CAMBRIDGE, Mass.--(BUSINESS WIRE)--Cambridge Bancorp (NASDAQ: CATC) and its subsidiary, Cambridge Trust Company, today announced that it has completed a $5 million credit facility for Boston-based content marketing company Skyword. Cambridge Trust’s Innovation Banking Group, which specializes in tailored financial solutions for New England-based entrepreneurial companies, provided the financing for Skyword. Cambridge Trust is the first and only locally based bank to concentrate on the Innovation Economy in New England.
The credit facility provided by Cambridge Trust follows additional financing obtained recently by Skyword including $6 million in debt financing provided by Multiplier Capital and a $25 million equity investment by Rho Acceleration.
“Cambridge Trust is committed to working with local companies within the Innovation Economy that is the future of our region, and we are particularly pleased to create this customized financial solution that will help drive Skyword’s growth,” said Scott Chamberlin, Senior Vice President of Cambridge Trust and Head of the Innovation Banking Group. “Skyword is enabling companies to better connect with their customers, and the credit facility we are providing will support it in making the most of the growth opportunities coming its way.”
Tyler Hoffman, Chief Financial Officer of Skyword added, “This financing will help fuel our growth and continued technology innovation as we transform marketing from ad-centric to story-centric. We look forward to partnering with Cambridge Trust as we help today’s top brands connect with audiences through extraordinary content experiences that turn them into loyal customers.”
Cambridge Trust’s Innovation Banking Group works with growth-stage entrepreneurial companies, providing them with a full range of banking services to meet their specialized financial needs. Available services include revolving credit lines, term loans, depository and cash management products and foreign exchange. The team, composed of industry veterans from technology-centered financial services firms, serve companies across industries including software, digital media, telecommunications, health care IT, digital health, electronics, mobile, advertising, clean technology, medical devices and consumer products.
About Cambridge Bancorp
Cambridge Bancorp, the parent company of Cambridge Trust Company, is based in Cambridge, Massachusetts. Cambridge Trust Company is a 128-year-old Massachusetts chartered commercial bank with $1.9 billion in assets and 11 Massachusetts locations in Cambridge, Boston, Belmont, Concord, Lexington and Weston. Cambridge Trust Company is one of New England’s leaders in wealth management with $3.1 billion in client assets under management and administration. The Wealth Management group maintains offices in Boston, Massachusetts and Concord, Manchester and Portsmouth, New Hampshire. For more information, visit our website at www.cambridgetrust.com.
Skyword liberates brands from ineffective marketing practices and inspires them to create deeper connections with their audiences. The Skyword Platform makes it easy to produce, optimize, manage, and promote content at any scale to create meaningful, lasting relationships. Skyword also provides access to a community of thousands of freelance writers and videographers, an editorial team, and program managers who help move clients’ content marketing programs to new levels of creative excellence. Skyword is a privately held company headquartered in Boston, MA. The company’s technology center is located in Pittsburgh, PA. Investors include Rho Acceleration, Cox Media Group, Allen & Company, Progress Ventures and American Public Media Group.