Venture Capital Firms

Silicon Valley Bank Funds PlumChoice $10 Million in Bank Financing

Based in Bellerica, Massachusetts, PlumChoice announced today that it has just raised $10 million from Silicon Valley Bank in bank financing. This latest round of funding raises PlumChoice’s total equity to over $14.7 million during the closing of the third quarter of 2009. PlumChoice is a company that provides a turnkey solution for partner technologies and allows for channel partners to remotely repair technology on a 24 hour basis all seven days of the week.

Proceeds from both funding sources will go to help the company expand in the rapidly growing technology market. The new funding will also help PlumChoice to improve its infrastructure and underwrite further development in its technologies.

According to PlumChoices CEO, President, and founder, Ted Werth; the fact that the company was able to raise such an amount in debt capital in such a difficult financial climate is a major achievement. Mr. Werth further added that the fact that PlumChoice was able to raise this debt capital can be attributed to the company’s business model and the technology platform that the company has developed, as well as the grade of customers that uses PlumChioce’s services. Furthermore, Silicon Valley Bank saw the value created in PlumChoice’s offering.

According to Kevin Rhodes, PlumChoice’s CFO; this latest round of funding completes the current fundraising efforts. He further added that PlumChoice is fully capitalized to run its operations during the next year.

According to Jack Gaziano, Managing Director of Corporate Finance at Silicon Valley Bank, PlumChoice is definitely a leader in the remote technology repair sector and the team at Silicon Valley Bank will be looking forward to helping the company in the future.

Founded in 2001, PlumChoice is a leader in remote technology repair service and tech support for some of the nation’s highest grade telecom, ISPs, retailers, and etailers. Offered under the Partners’ brand, PlumChoice is designed to generate new revenues in this growing new innovative energy sector. Some of the services the company has to offer include one-time, one-minute, and subscription services for desktop and laptop computers, MP3 players, and more. These services can be accessed anytime anywhere with 24/7 access. PlumChoice offers its services through companies within the United States and you can find out more about PlumChoice by clicking here.

Silicon Valley Bank is a leading corporate bank that provides debt capital to companies in the IT, tech, life sciences, venture capital/private equity, and fine wine industries. Click here to read more about Silicon Valley Bank.

Comments