Mobile app marketing firm Fiksu, which has a demand-side platform (DSP), on Tuesday announced it has received $10 million in “mezzanine debt funding” from Silicon Valley Bank, per a release.
According to Investopedia.com, “mezzanine financing” is “a hybrid of debt and equity financing that is typically used to finance the expansion of existing companies. Mezzanine financing is basically debt capital that gives the lender the rights to convert to an ownership or equity interest in the company if the loan is not paid back in time and in full.”
In that vein, Fiksu notes in a release that it plans to use the funding to expand globally and develop its mobile DSP for programmatic trading.
“This financing enables us to continue to capitalize on the burgeoning market opportunities before us, and the partnership with Silicon Valley Bank -- with its proven history of success working with high tech innovators -- will certainly help us to reach our expansive growth goals,” stated Kenneth Goldman, CFO of Fiksu.
Fiksu recently announced it has passed the $100 million annual run rate mark.