A Virtual Reality Company receives a $1,000,000 Facility from Prestige Capital
FORT LEE, NJ (AUG 2024) — A Northeastern virtual reality technology company needed capital to advance beyond its beta testing stage. After reaching out to their large institutional bank for support, the company was referred to Prestige Capital due to being too early-stage for traditional bank financing. To grow their relationship with a national retailer, the CFO secured a $1 million facility from Prestige Capital.
Despite receiving major backing from venture capital and private equity firms, many technology companies still struggle with day-to-day cash flow. Prestige Capital offers a solution by transforming accounts receivables into readily available funds, allowing businesses to finance their ongoing operations effectively.
Rachel Hersh, Sales Director, North America at Prestige Capital, commented, "Early-stage companies can benefit from invoice financing, but few know about this option. I'm always grateful to have a solution that gives innovative companies a chance."
Through the use of invoice financing, the virtual reality company can continue to grow its business in both the real world and the virtual one.
About Prestige
Since 1985, Prestige Capital, a commercial finance company, has been funding clients directly by turning invoices into cash. We purchase invoices from a broad range of companies with annual sales ranging from $2 million to $300 million. Prestige Capital continues to help companies that either do not qualify for traditional bank financing or need financing faster than a bank’s lengthy underwriting process allows.
