And that's a wrap

April 24, 2023

And that's that. We're done. We've successfully closed on our Series B. 

There's of course still a few administrative items to get to the finish line but all the commitments are in and ready to be signed for and wired. Amazingly enough, we were actually oversubscribed, with several groups this past week trying to figure out how to squeeze into the round with checks as large as up to $[ ]M beyond this $[ ]M we already have committed. This is no small feat in this environment as you've seen with some of my emails from the prior weeks. The big question that lingers is why now? What's driving all this interest in what we're building at this particular moment? I posed this to many of the VCs and their feedback was resoundingly clear.

First and foremost, one of the key recurring themes I've been hearing is the fact that they got confidence in us and our business as we began to hit our numbers every single month this year. This has put us in a very rare breed of companies in 2023 and all the VCs have said we are one of the select few that have been able to achieve this goal in as volatile a year as this.

Second, the fallout from SVB pushed private credit into the spotlight. Even though we've been touting the virtues of private credit for years now, it took a nearly catastrophic event for VCs to clearly understand the pain and value proposition that private credit can solve in this new normal where equity is hard to come by and debt can be the saving grace for many of their portfolio companies.

Lastly, our vision of building a vertical SaaS product for an archaic and broken industry is now becoming a popular thesis that's in vogue for investors. They are on the hunt for tech-backwards industries desperately in need of innovation with large market sizes and private credit fits that bill and then some. Our product and platform is robust enough now when we demo it that their eyes light up at the sheer breadth and depth of what we've built and they see the potential for what it can become.

We have so much to be proud of, very few companies are able to successfully close a round right now, let alone one that's oversubscribed, let alone one that's at a valuation premium over the prior round. None of this happens easily and there are no overnight successes. This has been years in the making thanks to all of your hard work, your late nights, and your resolve and dedication to our vision, willing us to where we are at this critical inflection point in the company’s life. The press release is in the works and going out in a few weeks, shining a light on how it's never been a more exciting time than now to be here at Percent. It's our time.