Cumulus Funding LLC Closes on Series A Capital Raise
CHICAGO, Dec. 31, 2012 /PRNewswire-iReach/ -- Cumulus Funding LLC® today announced that it has closed on its $850,000 Series A Capital Raise. The raise was led by Rob Topping and Vintox Fund, LP and David Fisher, James Gray and other former executives of optionsXpress.
Cumulus will use the majority of the proceeds from this capital raise to ramp up its marketing and underwriting of its proprietary Future Income eXchange® (FIX) contracts, "equity-like contracts" whereby Cumulus invests funds in clients in exchange for a fixed, agreed-upon percentage of the client's future income for a fixed period of time.
"To date, the demand for this product has far exceeded our ability to meet it, due to capital constraints", said Nathan Popkins, CEO of Cumulus. "But we've proven that the model works and are extremely excited to now be out in the marketplace in full force. As we put this capital to work, we will achieve the critical mass needed to begin discussions with debt and credit facility providers that will allow us to even better address the tremendous liquidity crisis that exists in this country today".
Profile of the Company
Cumulus Funding was founded in 2011 and is headquartered in Chicago. Cumulus Funding is the first company to invest in the American worker, and its mission is to provide a better financial solution for the average American. It doesn't make loans and doesn't charge interest. It walks hand-in-hand with its clients, financially sharing in its clients' success as well as in any bumps in the road. Cumulus provides not only capital, but also resources to help its clients advance further in their careers, better understand their financial situations, or even change jobs.
SOURCE Cumulus Funding LLC