LOS ANGELES--(BUSINESS WIRE)--Civic Resource Group, a leading developer of cloud, mobile, and data solutions for government and civic organizations, today announced that it has secured $300,000 in funding from Lighter Capital, a Seattle-based investment lender specializing in Revenue-Based Financing for small businesses.
“Civic Resource Group is at a critical point in its evolution – rapidly expanding while simultaneously delivering new product to meet the huge demand for public sector Cloud solutions,” said Gregory G. Curtin, Ph.D., Founder and CEO of Civic Resource Group. “Lighter Capital was a perfect fit. Their innovative revenue-based loan model was exactly what we needed for our dynamic growth, and they were fast, efficient, responsive and friendly – qualities you just don’t see out there these days. They really worked with us as partners on this journey.”
The debt funding from Lighter Capital will enable Civic Resource Group to grow and continue to deliver new civic Cloud offerings with its major partners Microsoft and Salesforce 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.
“Making it simple for small, thriving companies, like Civic Resource Group, to access the funds they need to grow – without surrendering company equity – is what Lighter Capital and our Capital-as-a-Service model is all about,” said BJ Lackland, CEO of Lighter Capital. “The growth of small business shouldn’t be bottlenecked by slow-moving banks or the tepidness of a VC. With our proprietary funding technology, we’re able to fast-track the process, and allow the entrepreneur to get back to generating revenue.”
Launched in 2000, Civic Resource Group (CRG) has seen steady growth as demand for “smart” government solutions has mounted, and was recently selected for the prestigious CIOReview100 Most Promising Technology Companies. CRG’s cloud-based CivicConnect™ solution enables the rapid deployment of dynamic mobile and web systems for a variety of government run organizations – including transportation, travel and tourism, arts and recreation, water and energy management services, and regional economic development. It connects and integrates structured public data sources, commercial data sources and unstructured data sources providing powerful backend business intelligence across unlimited outlets and devices. The platform can be easily scaled for local, entity specific implementations, or for large-scale regional smart city/smart government applications.
“We’re proud to be a partner in CRG’s future,” Lackland said. “We hope to work with them again if the need for additional funding arises.”
About Civic Resource Group
CRG is one of the world’s leading providers of digital E-Government solutions. CRG provides Cloud based solutions that touch every facet of citizen’s lives. Since 2000, CRG has been “Fulfilling the promise of technology™” for clients in the broad public sector, helping them to harness digital advances to effectively connect with their target audiences. By leveraging the award-winning CivicConnect™ platform and deep domain expertise, CRG has delivered impactful, engaging and cutting-edge solutions that facilitate openness, transparency and efficient service delivery for external and internal users alike. CRG is a new breed of Company with a new approach, blending the best of technology, design and communications in the digital age.
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.