April was a great month for us. We funded seven companies, providing a total of $1.6M in growth capital to tech entrepreneurs coast-to-coast. Out of the seven deals, four of them are additional financing to existing portfolio companies.
From a capital cost perspective, we always advise our entrepreneurs to take only the amount of funding that they currently need. A smaller amount of capital can usually be deployed more efficiently. Once you hit the next milestone, you can always come back to Lighter Capital for more funding. Our follow-on tranches can usually be secured in a week.
Below is a summary of the companies that we funded, and what they plan to use the financing for.
BombBomb offers a complete email marketing platform for users to create, send, and track the results of both traditional and video emails. The company received their initial funding– also their first outside funding from us just three months ago, and already came back for more growth capital. They’re using this funding to scale sales and marketing.
Happy Grasshopper is headquartered in Florida and provides marketing automation tools to real estate professionals. Trusted by established real estate brands like RE/MAX, Keller Williams, the company had bootstrapped to its current success. They are now ready to take the business to the next level with our growth capital.
Launchpad Careers was one of the many Salesforce AppExchange Partners we funded. Based in Irvine California, Launchpad is a cloud technology company serving public and non-profit sectors, specifically Workforce, Economic & Community Development. This is the second loan we provided to Launchpad.
ListReports was founded in October 2014 to provide a mobile marketing solution that allows mortgage loan officers and real estate agents to create, manage, and deliver promo materials. In 18 months, ListReports already reached cash flow positive and had grown 100%+ since inception. Lighter Capital is their first institutional financing and plan to use the capital for product development.
Tour de Force CRM has been a Lighter Capital client since May 2014. In April they closed their third tranche with us. Headquartered in Findlay, Ohio, the 50+ person team works to provide the tools and features that a B2B sales organization needs to be more efficient.
OneRooftop was founded in 2010 to provide a cloud-based booking platform for vacation rental property managers. Since then, it has launched many product extensions and the company plans to use our funding to scale its new “personal travel assistant” program. OneRooftop was a recent graduate from the startup accelerator AngelPad.
Zipit Wireless came to us in September of 2015 for their initial funding. Last month they came back for a second loan. Zipit Wireless is a leader in both critical messaging solutions and internet of things (IoT) technology. Their technology is trusted by more than 500 healthcare organizations.
Many clients see us as a long-term credit facility they can lean on whenever they want to realize growth opportunities. With the $100M we raised from Community Investment Management late last year, tech entrepreneurs can pull $2M growth capital overtime. We look forward to funding more great tech businesses all around the country!