Daily News: September 10, 2012

Comvest Provides $19 Million Term Loan to Karmaloop

The Comvest Group, through its debt fund, Comvest Capital II, has provided a $19 million term loan to Karmaloop to refinance existing debt and provide approximately $10 million in growth capital.

Karmaloop is an online retailer of men’s and women’s apparel, shoes and accessories centered on “Verge Culture” and street-wear.

“Greg Selkoe has built a tremendous platform in Karmaloop and is supported by an excellent team,” said managing director Dan Lee of Comvest Capital. “We moved mountains together to get this done quickly, and in that process we got a sense for the great partnership we’ll have with Karmaloop.”

“Insight has been a supportive partner to Karmaloop since 2008 and we are pleased Comvest has provided this capital to support the company’s continued expansion,” said managing director Jeff Lieberman of Insight Venture Partners.

Insight Venture Partners is a private equity and venture capital firm focused on the global software, e-commerce, Internet and data-services industries.