Lighter Capital provides $1M growth funding to CloudBilt, Resident Research and SalesReach Software
Three tech businesses based in North and South Carolina were the recipients of a combined $1 million growth funding total from Lighter Capital, a statement about the funding said.
The recipients of the financing were CloudBilt and Resident Research which are both based in Charlotte, North Carolina and Hilton Head, South Carolina-based SalesReach Software. A revenue-based financing provider, Lighter Capital provides growing technology firms with anywhere from $50,000 to $1 million. The capital it provides is usually used to hasten a technology startup's sales, marketing and product development initiatives, the statement said.
Lighter Capital Chief Executive Officer BJ Lackland said in the statement, "There are many great emerging tech businesses across North Carolina and South Carolina. We are thrilled to have invested in three in four months, and look forward to working with many more companies in the region in the future."
The service provided by Lighter Capital is innovative because it aims to remove the difficulties associated with getting other forms of financing. Their proprietary technology greatly automates the process and thus completes investments anywhere in just 2 to 6 weeks. As a result of their revenue-based financing model, entrepreneurs are able to get capital much faster and enables entrepreneurs to concentrate on growing their business. Another advantage of the program is that repayments don't have a fixed schedule but arranged in such a way that it coincides with the "ebb and flow of a business." Unlike the loss of control that startups sometimes feel with venture capitalist investments, no such thing is experienced with Lighter Capital's funding model, the statement said.
CloudBilt is a startup that provides products like its MapAnything app that transforms data to information that is actionable. Resident Research is a provider of products that allow managers of residential properties to investigate the background of potential tenants. SalesReach Software is an enterprise apps provider on the AppExchange of salesforce.com, the statement said.