Square 1 Provides $3MM Facility to SellPoint
Square 1 Bank said it has provided a $3 million debt facility to SellPoint, an online video advertising platform based in San Ramon, CA. Proceeds will be used to supplement working capital as they continue to grow their product line and expand their considerable client base.
Andy Weyer, vice president in Square 1 Bank’s Silicon Valley office, commented that “as someone that bases virtually every major purchase decision on online research, SellPoint’s value proposition was immediately obvious to me. This, in addition to the engaged and sophisticated management team, positions SellPoint to take advantage of a large market opportunity. It certainly doesn’t hurt that the deal was referred by a syndicate of supportive venture capitalists who have successful investment track records. We’re very pleased to be working with SellPoint and look forward to a long and mutually beneficial relationship.”
“I have been very impressed with the Square 1 team. We worked together to develop a very unique facility tied to our long term recurring revenues,” said Brian O’Keefe, CEO of SellPoint. “We are happy to transition our financial services to Square 1 Bank because of their excellent reputation and clear desire to work as a business partner to meet the unique needs of our company.”
Referred by H. DuBose Montgomery of Menlo Ventures and backed by Standish O’Grady of Granite Ventures, SellPoint is an interactive-based, comprehensive sales tool that turns shoppers into buyers by pairing video and engaging product tours. SellPoint’s platform analyzes and addresses the needs of increasingly sophisticated, next-gen shoppers, both online and in stores, showing them the rich, detailed story of each consumer brand product through their unique online publishing network.
“Square 1 Bank had recently put together a compelling debt facility for another Menlo Ventures investment, so when the topic of debt surfaced at SellPoint’s board meeting, Square 1 Bank seemed like a natural fit,” said Menlo Ventures founder and managing director Montgomery. “Given their industry expertise and the professionalism with which they handled the prior transaction, they once again did not disappoint when they delivered a creative and flexible proposal to SellPoint.”