Versant Funding announced it has funded a $1.2 million non-recourse factoring facility to a distributor serving the academic and commercial medical research communities.

This company required a quick infusion of cash as a bridge to a planned capital raise. The existing investors were unwilling to contribute additional equity into the business, so they looked to factoring as a non-dilutive alternative to generate the cash needed until the capital raise was complete.

“Versant’s offering was an excellent match for this growing business in need of short-term capital.“ according to Chris Lehnes, Business Development Officer for Versant Funding, and originator of this financing opportunity. “Because we are strictly focused on the quality of our client’s accounts receivable and do not underwrite their business, we can move very quickly, which is just what this new client needed.” Lehnes added.