WorthPoint Secures $12 Million Credit Facility from Espresso Capital
ATLANTA, July 21, 2021 /PRNewswire/ -- Espresso Capital and WorthPoint Corporation have announced today that Espresso has provided WorthPoint, the most comprehensive online resource for researching, valuing, buying and selling antiques, art and vintage collectibles, with a $12 million credit facility.
WorthPoint empowers the antiques and collectibles industry by providing a steady stream of new data and quality information to improve pricing transparency between buyers and sellers. The company will use the new funds to help further grow the business by investing in a number of marketing and product development initiatives.
"WorthPoint has been a bootstrapped company, and this is the first funding into the company from beyond a close circle of friends and family," said WorthPoint Founder and CEO Will Seippel. "We were seeking a non-invasive and preferably non-dilutive funding source that understood our business and model and lent to our quickly compounding recurring cash flow. We are thrilled to prtner with Espresso as we continue to scale our business. This credit facility will allow us to build on our success by making strategic investments to expand our addressable market, enhance our website to provide a better user experience and add new data partners to further expand our offerings."
Those offerings include a price guide for researching and valuing antiques, art and collectibles, a resource gallery for identifying makers' marks and a digital library of more than 3,400 books from leading publishers covering a wide range of collecting topics.
"WorthPoint has a seasoned team that has proven they can operate successfully in a variety of different market cycles," said Espresso Capital Executive Director Steven Michau. "They address a market segment with considerable room for growth while having no direct competitors. We see tremendous upside for the company as it makes strategic investments in several key areas that will continue to drive growth."
"Steve and the team at Espresso have been great to work with," continued Seippel. "In addition to offering a favorable cost of capital that will help better position us for a potential equity round in the future, we were impressed with the care they took to get to know our business and the speed at which they were able to close the facility. The process was smooth and seamless from end to end."
"The Espresso team understood the broad principles of our business better than anyone else we spoke with, and we have already deployed and seen growth from their capital infusion," noted Seippel.
About WorthPoint Corporation
WorthPoint manages the largest online resource for researching, valuing and preserving antiques, art and collectibles. The company's suite of offerings on WorthPoint.com includes a Price Guide, a resource gallery for identifying maker's marks, autographs, patterns, symbols (M.A.P.S.) and a digital Library with more than 3,400 books about collectible topics. Through data aggregated from online marketplaces, including eBay and leading auction houses, WorthPoint empowers the antiques and collectibles industry by providing a steady stream of new data each month, building on more than 567 million archived prices and nearly 1.3 billion images to improve pricing transparency for sellers and buyers. WorthPoint is headquartered in Atlanta, Ga., and has subscribers on six continents.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we've helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at www.espressocapital.com.
View original content to download multimedia:https://www.prnewswire.com/news-releases/worthpoint-secures-12-million-credit-facility-from-espresso-capital-301338330.html
SOURCE WorthPoint Corporation