SAN FRANCISCO – March 12, 2015 – Webgility, a leading provider of e-commerce accounting automation software for small- and medium-sized businesses, announced today that it has raised $2.5 million in growth funding from SaaS Capital. Webgility will use the funds to increase headcount, ramp up product development, and expand into new vertical markets.
“This funding from SaaS Capital will be instrumental as we continue to build momentum,” said Parag Mamnani, Founder and CEO of Webgility. “This is our first institutional investment and although we received several outside funding offers, we knew SaaS Capital was the best fit for us at this stage. Working with SaaS Capital we’re able to avoid both the strict requirements of traditional bank financing and the ownership dilution that comes with an equity investor.”
San Francisco-based Webgility, which has bootstrapped since launching in 2007, is focused on making it easy for online sellers to automate their accounting. The product suite intelligently integrates financial data from any cloud application with accounting software, enabling SMBs to save on bookkeeping, simplify compliance, and gain insights on how to optimize operations and grow their business. A certified partner of Intuit® QuickBooks® and Xero, Webgility integrates with more than 40 e-commerce platforms and has a team of e-commerce and accounting experts on staff to serve businesses of all sizes.
“We’re excited to welcome Webgility to our portfolio, the first out of Fund II,” said Rob Belcher, SaaS Capital Managing Director, West Coast. “Webgility is a terrific match for SaaS Capital’s recurring revenue-based line of credit. The company is growing quickly and has a great opportunity in front of it, and while not ruling out the possibility of ever raising equity from VCs – true to their bootstrapped roots – management wanted to remain as equity efficient through this period of high-growth as possible.”
Webgility, Inc. is a leading provider of e-commerce accounting automation software for small- and medium-sized businesses, giving them a better understanding of their financial data. Webgility is a certified partner of Intuit® QuickBooks® and Xero, and works with more than 40 e-commerce platforms and SaaS providers, including Amazon®, eBay®, Bigcommerce®, Shopify®, and Magento®. Webgility was established in 2007 and has a team of over 90 people serving over 5,000 customers worldwide. To learn more about Webgility visit www.webgility.com.
About SaaS Capital
Founded in 2006, SaaS Capital is the pioneer provider of debt-based growth capital for SaaS companies. By leveraging the predictable revenue streams of the SaaS business model, SaaS Capital allows companies to use debt instead of equity to fund investments in sales, marketing, and new product development. SaaS Capital’s line of credit approach combines more availability and longer terms, with more flexible drawdown and repayment, versus other lenders in the market. Through its partnership with DH Capital, SaaS Capital can also assist with a variety of M&A and capital raising advisory services.
This new facility is substantially larger than our previous line of credit and features a structure and covenants designed specifically for growing SaaS companies.
CFO, Accelerize Inc.