Wellington Financial Provides $15.5 Million of Growth Capital to two U.S. On-Demand Software Companies

As mentioned late last week (see prior post “Starting to feel a bit like 2007 all over again” May 28-13), things are busy right now. Here’s the press release on the two new financings we announced yesterday:

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.

MRM