Publicly traded venture capital lender Horizon Technology Finance first established an office in the Washington area around a year ago and six deals later, Mid-Atlantic firms represent around 10 percent of its venture debt portfolio, Steven Overly wrote Aug. 11 in the Washington Post.
Farmington, Conn.-based Horizon, which was founded in 2004 and has 52 portfolio companies as of Overly’s publishing, is looking to increase its number of deals in the area and expects regional business to exceed that 10 percent threshold, company executives told the Post.
As ExecutiveBiz covered in April, Razorsight Corp., the Reston, Va.-based maker of cloud computing-based profit analytics software, secured $3 million in debt funding from Horizon this Spring.
Overly previously characterized Horizon as extending loans to “growing companies that already have raised funds from traditional venture capitalists but want to add money to their balance sheets without giving away more equity.”
Brandon Thorne, Razorsight’s vice president of finance, said the loan facility would support ongoing development and commercial efforts and added it would support Razorsight’s international expansion, which had included early 2012 additions of offices in Tokyo and Singapore to already-established operations in Bangalore, India.
Razorsight previously cited international expansion as a driver of a $12 million Series B round of funding in 2011 led by new investor Georgian Partners based out of Toronto and including North Carolina-based Square 1.
That funding increased Razorsight’s total raised capital to more than $37 million and Georgian Partners Managing Director Simon Chong joined the Razorsight board of directors.
Razorsight previously used some of the $9 million Sierra Ventures – which also took part in the 2011 Series B round – invested in 2008 to expand its international presence, which already included the Bangalore office in addition to its domestic offices in Reston and St. Louis.
The company said 2008 marked its eighth consecutive year of revenue growth.
Menlo Park, Calif.-based Sierra Ventures put up $10 million in early 2006 for Razorsight’s Series A financing round to help grow Razorsight’s sales, marketing, and research and development programs, among others.
Later in 2006, Razorsight announced plans to hire between 120 and 175 people in India and made three executive hires aimed at growing its business in the country; Sriman Narayan as general manager and head of India operations; Shyamantak Gautam as director of product development; and Vasudha Mangalam as director of human resources and administration.
Sierra’s Steven Williams and Vispi Daver would join Razorsight’s board.
The company also moved its headquarters to Fairfax, Va. after it said it had doubled its number of employees and revenues four years running.