Square 1 Bank Provides Term Loan to Stitch Labs
Square 1 Bank announced that it provided a $1.4 million term loan to new client, San Francisco-based Stitch Labs, an inventory management company. Proceeds will be used to support company growth.
Referred by Christian Vorkink and Phil Black of venture capital firm True Ventures, Stitch is a design-focused, fully integrated business management suite for product-based businesses. The suite provides a single platform for independent vendors to manage inventory, orders, contacts, shipping, expenses, and business analytics.
“Stitch Labs and Square 1 Bank have a similar value proposition — to make it easy for customers to effectively run their businesses so they can increase sales,” said Andy Weyer, vice president in Square 1’s Silicon Valley office. “When True Ventures introduced us to the Stitch team, we jumped at the opportunity because True has a keen eye for identifying talented entrepreneurs who create innovative products — Stitch is no exception. We’re excited to be a part of the company’s growth.”
Brandon Levey, founder and CEO at Stitch Labs, commented, “We are continually impressed with the professionalism and personal touch from everyone at Square 1. We felt confident to move our financial services to Square 1 because they really took the time to understand the needs and vision of our business.”
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion.
Stitch Labs has built a Software as a Service tool to help owners of product-based businesses manage their contacts, products, orders and expenses in one application.