FREE MEMBERSHIP Includes » ABL Advisor eNews + iData Blasts | JOIN NOW ABLAdvisor Gray ABLAdvisor Blue
 
Skip Navigation LinksHome / Articles / Read Article

Print

SG Credit Partners Provides $2.0MM Growth Capital to Cloud Storage Provider

Date: May 30, 2019 @ 09:03 AM
Filed Under: Electronics

SG Credit Partners announced a new financing package for a non-VC/sponsor backed cloud-based video storage provider focused on smart home devices.

The Company was searching for a non-dilutive capital solution to help finance continued growth – customer acquisition costs and new data center capex.Bank financing was not an option due to a combination of the Company’s non-institutional ownership and current financial performance.  ABL financing was not an option given the Company’s direct-to-consumer model. 

SGCP was able to get comfortable with the Company’s lack of historical profitability given the growing monthly recurring revenue, data center assets, and dedicated entrepreneur. SGCP provided a non-dilutive $2.0 million senior secured loan that will enable the Company to continue rapid growth while preserving existing shareholder equity.

Comments From Our Members

You must be an ABL Advisor member to post comments. Login or Join Now.