SAN DIEGO, CA. – January 19, 2016 – Fragmob, an international mobile sales automation software provider, today announced that it has secured a line of credit with Agility Capital and a banking relationship with Silicon Valley Bank (SVB) to help further fund the advancement of its Direct Selling mobile sales platform. The Fragmob platform is built to provide transparency and increased sales results to the 100 million independent sales representatives that currently generate over $182 billion dollars in sales per year.
“It has been a pleasure getting to work with the Fragmob team. Agility Capital seeks to provide targeted financing solutions for companies like Fragmob that are growing software as a service platforms with strong recurring revenue streams,” said Jeff Carmody, Managing Director at Agility Capital.
“2015 was a year of strong growth ending with triple the monthly recurring revenue and number of clients since 2014. We enter 2016 with more than 150,000 active users on our platform worldwide,” said Jonathan Shapiro, Co-Founder, President, & CFO at Fragmob. “Our relationships with Agility Capital and SVB provide Fragmob with the financial flexibility to continue our strong growth and help lay the foundation for our multi-million dollar equity fundraising expected this summer.”
“Silicon Valley Bank loves partnering with innovative companies like Fragmob to facilitate their growth plans,” said Eric Otterson, Managing Director at Silicon Valley Bank, who leads the San Diego-based technology team. “Fragmob offers a powerful mobile solution to the Direct Sales industry. Our objective is to help the team move their business forward quickly with the right financing, connections and global services.”
About Fragmob, LLC
An international mobile sales automation software provider, Fragmob instigates action through technology that enables Direct Selling companies to realize the benefits of a powerful mobile solution. Servicing hundreds of thousands of users in more than 30 countries, the Fragmob mobile platform drives Direct Selling sales reps towards the most focused, effective actions for their business in real-time and delivers actionable metrics so clients and users can achieve higher sales in less time. Visit Fragmob at http://fragmob.com/ and on Twitter at @Fragmob.
About Silicon Valley Bank
For more than 30 years, Silicon Valley Bank (SVB) has helped innovative companies and their investors move bold ideas forward, fast. SVB provides targeted financial services and expertise through its offices in innovation centers around the world. With commercial, international and private banking services, SVB helps address the unique needs of innovators. Learn more at www.svb.com.
Silicon Valley Bank is a member of SVB Financial Group. ©2016 SVB Financial Group. All rights reserved. Silicon Valley Bank is a member of FDIC and Federal Reserve System. SVB>, SVB Financial Group, and Silicon Valley Bank are registered trademarks.
About Agility Capital
Agility Capital provides innovative debt financing products to emerging growth companies and specializes in the type of loans that are necessary to provide an entrepreneur with time and operating capital to successfully achieve the next financing milestone. The team’s collective experience includes more than 500 debt transactions including short term working capital lines of credit, bridge financing, amortizing term loans and acquisition financing. Agility Capital’s underlying philosophy is to provide customized debt solutions, without cumbersome financial covenants. Learn more at agilitycap.com.
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