Wellington Financial participates in US$17.5M financing for SpringCM
U.S. sales contract management solutions provider SpringCM has raised US$17.5 million in funding from existing investors, including Foundation Capital, North Bridge Venture Partners, Bluestem Capital and Square 1 Financial. SpringCM’s newest investors – Canadian specialty financing firm Wellington Financial LP and Panorama Partners – also participated in the round.
SpringCM’s CEO Greg Bucholz says the company is currently on track to deliver six new product releases this year, and the additional funding will enable the company to continue to innovate at this accelerated pace.
SpringCM’s newest investors, Wellington Financial, says the company’s innovation, fresh take on contract and sales management solutions, and demonstrated growth are key indicators of its future success.
According to Eric Speer, Vice-President, Wellington Financial, “We’re excited that Wellington Financial’s growth debt is able to play an important role to help the company expand the reach of its compelling solutions in the marketplace. For our portfolio, we look for fast-growing businesses with existing customers and material revenue.”
Speer adds, “In SpringCM, we found that trifecta and are looking forward to being a part of the company’s bright future.”