Elastic Path Secures $8 Million Debt Facility

Wellington Financial has announced an $8 million debt facility for Vancouver's Elastic Path Software.

Elastic Path provides e-commerce software that enables businesses to monetize their goods, services and digital content across every customer touchpoint, including websites, mobile apps, smart devices, and APIs.

Elastic Path Vice President of Marketing Matt Dione told TechCrunch that the company will use the funding to invest in its API platform.

"Elastic Path's success has been recognized on the PROFIT 100 list of Canada's Fastest-Growing Companies for four consecutive years. With impressive customers such as Google, Pearson, Symantec, and Virgin Media, Elastic Path has developed an advanced platform that is helping hundreds of enterprises worldwide. We are proud to continue to back many of Canada's best innovation companies," said Mark McQueen, President and CEO of Wellington Financial.

Harry Chemko, CEO of Elastic Path said, "As digital commerce moves quickly beyond websites and mobile apps into a new era of APIs and smart devices, there is tremendous demand for technology that will help businesses keep pace. With the support of Wellington Financial, we can now accelerate our innovation as we develop the software platform for this next generation of commerce. We look forward to working with them."

Wellington Financial
Toronto, Ontario, Canada

Wellington Financial LP is a privately held specialty finance firm providing term and amortizing loans up to $30 million and venture debt loans up to $10 million. Wellington Financial LP is currently deploying a $500 million investment program via its fourth fund. The fund's clients vary in size and business model, but generally have current year revenue in excess of $5 million. Limited... more

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