Star2Star Secures Credit Line From Silicon Valley Bank
Friday, June 01, 2012
Star2Star Communications announced that it has secured a significant line of credit from Silicon Valley Bank.
Star2Star has been self-sustaining and cash-flow positive since 2009; a mere three years after the company shipped its first product. During 2011, Star2Star achieved 100% network uptime and was named to both the Inc. 500 and Forbes Most Promising Companies lists.
Gary Arnold, CFO, said, "The funding available to Star2Star under the new Silicon Valley Bank credit facility represents a 2,000% increase over our previous bank line and serves as a strong vote of confidence in our company and our recurring revenue model. The credit facility will provide Star2Star with additional flexibility as we expand into new distribution channels, offer credit to dealers, and continue our rapid growth."
Founded in 2006, Star2Star Communications develops and delivers business-focused Internet communication systems and service.
Silicon Valley Bank is a bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses.