Wellington Financial Provides $15.5 Million of Growth Capital to two U.S. On-Demand Software Companies
SAN FRANCISCO & TORONTO, June 3, 2013 /PRNewswire/ - Wellington Financial LP, a privately-held specialty finance firm, announced today that it recently closed a US$12 million venture debt financing for a rapidly growing California-based On-Demand Software company serving many global Fortune 1000 firms. The company's existing investor base includes a number of prominent venture capital firms from the Silicon Valley area.
Wellington also recently closed a US$3.5 million venture debt financing for a rapidly growing East Coast-based SaaS provider of global payroll management solutions. The company is currently backed by a well-known U.S.-based venture capital firm.
"With more than 25 U.S.-based, V.C.-backed financings over the past three years, CFOs and their venture capital backers from across the country are hearing about the tangible benefits of our unique non-amortizing growth capital. We are delighted to add two more SaaS companies to our Fund IV portfolio of high growth companies," said Mark Usher, Partner of Wellington Financial LP.
About Wellington Financial LP
Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $600 million investment program with offices in San Francisco, Santa Monica and Toronto. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.
SOURCE Wellington Financial LP