Daily News: March 12, 2015

SaaS Capital Funds Webgility

Webgility raised $2.5 million in growth funding from SaaS Capital. Webgility will use the funds to increase headcount, ramp up product development, and expand into new vertical markets.

“This funding from SaaS Capital will be instrumental as we continue to build momentum,” said Parag Mamnani, founder and CEO of Webgility. “This is our first institutional investment and although we received several outside funding offers, we knew SaaS Capital was the best fit for us at this stage. Working with SaaS Capital we’re able to avoid both the strict requirements of traditional bank financing and the ownership dilution that comes with an equity investor.”

“We’re excited to welcome Webgility to our portfolio, the first out of Fund II,” said Rob Belcher, SaaS Capital managing director, West Coast. “Webgility is a terrific match for SaaS Capital’s recurring revenue-based line of credit. The company is growing quickly and has a great opportunity in front of it, and while not ruling out the possibility of ever raising equity from VCs — true to their bootstrapped roots — management wanted to remain as equity efficient through this period of high-growth as possible.”

San Francisco-based Webgility is a certified partner of Intuit, QuickBooks and Xero.