Lighter Capital Announces New $25 Million AppExchange Fund
Aug 25, 2016, 09:00 ET
SEATTLE, Aug. 25, 2016 /PRNewswire/ -- Lighter Capital, a leading provider of revenue-based startup funding for tech companies, today announced the creation of the Lighter Capital AppExchange Fund, a $25-million-dollar fund for Salesforce partners building AppExchange apps.
The fund allocates $25M of Lighter Capital's $100 million credit facility to companies developing solutions on the Salesforce platform. Lighter Capital has provided funding to 26 Salesforce-based technology companies out of its 110+ company portfolio. Based on portfolio analysis, these companies have gone on to grow monthly revenue by 45% within four months, and doubled their total revenue within 24 months after receiving funding from Lighter Capital.
"We're betting big on the Salesforce ecosystem because we see huge growth potential for Salesforce partners and the solutions they're building for their customers. We want to accelerate that growth by providing these companies the funding they need to get to the next level," said BJ Lackland, CEO of Lighter Capital.
"There is incredible innovation happening in our ecosystem, and we're delighted Lighter Capital is committing to help scale these customer-focused companies," said Todd Surdey, senior vice president, ISV Sales, Salesforce.
Lighter Capital provides growth funding of $50,000 to $2 million for technology companies, and has worked with many successful Salesforce partners, including:
MapAnything – received $1.2 million via five rounds of funding, which allowed the co-founders to focus on early-stage growth without giving up ownership in their company. The company went on to secure a $7.3 million Series A Round in Dec. 2015, led by Greycroft Partners. MapAnything turns Salesforce into an interactive map-centric experience. The company is a Gold Salesforce ISV Partner, and has been included on the Inc. 500 list of the fastest-growing privately held companies.
"At key times during our growth, Lighter Capital got us the funding we needed fast, allowing us to invest in the business and not be distracted by fundraising," said John Stewart, CEO and co-founder, MapAnything.
SteelBrick – after receiving growth funding in 2013, the company went on to raise $18 million via a Series B and $48 million from a Series C in 2015. The company was acquired by Salesforce in December 2015 for $360 million, and its CPQ solution is built on Salesforce Lightning.
About Lighter Capital
Lighter Capital is an online revenue-based lender focused on providing technology companies from $50,000 to up to $2 million in growth capital. The company's proprietary technology streamlines the loan process for entrepreneurs so they can stay focused on running their business and get the funding they need in 2 to 4 weeks. Based in Seattle, Lighter Capital has funded more than 110 companies in 25 states across the United States. The company was recently added to the Inc. 500 list of the fastest-growing private companies in the United States.
Salesforce, App Cloud, AppExchange and others are among the trademarks of Salesforce.com, Inc.
Media Contact:
Rachel Fukaya
Barokas PR for Lighter Capital
[email protected]
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SOURCE Lighter Capital