Type of Facility: Bridge to equity
Days to Fund: 13
Use of Funds: This company had a signed term sheet, was burning cash and needed additional funds to continue to bring on additional investors, complete due diligence, and have the lawyers have time to close the round. The company took the bridge in 3 draws, each strategically timed to meet cash flow needs and ensure that they did not have excess funds available for which they were paying interest.
Company Background: This company is enabling people to accept money for anything, anywhere, from anyone using a cellphone – enabling in-person, peer-to-peer, and micro-merchant transactions.