Horizon Technology Finance provided a $9 million venture loan facility to Primary Kids, of which $6 million has been initially funded. Primary Kids will use the loan proceeds for general growth and working capital purposes.
Primary Kids is an online baby and children’s clothing brand offering styles in solid colors and classic prints, all free of logos and slogans. U.S. Venture Partners, Homebrew, Harrison Metal Capital and Female Founders Fund are all investors in the company.
“Primary is an innovative e-commerce company with an important ESG component in a large and growing consumer space,” Gerald A. Michaud, president of Horizon Technology Finance, said. “The addition of Primary to our investment portfolio is another example of Horizon’s commitment to provide loans to strong, growth-oriented companies with experienced management and leading investors. We are pleased to support Primary as they continue to grow their business.”
“We are excited to receive Horizon’s support so that we can continue building the Primary brand and deliver on our mission to help every kid feel confident inside and out,” Galyn Bernard and Christina Carbonell, founders and co-CEOs of Primary Kids, said in a joint statement. “Our focus on essentials that are not gender prescriptive has earned a passionate following in the growing millenial base of parents, who are eager to support sustainable, high-quality products from a company that values inclusivity. Horizon’s investment will help us to continue to invest in our supply chain and our offerings to the customer, which will help us to expand our business.”
Horizon Technology Finance is a specialty finance company that provides capital in the form of secured loans to venture capital-backed companies in the technology, life science, healthcare information and services, and sustainability industries.