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An employee counts cash. Photographer: Patrick T. Fallon/Bloomberg

As many investors retreat from the online lending industry, Upstart Network Inc. is hoping to find investors still willing to bet on the business. Upstart, which was founded by Google veterans, is testing venture capitalists’ appetite for an investment round of about $100 million, said two people briefed on the matter.

The San Carlos, California-based startup is looking to sell shares that would value the business at $500 million to $1 billion, said one of the people, who asked not to be identified because the discussions were private. This venture capitalist didn’t pursue a deal because of an existing competitive investment.

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