Cleveland SaaS Company Secures Combination of Equity Investment and Venture Debt
StreamLink Software has added two new firms to its growing list of financial backers, receiving a $500,000 investment from Cleveland-based venture development organization JumpStart Inc., and $2.1 million in venture debt from Silicon Valley Bank in Santa Clara, CA.
This $2.6 million raise is part of a larger $10 million financing round for StreamLink Software. The round is led by First Analysis and North Coast Venture Fund with participation from existing investors, including Hyde Park Venture Partners, Hyde Park Angels, Blu Venture Investors and North Coast Angel Fund.
“This latest financing round will help us ramp up sales and partner support in our enterprise customer segment,” said StreamLink Software CEO Adam Roth. “Adding well-established local investors like JumpStart as part of our team increases our ability to execute on our business priorities. The value of local capital is enhanced via additional financing from outside Northeast Ohio, further driving business and regional growth.”
JumpStart’s investment in StreamLink Software comes from its for-profit NEXT Fund, which is designed to make Series A investments of anywhere between $500,000 and $1.5 million. This is the fund’s ninth investment.
“JumpStart is very excited to be investing in StreamLink Software,” said Rem Harris, JumpStart’s senior partner in charge of investing. “Not only is the company on track for continued rapid growth in the heart of Cleveland, StreamLink Software also demonstrates that tech startups supported by local investors can grow and flourish in the region and become very interesting to large national investors.”
“StreamLink Software is well-positioned for growth with a strong product suite, managerial team and customer base,” said Dennis Grunt, managing director at Silicon Valley Bank in the Midwest. “Silicon Valley Bank is pleased to partner with StreamLink Software to provide the right financing to help the company be successful.”
Launched in 2008, StreamLink Software has two popular products—BoardMax, which helps organizations engage and communicate with board members, and AmpliFund, the company’s flagship grant management software. StreamLink Software currently has more than 40 employees and recently expanded into a new 11,000 square foot office in downtown Cleveland to accommodate future growth.
About StreamLink Software
StreamLink Software is the leading board and grant management SaaS technology provider for nonprofit and public sector organizations, helping them maintain compliance, generate revenue and build capacity. For more information visit www.streamlinksoftware.com and follow @streamlinksw on Twitter.
About JumpStart Inc.
JumpStart unlocks the full potential of diverse and ambitious entrepreneurs to economically transform entire communities. For more information, follow @JumpStartInc on Twitter.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators.