Lithium Technologies raises USD50M in mezzanine financing
Lithium Technologies is the leader in Social Customer Experience. Today, the company announced that it had raised USD50 million in pre-IPO mezzanine financing. The proceeds would be used to further advance the technology platform of the company and expand its global footprint. A portion of the proceeds would be used to execute strategic acquisitions to accelerate growth.
The new financing came from a syndicate of global institutional investors. Lithium's exiting investor New Enterprise Associates (NEA) also financed the loan. The group of institutional investors who financed the loan had brought substantial public market experience to Lithium. This also validated the social media platform creator's ongoing market opportunity. Lithium hired Allen & Company as financial advisor for the IPO mezzanine.
Also, Lithium announced two key leadership appointments. Lithium named former Yahoo! Excutive Tapan Bhat and NEA Venture Partner Brooke Seawell as new members of the company. Bhat was appointed senior vice president and chief product officer. Meanwhile, Seawell would take a seat to its board of directors and audit committee chairman.