Braavo Capital, an integrated financing platform for mobile app businesses, confirmed ahead of the weekend that it has closed on a combined debt and equity financing of over $70 million dollars.
The financing was led by Mark 2 Capital, increasing its existing commitment over 10x, and included participation from leading angel investors and family offices from across the fintech and mobile ecosystem.
According to an emailed statement, the money will be used to scale the Company’s financing originations and support the rapid growth of its customer base.
“We are thrilled to be partnering with Mark 2 Capital to continue growing our business, and in turn, providing mobile founders across the country with the capital and insights they need to scale their own businesses,” said Mark Loranger, Co-founder of Braavo Capital. “The investment community has been tremendously supportive of Braavo’s unique value proposition of fueling mobile app growth by providing working capital and growth capital solutions to companies at all stages of revenue traction. It helps that the mobile ecosystem is stronger than ever, growing around 30% annually with publishers expecting to earn over $200 billion by 2020.”
“We are extremely pleased with the transaction and ongoing partnership between Mark 2 Capital and Braavo Capital,” adds Rennick Palley, Managing Partner, Mark 2 Capital. “Braavo is disrupting the way founders of mobile app companies access capital to fund growth. The mobile app market is underserved by traditional financing models. Braavo’s use of data to simultaneously speed-up and de-risk the funding process is truly innovative; the debt asset they’ve created has exceptional performance from a credit perspective and can also be transformative for customers.”