Bridge Bank’s Boston-based technology banking group issued a venture debt term loan of $6 million to Mixlab, a pet pharmacy company.
Mixlab will use the funding to further its revenue growth by enhancing its technology offering, scaling sales and marketing efforts and expanding to provide same-day delivery across new geographies.
“Supporting the team at Mixlab as they work to extend their reach and achieve their growth goals is extremely rewarding,” Darren Gastrock, director in Bridge Bank’s Boston-based technology banking group, said.
“We are geared to helping innovative clients across the country like Mixlab meet their ambitions,” Roger Klarmann, senior director in Bridge Bank’s technology banking group, said.
Bridge Bank earned the capital financing relationship through a bid process led by debt financing adviser Cafferty & Company, which served as an independent adviser to Mixlab on the transaction.
Mixlab’s platform manages the home delivery of pet medications. The company also operates its own compounding pharmacies where it creates custom, on-demand medications in personalized dosage, form and flavor profiles in partnership with veterinarians.
“It’s great to have a banking partner like Bridge Bank that understands how much the right financing can help a fast-growing company,” Fred Dijols, CEO and co-founder of Mixlab, said. “These funds will help Mixlab expand and deepen our reach to veterinarians and pet parents across the country.”
