Horizon Technology Finance leads USD25m venture loan to mBlox
Horizon Technology Finance Corporation has led a USD25 million venture loan for mBlox, one of the world’s largest providers of A2P (application-to-person) text messaging.
The venture loan was fully funded at closing, with Horizon funding its commitment of USD10 million. mBlox will use the funds to support its continued growth.
"We are excited to add mBlox to our quality investment portfolio," says Gerald A Michaud, president of Horizon. "The company's rapid revenue and earnings growth is directly related to its global leadership in the expanding, multi-billion-dollar A2P messaging market. As an industry pioneer, mBlox has created a cloud-based mobile engagement platform enabling companies to reach individuals on virtually any mobile device worldwide. We look forward to working with mBlox as the company advances its mission to help businesses build meaningful mobile connections with their customers."
Tom Cotney, CEO of mBlox, says: "The USD25 million venture loan led by Horizon strengthens our financial position as we continue to execute our growth strategy. We appreciate the support we have received from Horizon and their experienced team of professionals, who worked diligently to close this strategic transaction. The funding from Horizon positions us to remain in the leadership position we have developed on a worldwide basis. Increasingly, that requires broader support of the needs of large enterprises that are mature users of mobile technology as well as new entrants that are smaller and move quickly. Horizon helped us fill the war chest we need to capture more growth for our investors and our reseller partners serving key segments of a growing market."
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