Seal Software Group, a provider of solutions to discover, capture, extract and manage contracts, today announced that it has secured a $1.0 million working capital facility with Silicon Valley Bank, the commercial banking division of SVB Financial Group (Nasdaq: SIVB) and financial partner to technology and life science companies worldwide. The new financing will be used to support Seal’s working capital needs.
Erin Lockwood, Deal Team Leader, at Silicon Valley Bank said, “We aim to give our high-growth clients, like Seal Software Group, the financial flexibility they need to achieve their business goals. As a fast-paced software company, Seal will benefit from the additional working capital as well as a longer runway to help the company meet its milestones.”
Mark Williams, CFO, Seal Software Group said, “We’re delighted to have this support and backing from Silicon Valley Bank. One of the implications of hyper-growth is the working capital requirements it drives. This facility enables us to leverage the credit ratings of the Fortune 1000 companies buying from us, allowing us to preserve our capital.”