Today we announced the end of our Capital Countdown promotion and announced that HireAHelper has won our Explosive contest. Here's an excerpt of what we said:
The competition offered up to $500,000 to an early-stage company with explosive revenue growth. HireAHelper, the largest marketplace for consumer day labor, was selected out of more than 100 businesses that applied during the 3 month promotion.
"HireAHelper far and away showed the most growth potential to fit with our RevenueLoan structure," mentioned Andy Sack, CEO of Lighter Capital. "The Capital Countdown proved to us that there are a lot of really unique businesses underserved by existing financing sources."
HireAHelper will use the funds to expand its product offering and hire more developers.
"As we expand we wanted to find a way to keep growing quickly without losing control of the HireAHelper mission to improve the day labor industry,” added Mike Glanz, CEO of HireAHelper. “A RevenueLoan from Lighter Capital was the perfect solution: we don't have to slow down or change directions."
Based on the success of the contest, Lighter Capital plans to run new Capital Countdowns to fund early-stage companies beginning again in early 2012. Companies interested in participating in the next promotion should stay tuned by visiting the Lighter Capital website.