Good money after good money
We closed a follow-on round for Wellington Financial Fund III portfolio company Vision Critical Communications earlier today (our 13th Fund III transaction in as many months). We led $2 million of a $3 million venture debt deal last October, and Angus Reid and his management team have done great things with the capital. Blew the doors off their budget. New customers include Major League Baseball and Dairy Queen. These are clients who know something about their customer base, but wanted the precision that comes from a dedicated Vision Critical product offering.
An internal $4 million equity raise earlier this year was also put to good use, so we’ve put in place a new additional facility at their request…a portion of which is a traditional operating line to handle growing receivables.
Vision Critical’s software platform is getting great reviews from G2000 customers and members of the public alike. And sister company Angus Reid Strategies is leading the way in many public polling situations with some highly accurate predictions of federal and provincial trends and elections.
As we like to remind all of our prospective customers, we’ll grow with you for as long as you’d like to have us around your capital structure. Vision Critical is just today’s example, and we appreciate the ongoing confidence from their stellar cast.