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Connectbase Secures $16 Million Debt Facility from Silicon Valley Bank to Fuel Growth of Connectivity MarketplaceFacility will be used for digital infrastructure intelligence and commerce platform in support of accelerated global expansion and ecosystem development BOSTON, July 18, 2023 /PRNewswire/ -- Connectbase, The Industry Cloud for Connectivity, secured a $16 million debt facility from Silicon Valley Bank, a division of First Citizens Bank, to be used for growth and market expansion.
The news comes on the heels of several major announcements, including the company's first acquisition. After raising $22 million in Series C funding last year, Connectbase acquired London-based LastMileXchange, an access quoting platform provider, this May. With the integration of LastMileXchange, Connectbase is the largest global quoting API ecosystem securely connecting buyers and sellers across six continents with more than 2.4 billion profiled locations in The Connected World platform. "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 exansion 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." "Silicon Valley Bank is excited to support Connectbase as they execute their vision and scale the business," said Chris Morrison, Managing Director at Silicon Valley Bank. "Our facility will not only support its continued expansion but will benefit many of the customers who leverage the Connectbase platform. We look forward to continuing to work with their team by providing financial solutions and advice to support their goals." Connectbase has been laser-focused on digitizing, automating and modernizing the digital infrastructure community, providing solutions for network service providers, managed service providers, data centers, mobile network operators, tower companies, master agencies, and real estate management companies and brokerage firms. "With the additional resources from this line of credit we will be able to accelerate our global growth strategy, and secure our position as the leading intelligence platform and marketplace," added Hazan. "We will be able to get to more customers, and help our customers get to the value propositions of Connectbase — selling and buying network services through automation and with data-driven intelligence and insight — even sooner." About Connectbase About Silicon Valley Bank
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