A month after a trio of location-based ad platforms raised a collective $30-plus million from investors, mobile ad platform Verve Mobile has closed a $30 million debt-financing with Silicon Valley Bank.
Unlike a direct venture capital investment, a debt-financing gives Verve’s executives a bit more flexibility and lets existing shareholders maintain their control. New York-based Verve has been rapidly and regularly adding executives and products involving the use of online-to-offline location data since CEO Nada Stirratt took on the role a little over a year ago. The company has also beenextending operations in Europe.
While Verve claims to have grown “50 percent over the past four years,” the continued work on so many various fronts requires immediate capital. And that’s where Silicon Valley Bank’s debt comes in.
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