Clinicient obtains US $2.5 million line of credit from SaaS Capital
SaaS Capital extended a US $2.5 million credit line to Clinicient, a Portland-based company offering business solutions for outpatient rehab.
Clinicient will use the money to boost product development and research as well as drive sales and marketing. The company's software brings together the patient outpatient information on physical therapy, occupational and speech therapy.
Jim Plymale, CEO of Clinicient, said that the company often had to rely on selling its equity if it wants to raise money. However, he said SaaS Capital's unique approach convinced them into taking the financing package.
"Having grown revenue rapidly and proven our business model, we were looking for innovative financing options to finance continued rapid growth. SaaS Capital's approach was the right fit at the right time for our business," he said.
Since 2006, SaaS Capital has been helping fund SaaS companies through a series of loan packages. The line of credit is tailor-fitted to suit the needs and capability of its clients to pay back.