Lehi, Utah — May 19, 2022 — Espresso Capital announced today that it has provided Chatbooks, whose mobile application automatically turns digital photos into photo books, with a $9 million credit facility. The company will use the financing to help accelerate the growth of its subscription offering.
“Venture debt is a great choice for us as we look to grow the subscription business we launched in 2020,” said Chatbooks President Dan Jimenez. “The capital will allow us to scale our performance marketing engine, experiment with new initiatives to raise brand awareness across the US and internationally, and build out our product roadmap.”
Chatbooks gives consumers a way to create a photo book in just a few minutes by pulling photos directly from their phones or social media like Instagram and Facebook. The company stands out for its unique subscription approach and proprietary machine learning technology that automates the process of filtering and selecting photos, minimizing the amount of user effort required to create and purchase a book.
“We’re excited to be partnering with Chatbooks,” said Espresso Executive Director Steven Michau. “The company is operating in a growing segment of the $3.3 billion online photo printing industry and has a clearly defined target market, not to mention an experienced leadership team. Chatbooks’s focus on ease of use and affordability appeals to customers and has helped the company drive strong subscriber growth.”
“It’s great to see Chatbooks continue its rapid growth with this new credit facility from Espresso,“ said Scott Petty, General Partner at Signal Peak Ventures. “We’re as confident as ever in the bright future ahead for this fantastic business.”
In addition to Signal Peak Ventures, Aries Capital Partners, Kickstart Fund, and Peterson Ventures are existing investors.
Chatbooks is a subscription-based service that automatically turns your digital photos into photo books. Headquartered in Lehi, Utah, Chatbooks is backed by Aries Capital Partners, Signal Peak Ventures, Kickstart Fund, Peterson Ventures, and BYU Cougar Capital, and in 2016 was named the top startup in Utah by the Utah Venture Entrepreneur Forum. For more information, visit Chatbooks at chatbooks.com and connect on Instagram at @Chatbooks.
About Signal Peak Ventures
Signal Peak Ventures is an early-stage venture capital fund that invests in technology companies in established markets, primarily outside of Silicon Valley. We invest at a company’s inflection point as entrepreneurs find product-market fit and are ready to scale aggressively. We back exceptional teams that are attacking big problems in a unique way. For more information, visit https://www.spv.com.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.