Connectbase Secures $16 Million Debt Facility from Silicon Valley Bank to Fuel Growth of Connectivity Marketplace

Rhea-AI Summary

Connectbase (Ticker: CB) secures $16 million debt facility from Silicon Valley Bank for global expansion and ecosystem development. The facility will be used for digital infrastructure intelligence and commerce platform to support accelerated growth. After raising $22 million in Series C funding last year, Connectbase acquired London-based LastMileXchange, an access quoting platform provider, integrating it into the largest global quoting API ecosystem with over 2.4 billion profiled locations across six continents.

Positive

• Securing a $16 million debt facility from Silicon Valley Bank will support Connectbase's continued expansion and benefit many customers leveraging the platform.
• The integration of LastMileXchange into Connectbase's platform strengthens its position as the leading intelligence platform and marketplace for network services, providing automation and data-driven insights.

Negative

• None.

Facility will be used for digital infrastructure intelligence and commerce platform in support of accelerated global expansion and ecosystem development

BOSTON, July 18, 2023 /PRNewswire/ -- Connectbase, The Industry Cloud for Connectivity, secured a $16 million debt facility from Silicon Valley Bank, a division of First Citizens Bank, to be used for growth and market expansion.

The news comes on the heels of several major announcements, including the company's first acquisition. After raising $22 million in Series C funding last year, Connectbase acquired London-based LastMileXchange, an access quoting platform provider, this May. With the integration of LastMileXchange, Connectbase is the largest global quoting API ecosystem securely connecting buyers and sellers across six continents with more than 2.4 billion profiled locations in The Connected World platform.

"Building on a foundation of trust and our long-standing relationship, Silicon Valley Bank has supported Connectbase's growth and success to date. They see our growth potential and we are eager to continue the expansion trend that has been our hallmark for seven years," said Yossi Hazan, Connectbase CFO. "Connectbase is proud to be trusted with this level of credit during these times that may be financially challenging for others in the business world."

"Silicon Valley Bank is excited to support Connectbase as they execute their vision and scale the business," said Chris Morrison, Managing Director at Silicon Valley Bank. "Our facility will not only support its continued expansion but will benefit many of the customers who leverage the Connectbase platform. We look forward to continuing to work with their team by providing financial solutions and advice to support their goals."

Connectbase has been laser-focused on digitizing, automating and modernizing the digital infrastructure community, providing solutions for network service providers, managed service providers, data centers, mobile network operators, tower companies, master agencies, and real estate management companies and brokerage firms.

"With the additional resources from this line of credit we will be able to accelerate our global growth strategy, and secure our position as the leading intelligence platform and marketplace," added Hazan. "We will be able to get to more customers, and help our customers get to the value propositions of Connectbase — selling and buying network services through automation and with data-driven intelligence and insight — even sooner."

About Connectbase
Connectbase is The Industry Cloud for Connectivity. Connectbase is a partner to the industry, enabling next generation buying and selling of connectivity, including automated quoting, and providing deep, trusted insights. Connectbase's industry-leading platform, The Connected World, serves approximately 300 providers globally, managing 2.4 billion locations across more than 150 countries. The Connectbase team has built a connected ecosystem transforming network buying and selling processes. Visit Connectbase at connectbase.com and follow us on LinkedIn at linkedin.com/company/connectbase-us/.

About Silicon Valley Bank
Silicon Valley Bank (SVB), a division of First Citizens Bank, is the bank of the world's most innovative companies and investors. SVB provides commercial and private banking to individuals and companies in the technology, life science and healthcare, private equity, venture capital and premium wine industries. SVB operates in centers of innovation throughout the United States, serving the unique needs of its dynamic clients with deep sector expertise, insights and connections. SVB's parent company, First Citizens BancShares, Inc. (NASDAQ: FCNCA), is a top 20 U.S. financial institution with more than $200 billion in assets. First Citizens Bank, Member FDIC. Learn more at svb.com

View original content to download multimedia:https://www.prnewswire.com/news-releases/connectbase-secures-16-million-debt-facility-from-silicon-valley-bank-to-fuel-growth-of-connectivity-marketplace-301879258.html

SOURCE Connectbase

FAQ

What is the purpose of the $16 million debt facility secured by Connectbase from Silicon Valley Bank?

The facility will be used for digital infrastructure intelligence and commerce platform to support accelerated global expansion and ecosystem development.

What major acquisition did Connectbase make recently?

Connectbase acquired London-based LastMileXchange, an access quoting platform provider.

How many profiled locations does Connectbase's platform cover?

Connectbase's platform covers over 2.4 billion profiled locations across six continents.

What is the main focus of Connectbase's business?

Connectbase is laser-focused on digitizing, automating, and modernizing the digital infrastructure community, providing solutions for various network service providers and management companies.