercantile is able to unify the purchasing power of SMBs within a given industry to negotiate with suppliers and deliver 5-20% discounts on the items most impactful to their business. The startup is starting in the healthcare sector and will soon expand to other markets. Initial partners include the American Optometric Association, the Opticians Association of America, the Academy of Doctors of Audiology, and the Medical Group Management Association.
The deal team included Eric Weiner, Samantha Fox, Kathi A. Rawnsley, Abbey E. Baker, Samy A. Akli, Latoya Bethune, Zachary D. Furnald, and Chynara Tolubaeva.
About Lowenstein Sandler LLP
Lowenstein Sandler LLP is a national law firm with over 350 lawyers based in New York, Palo Alto, New Jersey, Utah, and Washington, D.C. The firm represents leaders in virtually every sector of the global economy, with particular emphasis on investment funds, life sciences, and technology. Recognized for its entrepreneurial spirit and high standard of client service, the firm is committed to the interests of its clients, colleagues, and communities.
