Republic Business Credit Provides $8MM Asset-Based Loan to Spiraledge
Republic Business Credit provided an $8 million direct-to-consumer inventory loan facility to Spiraledge, a California-based internet retailer and software company. The facility provides availability on Spiraledge’s inventory, accounts receivables, merchant accounts and e-commerce related proceeds. Republic’s funding refinanced Spiraledge’s existing bank facility while providing additional liquidity for future growth.
Spiraledge is headquartered in Campbell, CA, with offices in Cincinnati and Ho Chi Minh City, Vietnam. It sought a partner to leverage its internet retail and e-commerce strategy.
“We needed a strategic partner who understood our internet retail strategy and trusted our team to deliver on our growth expectations,” Avraham Benaroya, founder and CEO of Spiraledge, said.
Spiraledge's businesses include SwimOutlet.com, an online swim gear retailer; EverydayYoga.com, a yoga apparel and equipment retailer; Swim.com, a digital swim training and workout platform; and Tend.com, a farm management software platform.
“Coming out of the pandemic and preparing for the Summer Olympic Games in Toyko, we sought a partner to support our seasonal inventory purchases,” John Gilchrist, CFO of Spiraledge, said. “Republic understood our business and was committed to our vision of providing the perfect online shopping experience for our customers.”
“Spiraledge is a great addition to a growing portfolio of brands, and the company is a well-run, mission-orientated direct-to-consumer internet retailer that delivers for its customers,” Matthew Begley, COO of Republic Business Credit, said.
“We enjoy partnering with great founders and strong CFOs who see value in non-dilutive debt financing to support their growth,” Robert Meyers, president of Republic Business Credit, said. “We have built our platform to help support companies that need a mix of scalable, growth-orientated solutions across our asset-based lending, direct-to-consumer and factoring products.”