New York-based company Advisen, a provider of real-time analytics and research of the commercial insurance sector, has raised $6.5m in debt financing.
SaaS Capital was lead investor in the funding round, providing the company with the necessary capital to continue its expansion.
David Dahlquist, CFO and COO of Advisen, said, “The access to $6.5m in capital is critical to our strategic growth plans.
“This new capital allows us to simplify our existing capital structure and provides additional capital to fuel accelerated growth.
“From our initial meeting, we were impressed by SaaS Capital’s ability to understand Advisen’s needs as a SaaS business in the insurance technology market. We view SaaS Capital as a partner who will bring new perspectives and insights.”
SaaS Capital is dedicated to supporting SaaS businesses and typically provides committed credit facilities of $2m to $15m to sector companies generating monthly recurring revenue of $200,000 or more.
Founded in 2000, Advisen has previously raised $3.5m through a securities sale in February 2011, according to a filing with the SEC.
The company provides data, media, and technology solutions for the property and casualty insurance market. It services more than 150,000 commercial insurance and risk professionals at 8,000 organisations worldwide.
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