SAN FRANCISCO and TORONTO, Aug. 9, 2013 /PRNewswire/ - According to statistics compiled by PriceWaterhouseCoopers MoneyTree™ Report, Wellington Financial LP, a privately-held specialty finance firm, ranks as one of the most active Expansion Stage capital providers to the U.S. North East's Innovation Economy over the past two years. Wellington has closed ten recent financings in the U.S. Northeast, with aggregate commitments in excess of US$60 million.
Wellington recently closed a new US$6 million venture debt financing for an East Coast fintech company. The company is currently backed by a well-known U.S.-based venture capital firm, and plans to use the additional financial resources to improve its technology platform and add to its team of professionals.
"CFOs have come to appreciate that they need to borrow two to three times as much capital under an amortizing venture debt structure to have the same cash on hand as they would have from the extension terms under Wellington Financial's standard three year non-amortizing term loan," said Craig Netterfield, Partner of Wellington Financial LP.
Added Mark McQueen, President & CEO of Wellington Financial: "We are proud to have provided the capital that's helped American entrepreneurs create or preserve over 4,300 high-paying U.S.-based jobs following the recent global financial crisis. Capital is the lifeblood of job creation and innovation, and our $600 million investment program helps business leaders and their venture capital and private equity backers efficiently grow their companies."About Wellington Financial LP Wellington Financial LP is a privately-held specialty finance firm providing term, venture and amortizing loans up to $30 million. Wellington Financial LP is currently managing a $600 million investment program with offices in San Francisco, Santa Monica and Toronto. Wellington Financial LP is managed by a partnership controlled by fund management and Clairvest Group Inc. (CVG:TSX), who jointly have contributed a large financial stake to the Fund. LPs include several of Canada's largest institutional investors, crown corporations, financial institutions and pension funds. Please visit the fund website at www.wellingtonfund.com, or the Wellington Financial team blog at www.wellingtonfund.com/blog.