NEW YORK & PORTLAND, Maine--(BUSINESS WIRE)--Likeable Local, an innovator of social media software tools for small business, today announced that it has secured $500,000 in funding from Lighter Capital, a Seattle-based investment lender specializing in Revenue-Based Financing for small businesses. The funding will allow Likeable Local, which currently serves over 1,000 customers, to grow its team of employees and immediately expand its marketing and sales efforts.
Likeable Local has had tremendous success working with small, independently operated businesses – from doctors and lawyers, to retail shops and restaurants – providing them with a comprehensive solution for their social media needs. The company’s software, Likeable Hub, automates many of the functions that are necessary to expertly executing a social media strategy – eliminating the need to hire a full-time social media manager or outsourcing the effort to an expensive social media agency.
In April 2013, Likeable Local expanded outside of New York City, opening an office in Portland, Maine – which it intends to grow to more than 100 employees within five years. More recently the company signed its first agreement with a national franchise, Papa John’s International, Inc., the third largest take-out and pizza delivery restaurant chain in the world.
“We are really excited about funding Likeable Local,” said Molly Otter, Chief Investment Officer for Lighter Capital. “Their extraordinary growth in the past 18 months has been truly impressive. And being from New England myself, it’s great to see their expansion to Portland, Maine. We believe in the potential of that market and look forward to providing capital to Likeable Local in the long run.”
The debt funding from Lighter Capital will enable Likeable Local to grow without adversely impacting the company’s cash flow or sacrificing equity. Lighter Capital’s Revenue-Based Financing model is uniquely structured to match the ebb and flow of small business. Loan payments adjust in proportion to revenue, and there’s no loss of control or restrictive financial covenants.
“We looked at a number of financing options for our business – from VC, to unsecured debt, to angels – but we ultimately chose a revenue-based loan from Lighter Capital because we could keep the equity in our company, and still have the flexibility we wanted with our cash flow,” said Dave Kerpen, Likeable Local’s CEO. “We also appreciate that Lighter Capital has a history of follow-on funding rounds, and has invited us to explore that with them in the future – if the need arises.”
About Likeable Local
Likeable Local, headquartered in New York City, offers scalable, integrated software solutions for small businesses to create, enhance, and manage their social media presence. Likeable Local was founded in 2012 by Dave Kerpen as a spin-off for Likeable Media, a highly successful multi-media marketing firm. Kerpen is also the author of New York Times best-selling books, Likeable Social Media, Likeable Business, and Likeable Leadership.
About Lighter Capital
Lighter Capital provides $50,000 to $1 million in funding for growing technology businesses looking to accelerate their sales, marketing or product development efforts. Lighter Capital’s RevenueLoans are more flexible than traditional loans and equity investments - repayments rise and fall with a business’s revenue, there are no personal guarantees and no dilution. Through its proprietary underwriting process, which blends automated analysis with a deep understanding of technology business models, the company has created a new source of capital for growing businesses.