SAN FRANCISCO, April 18, 2017 /PRNewswire/ — Golub Capital announced today that its Late Stage Lending group (“LSL”) provided growth financing to support Switchfly, Inc. (“Switchfly” or the “Company”), a portfolio company of Canaan Partners, Azure Capital Partners and StarVest Partners.
Switchfly, Inc., is an Enterprise Software platform for travel e-commerce, loyalty, and ancillary experiences servicing airlines, hotels, online travel agencies, and financial services companies. Headquartered in San Francisco, Switchfly’s platform powers more than $2 billion in gross booking revenue for its clients annually and facilitates the redemption of more than 40 billion reward points and miles each year. The company’s global client roster represents the who’s who of travel providers.
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“Switchfly’s travel and loyalty rewards technology platform brings tremendous value to some of the most recognized brands worldwide. We look forward to supporting Switchfly through its next phase of growth,” said Golub Capital Director, Robert Sverbilov.
“Golub Capital’s LSL team came to the table with a deep understanding of software for the travel and leisure sector, and provided a flexible financing solution that is tailored to our needs as a growth stage investor,” said Daniel Farrar, CEO of Switchfly. “The team’s ability to close quickly and efficiently, as promised, gave us confidence that we have a strong partner in Golub Capital, and we look forward to working together to facilitate Switchfly’s growth in the coming years.”
Switchfly’s Farrar further commented, “Switchfly delivers state-of-the-art business features, content and inventory from a cloud platform for increased profitability and business optimization. This investment from Golub will allow us to continue to scale the business, ensuring our technology platform offers ‘best in class’ service to our clients and their customers.”
About Golub Capital Late Stage Lending
Golub Capital Late Stage offers venture debt opportunities to venture-backed, late stage SaaS and enterprise software companies. Golub Capital’s flexible credit solutions offer entrepreneurs and executives the opportunity to finance their future without diluting their ownership. The firm structures offerings to foster long-term partnerships, encouraging portfolio companies to take control of their growth, make strategic acquisitions, and expand their product offerings.
Golub Capital is a nationally recognized credit asset manager with over $20 billion of capital under management. For over 20 years, the firm has provided credit to help medium-sized U.S. businesses grow. The firm’s award-winning middle market lending business helps provide financing for middle market companies and their private equity sponsors. Golub Capital’s credit expertise also forms the foundation of its Late Stage Lending and Broadly Syndicated Loan businesses. Golub Capital has worked hard to build a reputation as a fast, reliable provider of compelling financing solutions, and we believe this has inspired repeat clients and investors. Today, the firm has over 300 employees with lending offices in Chicago, New York and San Francisco. For more information, please visit www.golubcapital.com
About Canaan Partners
Canaan Partners is an early stage venture capital firm that invests in entrepreneurs with visionary ideas. With $4.2 billion under management, a diversified fund and 190 exits to date, Canaan has invested in some of the world’s leading technology and health care companies over the past 30 years. Canaan’s focus areas include fin tech, enterprise/SaaS, marketplace, e-commerce, biopharma, digital health and medtech. To learn more about our people and our portfolio, please visit www.canaan.com.
Founded in 2000, Azure is a San Francisco-based venture capital firm with over $750 million under management. We have served as trusted advisors to some of the most successful and important technology companies created in the last 20 years, including VMware, Bill Me Later (acquired by PayPal), Calix, Cyan (acquired by Ciena), Top Tier (acquired by SAP), TripIt (acquired by Concur) and World Wide Packets (acquired by Ciena), and have helped to generate billions of dollars of value in these companies for our entrepreneurs and investors. For more information, visit www.azurecap.com.
About StarVest Partners
StarVest Partners is a New York City based growth equity firm with nearly two decades of experience. StarVest invests in technology-enabled business services companies with a focus on software-as-a-service, data and analytics, ecommerce infrastructure and digital marketing services. StarVest was an early investor in the software-as-a-service trend; in 2000, it invested as the only venture firm in NetSuite (and subsequently acq. Oracle for $9.3 billion). Other noteworthy investments include Veracode, recently acquired by CA Technologies for $614 million; MessageOne, acquired by Dell Computer; Connected, acquired by Iron Mountain; iCrossing acquired by Hearst; Insurance.com acquired by QuinStreet; and Fieldglass acquired by Madison Dearborn and subsequently by SAP for $1 billion. For more information, visit www.starvestpartners.com.
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SOURCE Golub Capital