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mBlox Secures $14 Million Venture Loan from NXT Capital Venture Finance
Woodside, CA, April 18, 2013 – NXT Capital Venture Finance announced today the closing of a $14 million venture loan to mBlox, a leader in mobile messaging and business-to-consumer engagement. mBlox will use the proceeds from this facility to fund strategic growth initiatives.
mBlox has one of the largest and most reliable global messaging platforms used by solution providers, brands and marketing and government agencies. Today, mBlox’s global network reaches more than 800 mobile operators and 5.8 billion devices to ensure the best rates, coverage and delivery for business-to-consumer SMS campaigns. mBlox’s major venture backers include Norwest Venture Partners, Scale Venture Partners and Trident Capital.
Most recently, the company has increased its investment in broader scale mobile messaging by adding push technology to its platform, collecting data about consumer behaviors and providing behavioral insight back to brands. mBlox’s latest innovation is the mBlox Engagement Manager, an emerging technology that makes it easy to create and send basic or rich messages and push notifications. The Engagement Manager dashboard allows businesses to manage campaigns while viewing customer responses in real-time from a PC or tablet. Features like Geofencing allow businesses to target relevant users at the right time and place with contextually relevant communications.
“We have built a great franchise for enterprises and ASP’s in the mobile space, and plan to evolve our platform’s capabilities to continue to address the problems that our customers are trying to solve,” said Tom Cotney, Chief Executive Officer, mBlox. “NXT has given us the upside of a start-up by buying into our business plan and stepping up with a financing solution. The result is a subordinated term debt facility tailored to our needs, not just a cookie cutter structure, that is designed to support and grow with us over the long-term.”
“We are pleased to join the broader mBlox team as one of its financing partners during this exciting time of growth,” said Anurag Chandra, Managing Director, NXT Capital Venture Finance. “Tom’s refreshed strategic vision leverages the company’s substantial strengths and innovations like Engagement Manager demonstrate mBlox’s continued dedication to maintaining its leadership in mobile messaging applications and services that enhance customer loyalty.”
ABOUT NXT CAPITAL VENTURE FINANCE:
NXT Capital Venture Finance serves entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, NXT Capital Venture Finance offers senior and subordinated term loans in the $1 million to $20 million range to emerging growth companies backed by venture capital and private equity firms, particularly those in the technology and life science sectors. Target clients range from pre-revenue companies led by dedicated entrepreneurs to late-stage, proven businesses seeking more efficient growth capital. For more information, see www.nxtcapitalvf.com.
ABOUT NXT CAPITAL:
NXT Capital provides structured financing solutions to middle-market and emerging growth companies, as well as real estate investors, through its Corporate Finance, Equipment Finance, Venture Finance and Real Estate Finance groups. Based in Chicago with offices in New York, Atlanta, Boston, Dallas, Phoenix, Newport Beach, San Francisco and Silicon Valley, NXT Capital targets senior financing opportunities up to $150 million with a hold size up to $50 million. For more information, see www.nxtcapitalvf.com.
mBlox, the leader in mobile engagement, helps brands, agencies and enterprises create meaningful connections with their customers on mobile devices anytime and anywhere. Our network reaches more than 800 mobile operators around the world and enables businesses to reach 6 billion devices. We make it easy to use interactive text message campaigns, push notifications and geolocation in order to drive revenue, lifetime customer value and ROI. For more information, visit www.mblox.com or @mblox on Twitter.
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