VCF Secures $10MM Credit Line for E Revolution
E Revolution Ventures, a data-driven e-commerce and brick and mortar retailer, announced they have secured a $10 million line of credit through Richmond based lender Virginia Commercial Finance.
E Revolution Ventures spoke with over a dozen lenders as it sought financing to assist in furthering the company’s growth. They ultimately chose VCF based on their unique knowledge of the e-commerce space, and more specifically for their understanding of how the company analyzes product data.
“We are delighted to receive this important infusion of capital” said Stu Eisenman, president and CFO. Traditional lenders don’t always understand the benefits of third party distribution. Working with VCF, a partner who understands the e-commerce industry so well, and like us has never had an unprofitable year, is an incredible opportunity.”
This financing allows E Revolution Ventures to pursue its goal of $80 million in revenue this year (86% growth). They also seek to double their profits for the second year in a row. The access to additional funding enables the company to expand their staff at the levels necessary to achieve such strong, consistent growth. In 2012 the company consisted of approximately 60 employees, and in just one year expanded to over 100 employees.
“We are excited at the opportunity to work with such a high-caliber group of people at E Revolution Ventures. With our expertise and knowledge of the e-commerce industry, we recognized that Stu Eisenman and his partners have brought together an amazingly talented group of people,” said VCF President John McCauley.
“With E Revolution’s dynamic and innovative approach to this industry, Virginia Commercial Finance was able to creatively design a lending structure that would support the company’s continued growth. We look forward to the future potential of the business and our ability to play a supporting role as the company’s financing partner,” McCauley said.
E Revolution Ventures is a data-driven e-commerce company using algorithms to track and sell millions of products across more than a dozen product categories online.