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.