Positive Development, a provider of developmental therapy for autistic children and their families, closed a debt financing facility for up to $45 million provided by Silicon Valley Bank (SVB), a division of First Citizens Bank, and Pinegrove Venture Partners.
The new facility refinances Positive Development’s existing credit facility and provides flexible, non-dilutive capital to support its next phase of growth. The financing will be used expand and strengthen the company’s developmental therapy and autism diagnostics services into new and existing geographies across the United States, pursue strategic acquisitions and increase access to care for families through both commercial and Medicaid health plans.
“With this new facility, we are strengthening our balance sheet and giving ourselves the flexibility to scale our model in a thoughtful, sustainable way,” Mike Suiters, co-founder and CEO of Positive Development, said. “Our goal is to make high-quality developmental therapy accessible to families in every state, regardless of payer. SVB has been a long-standing partner of ours, and we’re excited to deepen that relationship alongside Pinegrove as we enter our next phase of growth.”
The lenders emphasized their confidence in Positive Development’s leadership team, clinical model and long-term opportunity to improve access to care.
“Positive Development is expanding access to high-quality autism therapy and diagnostics that is delivering meaningful outcomes for children and families,” Megan Scheffel, head of life science and healthcare of SVB, said. “SVB is excited to continue our relationship with Positive Development by providing this facility to help them grow and scale their business.”
