Connectbase – The Industry Cloud for Connectivity – recently secured a $16 million debt facility from Silicon Valley Bank (a division of First Citizens Bank) to be used for growth and market expansion.
This news comes from several major announcements, including the company’s first acquisition. This May, after raising $22 million in Series C funding last year, Connectbase acquired London-based LastMileXchange, an access quoting platform provider. With the integration of LastMileXchange, Connectbase is the largest global quoting API ecosystem, securely connecting buyers and sellers across six continents with more than 2.4 billion profiled locations in The Connected World platform.
Connectbase has been focused on digitizing, automating, and modernizing the digital infrastructure community, providing solutions for network service providers, managed service providers, data centers, mobile network operators, tower companies, master agencies, and real estate management companies and brokerage firms.
KEY QUOTES:
“Building on a foundation of trust and our long-standing relationship, Silicon Valley Bank has supported Connectbase’s growth and success to date. They see our growth potential and we are eager to continue the expansion trend that has been our hallmark for seven years. Connectbase is proud to be trusted with this level of credit during these times that may be financially challenging for others in the business world.”
“With the additional resources from this line of credit we will be able to accelerate our global growth strategy, and secure our position as the leading intelligence platform and marketplace. We will be able to get to more customers, and help our customers get to the value propositions of Connectbase — selling and buying network services through automation and with data-driven intelligence and insight — even sooner.”
— Yossi Hazan, Connectbase CFO
“Silicon Valley Bank is excited to support Connectbase as they execute their vision and scale the business. Our facility will not only support its continued expansion but will benefit many of the customers who leverage the Connectbase platform. We look forward to continuing to work with their team by providing financial solutions and advice to support their goals.”
— Chris Morrison, Managing Director at Silicon Valley Bank
