Connectbase announced today the receipt of a $16 million debt facility that will be used for growth and market expansion from Silicon Valley Bank, a division of First Citizens Bank.
“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,” said Yossi Hazan, Connectbase CFO. “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.”
Connectbase, known as The Industry Cloud for Connectivity, has been experiencing a significant expansion period in terms of both funding, having raised $22 million in Series C funding last year, and acquisition, having acquired access quoting platform provider LastMileXchange. With this growth, Connectbase’s The Connected World platform is the largest global quoting API ecosystem and profiles more than 2.4 billion locations over six continents.
For more information, read the full press release on the Connectbase website.