CoVenture, a multi-strategy asset management firm, provided a $50 million credit facility to Endeavour, which will use the financing to support its growth strategy for financing U.S. federal government contractors.
Headquartered in New York, CoVenture is an asset manager focused on investing across the capital stack of technology companies. The firm’s capital base allows it to invest in early-stage companies, new and emerging assets, and in special situations, both in the form of debt and equity capital. Endeavour’s credit facility was led by CoVenture’s credit opportunities group.
“CoVenture has built an impressive platform that allows entrepreneurs like myself to create new credit products and reimagine existing forms of credit,” Chris Lay, CEO of Endeavour, said. “We are extremely excited to partner with such a great team and intend to use this credit facility to expand aggressively.”
“The government contracting vertical has unique nuances that can hinder the ability of operators to access capital and traditional financing. Endeavour’s solution is a major step forward that allows contractors to solve their cash flow problems in this period of unprecedented growth.” Brian Harwitt, principal at CoVenture, said.
“Chris and his team are excellent entrepreneurs that we are excited to back,” Harwitt said. “They are not only building a great business, they are also focused on giving back to the community and genuinely helping their customers.”
In addition to serving its core customers, Endeavour contributes 50% of net profits to mission oriented charitable causes.
Buchalter served as advisor to Endeavour, while Winston & Strawn served as legal counsel to CoVenture.
Endeavour is an invoice factoring company supporting U.S. federal government contractors.