Rod Ebrahimi's startup venture, ReadyForZero, was recently accepted into Y Combinator’s incubator, for its value proposition on offering individuals a portal to manage debt. Rod Ebrahimi and his girlfriend were struggling to manage his girlfriend’s student debt. As he dug deeper into the issue, he realized that more individuals face the same financial dilemmas and web 2.0 could be a way to help people through their problems.
The total US consumer debt in 2011 was $11.4 trillion. The total student loan debt passed $1 trillion in 2011. With national unemployment still in the process of being fixed, debt management and debt escalation mitigation measures are key. Polaris Ventures recognized this when they decided to invest in ReadyForZero, leading a $4.5 million Series A round. Cognizant of its strong management team, solid market and active user engagement level, Polaris believes its investment will not only be able to generate solid revenues, but also deliver a public service.