Espresso Capital announced biggest SR&ED financing to date - $600K

by Rob Lewis | Startups

Espresso Capital Partners announced today the closing of a $600,000 financing to Richmond's Clevest Solutions Inc. through a Scientific Research and Experimental Development (SR&ED) Tax Credit backed, working capital loan.

This primary use of the funds was to finance the acquisition of certain assets from Neptune Technology Group  announced last week. Clevest was ranked as the fastest growing technology company in BC by Business in Vancouver in both 2009 and 2010.

"Using the financing from Espresso Capital, we were able to finance the acquisition with cash, maintain appropriate working capital levels to run the business, and put the company in a stronger position to raise additional growth capital at a later date."

This financing marks the biggest SR&ED financing to date for Espresso and demonstrates their ability to leverage incoming SR&ED claims to increase enterprise value. 

This time last year Espresso closed their first fund, $2 Million SRED Fund I. Founded in 2009, Espresso Capital Partners is privately held and services all areas of Canada with offices in Vancouver and Toronto and representation in Calgary. Founding partners include Greg Smith, Gary Yurkovich, Chris Welsh, and Garron Helman.

Espresso Capital
Toronto, Ontario, Canada

Espresso Capital is a leading venture debt firm focused on the Canadian technology sector. Since 2009, Espresso has funded more than 200 early and growth stage companies across Canada. Espresso's team of experienced professionals understand the unique financing requirements of technology-based companies and are committed to providing “fast, fairly priced and user-friendly” risk capital to... more

Richmond, British Columbia, Canada

Clevest provides software for mobile workforce automation and smart grid operations exclusively for electric, gas and water utilities. Over 125 utilities worldwide have chosen Clevest to transform their field operations by harnessing the power of our software and deep domain knowledge of mobile computing and utility operations. Clevest’s award-winning platform powers a product suite that... more

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Rob Lewis

Rob Lewis

Rob is the President of Techvibes Media and Editor-in-Chief of  His diverse background includes stints in International Trade Finance, Web Development, and Enterprise Software and he is a graduate of the University of British Columbia, British Columbia Institute of Technology, and Simon Fraser University. When not running Canada's leading technology media property, Rob can be... more

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