AUSTIN, Texas--(BUSINESS WIRE)--FirstClose, a leading provider of technology solutions for mortgage lenders nationwide, today announced that it has received funding from Dallas-based Cypress Growth Capital, the largest royalty-based growth capital investor in the U.S.
The multi-million dollar investment is helping FirstClose to fuel the exponential growth it is experiencing from the demand for the FirstClose Report by providing the necessary funding for the company to capture additional market share.
Proceeds are being allocated to sales and marketing initiatives, new hires, account management, leading-edge technology-focused initiatives and enhancements, vendor and LOS integrations, finance and accounting.
“We were impressed by FirstClose’s revenue growth over the last three years and the introduction of new, high value, technology-driven capabilities,” said Vik Thapar, partner at Cypress Growth Capital. “We’re proud to partner with an experienced management with deep mortgage industry knowledge and expertise.”
“This non-dilutive investment provides us with the right type of funding at the right time as FirstClose launches into its next phase of strategic growth,” said Tedd Smith, chief executive officer of FirstClose. “We are experiencing consistent year-over-year growth with 62% revenue growth in 2017 alone. The support and know-how from Cypress Growth Capital is exactly what FirstClose needs to propel future growth and market-share gaining initiatives.”
Westlake Securities served as financial advisor to the management team of FirstClose.
About Cypress Growth Capital
For an entrepreneur considering growth funding, Cypress Growth Capital provides an innovative alternative to equity and traditional debt. Cypress invests up to $5M in emerging technology companies using a royalty-based approach that preserves an entrepreneur's equity and control. With more than $100M of capital under management and thirty portfolio companies, Cypress is the largest and most active royalty-based growth capital investor in the U.S. For more information, visit www.cypressgrowthcapital.com.
Headquartered in Austin, Texas, FirstClose provides technology solutions to mortgage lenders nationwide and serves as a middleware application that provides access to a host of national and local real estate service providers via the web or through direct integration into various loan origination systems. The FirstClose reporting suite is the first comprehensive solution with capabilities to deliver title, flood, valuation and other important data elements in a single report. For more information, visit www.firstclose.com.