ontario-social-media-software-developer-201712
Project Description:
Amount Funded: $250,000
Amount Funded: $250K - $500K
Industry: Software Development
Province: Ontario
Type of Facility: Accrued SR&ED and Accounts Receivable Financing
Days to Fund: 4
Use of Funds: The company had experienced significant headcount growth, was investing heavily in developers to move more tools to a SaaS platform and wanted to extend its runway to an equity raise. The bridge loan enabled the company to grow its business and increase its sales and monthly reoccurring revenue (MRR).
This new revenue helped the company grow its enterprise value so that the founders had less dilution when they closed their next equity round.
Company Background: This company uses AI and machine learning to create influencer-generated content at scale for marketers using IBM Watson technology.
