Hercules Technology Surpasses $1 Billion in Origination Commitments Since Inception
Company Provided Growth Financing to More Than 110 Portfolio Companies Since 2003, With 12 Having Exited Through M&A and IPO
PALO ALTO, Calif.--(BUSINESS WIRE)--Hercules Technology Growth Capital, Inc. (NASDAQ:HTGC), the premier specialty finance company providing venture debt and equity to venture capital and private equity backed technology and life science companies at all stages of development, today announced that it has surpassed $1 billion in originations since its founding in 2003.
“We look forward to continue supporting the growth and development of other emerging growth companies in order to help them reach important milestones.”
With the recent financing of Glam Media, Inc., in March 2008, Hercules now has surpassed $1 billion in total venture debt and equity commitments to more than 110 portfolio companies across the technology and life sciences industries. Within those industries, Hercules’ funding has been focused on communications and networking, semiconductors, medical devices, biopharmaceuticals, wireless communications, social networking and other select Web 2.0 companies. The company has provided growth capital to companies at various stages of development, such as Ekos Corporation, Jab Wireless, Inc., and hi5 Networks, Inc.
Moreover, notable investments in the past five months include:
Hercules also noted that, since 2003, 12 portfolio companies have been acquired or completed an IPO, thereby providing Hercules’ portfolio companies with efficient exit paths and liquidity.
“This milestone achievement demonstrates Hercules’ continued success and leadership in the venture capital community coupled with our firm’s growing brand awareness,” said Manuel A. Henriquez, co-founder, chairman and chief executive officer of Hercules. “Hercules continues to experience growth despite the current conditions surrounding the financial services industry. The company’s unique positioning within the venture capital community allows Hercules to continue to develop a strong pipeline and provide needed growth financing to companies in the technology and life sciences fields.”
“In addition, while concerns continue to loom over today’s IPO market, venture backed companies’ M&A activities have proven to offer a clearer and more successful exit path for many of our portfolio companies,” Henriquez added. “We look forward to continue supporting the growth and development of other emerging growth companies in order to help them reach important milestones.”
About Hercules Technology Growth Capital, Inc.:
Hercules Technology Growth Capital, Inc. is a NASDAQ traded specialty finance company providing debt and equity growth capital to technology and life science companies at all stages of development. Founded in December 2003, the company primarily finances privately held companies backed by leading venture capital and private equity firms. Hercules invests in a broad range of ventures active in technology and life science industries and offers a full suite of growth capital products up and down the capital structure. The company is headquartered in Palo Alto, Calif. and has additional offices in the Boston, Boulder, San Diego and Chicago areas. Providing capital to publicly-traded or privately-held companies backed by leading venture capital and private equity firms involves a high degree of credit risk and may result in potential losses of capital. For more information, please visit www.HTGC.com.
Companies interested in learning more about financing opportunities should contact info@HTGC.com, or call 650.289.3060.
The statements contained in this release that are not purely historical are forward-looking statements. These forward-looking statements are not guarantees of future performance and are subject to uncertainties and other factors that could cause actual results to differ materially from those expressed in the forward-looking statements including, without limitation, the risks, uncertainties and other factors we identify from time to time in our filings with the Securities and Exchange Commission. Although we believe that the assumptions on which these forward-looking statements are reasonable, any of those assumptions could prove to be inaccurate and, as a result, the forward-looking statements based on those assumptions also could be incorrect. You should not place undue reliance on these forward-looking statements. The forward-looking statements contained in this release are made as of the date hereof, and Hercules assumes no obligation to update the forward-looking statements for subsequent events.