PWC: Wellington Financial a Leading Provider of Growth Capital to Northeast Innovation Companies
Here’s a copy of a press release we sent out this morning. We woke up one morning and found out that our firm was one of the most active growth capital providers in the U.S. Northeast over the past two years, according to PWC’s MoneyTree report. Although our firm’s first transaction closed thirteen years ago this month, we didn’t start financing U.S.-based companies until mid-2009, and I’m proud of what our team has accomplished from a standing start in a relatively short time:
San Francisco, CA and Toronto, ON (August 9, 2013) – According to statistics compiled by PriceWaterhouseCoopers MoneyTree™ Report, Wellington Financial LP, a privately-held specialty finance firm, ranks as one of the most active Expansion Stage capital providers to the U.S. North East’s Innovation Economy over the past two years. Wellington has closed ten recent financings in the U.S. Northeast, with aggregate commitments in excess of US$60 million.
Wellington recently closed a new US$6 million venture debt financing for an East Coast fintech company. The company is currently backed by a well-known U.S.-based venture capital firm, and plans to use the additional financial resources to improve its technology platform and add to its team of professionals.
“CFOs have come to appreciate that they need to borrow two to three times as much capital under an amortizing venture debt structure to have the same cash on hand as they would have from the extension terms under Wellington Financial’s standard 3 year non-amortizing term loan,” said Craig Netterfield, Partner of Wellington Financial LP.
Added Mark McQueen, President & CEO of Wellington Financial: “We are proud to have provided the capital that’s helped American entrepreneurs create or preserve over 4,300 high-paying U.S.-based jobs following the recent global financial crisis. Capital is the lifeblood of job creation and innovation, and our $600 million investment program helps business leaders and their venture capital and private equity backers efficiently grow their companies.”
Are you an aficionado of Richard Florida’s “Creative Class” meme? He also believes that North America’s future economic endeavours should be concentrated into the U.S. Eastern Seaboard (the “N.E.”) and the Southern Ontario / Southern Quebec urban corridor.
Trouble is, most of North America seems to disagree ….