Prestige Capital provided $7 million to two companies to fund the manufacturing and importing of masks, swab transport containers and disinfectant wipes.
Both of the companies that Prestige funded pivoted to supply PPE products. One company was in the plant-based wellness business. The company pivoted from manufacturing botanic supplements to manufacturing breathable, washable masks. The company had initial success selling masks directly to consumers. Retailers, however, wanted access to the masks. Prestige worked with a purchase order company to provide $2 million to suppliers to ensure demand could be met.
The second funded company is an import/export business out of Florida that had a gift item business. The company leveraged its connections in China to access swab components (e.g., transfer tubes). The company received $5 million from Prestige to deliver on government contracts.
“Prestige is thrilled to fund companies that have successfully pivoted to PPE products,” Stuart Rosenthal, president of Prestige Capital, said. “We are proud to support companies that are able to evolve, innovate and flex to fill important gaps in the market.”
For more than 34 years, Prestige Capital has helped nearly 1,000 early stage and mid-size companies by providing more than $4 billion in cash advances, converting accounts receivable into working capital.