Vero, a marketing automation software business recently closed a funding round from Partners for Growth (PFG), providing the company with capital to continue scaling operations in Australia and globally. PFG is pleased to announce that the transaction with Vero marks a milestone as the first investment from its recently closed 6th global specialty lending fund, focused on providing growth capital solutions for emerging growth companies globally. Australia has long been a focus market for PFG given the strong entrepreneurial activity and depth of talent across the Australian innovation and technology sectors.
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This financing will allow Vero to continue to expand its client base as it acquires new customers as well as providing capital to invest in new growth projects. Karthi Sepulohniam, Managing Director at PFG based in Sydney noted, “We are excited to have the opportunity to support Vero’s growth today and over the coming years, as they deliver tools to help companies design and deliver personalized customer messages at scale.”
Vero Co-Founder and CEO, Chris Hexton, said of the PFG partnership, “It’s exciting for Vero to join forces with PFG and to add a global financing partner to the mix. PFG’s funding will allow us to continue Vero’s mission of enabling technology companies to engage with their customers on an individual basis at scale and with ease.” Chris was introduced to PFG by Tushar Roy, who is a Partner at Vero’s existing equity investor Square Peg Capital. Chris was attracted to PFG’s ability to structure a flexible financing package that allows the business to deploy capital to fund growth opportunities and respond to market changes and opportunities. In response to COVID-19, Vero has been able to offer its software for free to frontline businesses, an initiative it would not have been able to offer without the facility provided by PFG.
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PFG first began working closely with Australian startups in the mid-2000s, tailoring custom debt facilities for high growth businesses seeking additional capital to complement that available from traditional funding sources such as venture capital, private equity and bank finance. PFG has now financed more than 40 growth stage businesses in Australia since the firm’s first transaction in 2007, providing more than A$300 million in growth capital. Close to 50% of PFG’s Australian debt financing is now provided to businesses backed by top tier local equity investors, including leading venture capital firms such as Airtree Ventures and Square Peg Capital, and pre-IPO firms such as Alium Capital Management.
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