The Fundworks Has Total Capital Raise of $70M
The Fundworks, based in Van Nuys, CA raised a $25M credit facility (expandable up to $50M) with a commercial bank in addition to successfully selling $20M of senior secured notes to a group of institutional investors. All in, the duo of deals represents a total capital raise of $70M.
“We are very pleased to announce this financing, which will allow us to significantly expand our ability to provide funding to our small business client base,“ said Co-Founder and Chief Executive Officer, Evan Smiedt. “This new capital strategically positions The Fundworks to be the funder of choice for small businesses as they re-accelerate growth after a difficult and uncertain 2020. Quick access to capital is key for small businesses to succeed and we are very happy to be well capitalized when our clients need us the most.”
The Fundworks is a silver sponsor of Broker Fair 2021.