Acclaris, headquartered in Tampa, Florida, is the leading software enabled service provider for employee benefits reimbursement, blending best-in-class, web-based SaaS technology, innovative processes and a globally distributed workforce. The Company has several Fortune 1000 companies as customers and is backed by Updata Partners.
MMV was introduced to the Acclaris management team in late October 2006. Within two months we met with management, negotiated a term sheet, completed due diligence and closed a $2MM venture loan. This cost effective financing enabled the Company to extend its runway and delay further equity financing. Since that time the Company has grown its per annum revenue base by over 100%
“MMV was a truly professional organization to deal with right from our first meeting” said Mark Whittington, CEO of Acclaris. “We would have no hesitation recommending them to other entrepreneurs”
Headquartered in Ottawa, Ontario, BelAir Networks offers scalable, mobile wireless broadband mesh networking solutions with the highest quality for video, voice and data. The company teams with world-class global partners to deploy proven, cost-effective wireless broadband mesh networks. BelAir Networks patented solutions deploy quickly, blending into the physical environment and integrating easily with existing infrastructure. The Company is backed by Vengrowth, Panorama Capital, Comcast Interactive Capital, T-Mobile Venture Fund, Ventures West, and BDC Ventures.
MMV’s predecessor fund, MM Ventures, provided a $2.5MM venture loan in July 2003, seven months after its Series A round of financing. MMV provided a further $5.0MM venture loan in March 2006. With the proceeds of this financing the Company continued to build its sales and marketing infrastructure and was followed by a $21MM round of equity in October 2006. The Company has achieved 70% year over year revenue growth since 2006 and is becoming the established world leader in large scale Wi-Fi equipment deployments.
“We have had an excellent business relationship for over five years with MMV” said Peter Rose, CFO of BelAir Networks. “We have found them straight forward and reasonable to deal with as we have gone through the ups and downs of building a successful technology company”
Based in New York City, Beliefnet is the world’s largest spiritual website. The Company is independent and not affiliated with any spiritual organization or movement. Powered by web 2.0 technology Beliefnet receives millions of unique visits each month. The Company has won several awards including the National Magazine Award for General Excellence Online in 2007. Beliefnet was backed by Blue Chip Venture Company and SoftBank Capital.
MMV first met Beliefnet in January 2007. By March 2007, MMV had provided a $2.5MM venture loan to the Company. This financing fit seamlessly into Beliefnet’s existing capital structure. It enabled the Company to upgrade its technology platform and extend its runway until it was acquired by News Corp’s Fox Entertainment Group for a significant but undisclosed amount in Dec ’07.
“MMV quickly understood our business and the direction we were taking the technology platform at the time” said Steve Waldman, Co-Founder and CEO of Beliefnet. “Their capital enabled us to fund operations while avoiding the dilution of a further equity round prior to being acquired by Fox Entertainment Group”
Situated in Ottawa, Ontario, Epocal Corporation has developed and commercialized an entire blood diagnostic “laboratory on a chip” in FlexCard technology, a card format similar to the traditional smart card. This disruptive technology enables a high precision, cost-effective point-of-care solution for blood diagnosis in hospitals, physicians’ offices and patients’ homes. Epocal won the 2006 award from Frost & Sullivan for technology innovation across North America. Epocal is backed by Genesys Capital Partners and Highland Capital Management
MMV provided a US$2.5MM venture loan to Epocal in December 2005. The financing was structured in two tranches to give Epocal maximum runway extension. With this capital it was able to file and get approval for its 510(K) from the FDA, advance discussions with strategic partners and raise a $31MM financing in April 2007 at a significantly higher valuation.
“Financing through MMV was an excellent supplement to our traditional equity sources” said Dr. Imants Lauks, founder and CEO “We closed the MMV round quickly and efficiently. It enabled us to hit our milestones and maximize the value of Epocal prior to the round led by Highland Capital Management”
The Neat Company, based in Philadelphia developed a multi-purpose scanning solution that scans, reads, and organizes paper receipts, business cards and documents into easy-to-read digital spreadsheet format. “NeatReceipts” is sold through channel partners such as Costco, Sam’s Club, Staples, OfficeMax and OfficeDepot, online retailers such as Amazon.com and Walmart.com as well as at over 20 airport kiosks across North America. The Neat Company has won numerous industry accolades including 4th fastest growing company by Philadelphia 100 and best small company to work for in 2007 by Philadelphia Magazine. The Company is backed by Edison Venture Fund.
“MMV’s venture debt provided capital that was complimentary to our equity at a time of rapid expansion. MMV was responsive and closed the financing before year end as promised” said CEO Dr. Les Spero. “We would recommend them to other high-growth entrepreneurial companies in search of less dilutive financing options.”
MMV first met the Company is late 2006 and tracked their progress for close to a year before the Company was looking for additional working capital to fuel its explosive growth. MMV provided a US$3.0MM venture loan in December 2007 which was used for working capital as the Company’s revenues continued to grow at over 100% per annum.