Tagged: Payment gateway

Simpa Networks raised $2.2 million at first close a little over a week ago

simpa networksSimpa Networks reported launching a $3.5 million mezzanine private placement. According to the filing, 63% or $2.2 million was sold to four backers a little over a week ago. $1.3 million in additional funding can be raised before May 2015 based on the placement’s structure. The company closed four previous unregistered private placements which raised an estimated $8.41 million. The company is backed by the International Finance Corp as well as the Asian Development Bank.

Simpa Networks markets and designs energy solutions to under-served consumers in emerging markets using its pay-as-you-go “progressive purchase” business model. The company’s customers make a small initial down payment for a high quality solar home system and then pre-pay for their energy service, topping up their systems in small user-defined increments using a mobile phone. Each payment adds towards their final purchase price. Once fully paid, the system unlocks permanently and continues to produce electricity. The technology is also offered to solar micro-grid developers as a flexible prepaid metering, customer, and cloud-based revenue management software.

The company, headquartered in Seattle WA, is led by Paul Needham (President). Simpa Networks kept its revenues undisclosed.
The executive team includes Karthik Meda, Rupesh Shah and Sanjay Bharti.
The board of directors includes Aniruddha Patil, Bruno Walt, David Arfin, Karl Mehta and Miguel Granier.

The company has raised an estimated total of $10.61 million via private unregistered security offerings.

Offering recap
Status: First close
Company: Simpa Networks
Industry: Other Energy
Amount offered: $3.5 million
Amount placed: $2.2 million
First sale: 05-13-2014
Data as of: 05-23-2014


Provider of credit card storage as a service completes $300,000 financing

Spreedly, Inc. successfully raised $300,000 from one investor via a non-brokered equity placement. This is the first known US private placement completed by the company. The investor might well be E-Merge SA a Belgium based investment firm focused on early stage financing.

Spreedly offers credit card storage as a service, i.e. a cloud based credit card storage vault that allows users to work with one or multiple payment gateways over time or simultaneously. The company offers a subscription which supports 49 payment gateways in 71 countries. Three subscription plans are available which allow the users to store a limited number of credit cards: 25,000 for $150 per month, 100,000 for $500 per month and 500,000 for $1,500 per month.

The company, headquartered in Raleigh NC and founded in August 2007, is lead by Justin Benson (CEO), Nathaniel Talbot (CTO), John Carlin and Christian “Duff” O’Melia.