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Smart Kids secures USD10m equity line of credit from Auctus

Smart Kids Group, a provider of children’s digital education and entertainment, has entered into a drawdown equity finance agreement with Auctus Private Equity Fund of Boston.

The USD10m equity line of credit will be used to protect and ensure the future development of Smart Kids’ TV productions and services to the market.

Smart Kids is actively pursuing financing options in order to launch TV production and acquire existing opportunities.

Andy Ruppanner (pictured), president and chief executive of Smart Kids Group, says: “Smart Kids will only use the equity line of credit judiciously, in conjunction with other sources of financing, as and when necessary; keeping in mind at all times the value of our shares to our strategic investors. In these challenging financial times, it is prudent for Smart Kids Group to partner with Auctus at this time and plan for strategic success as well as sustained growth of the company."

Smart Kids has submitted a Form S-1 with the US Securities and Exchange Commission. It is estimated that SEC approval of the S-1 may take 90 days.

In the event that Smart Kids can secure more traditional financing, the company will not use the equity line of credit.

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