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The Company

Non-VC/sponsor backed cloud-based video storage provider for smart home devices.
Revenue: $10mm+ run rate | EBITDA: Break-even

The Financing Situation

The Company was searching for a non-dilutive capital solution to help finance continued growth – customer acquisition costs and new data center facility capex.  Bank financing was not an option given a combination of the Company’s non-institutional ownership and current financial performance.  ABL financing was not an option given the Company’s direct-to-consumer model.

The Solution

SGCP was able to get comfortable with the Company’s lack of historical profitability given the growing monthly recurring revenue, data center assets, and dedicated entrepreneur. SGCP provided a non-dilutive $2.0 million senior secured loan that will enable the Company to continue rapid growth while preserving existing shareholder equity.