Innovapptive secures $15 million credit facility from Espresso Capital
Houston — October 3, 2022 — Espresso Capital announced today that it has provided Innovapptive, a digital transformation pioneer, with a $15 million credit facility. Innovapptive, whose platform connects frontline maintenance workers and warehouse operations with back-office systems through easy-to-use mobile apps, will use the funds to drive additional growth.
“We’re pleased to be partnering with Espresso as we continue to scale our business,” said Tony Malz, Innovapptive’s CFO. “Our business is more than doubling every year and venture debt has proven to be a very attractive form of non-dilutive financing for us, particularly in the current environment. It’s capital efficient, flexible, patient, and a very strategic way to fuel our continued growth.”
After experiencing record sales in the second quarter, Innovapptive plans to use the financing to ramp up its sales and marketing and make additional investments in its best-in-class platform, which is designed to help frontline workers perform their jobs better, faster, cheaper, and more safely.
“Innovapptive is a great company whose mission-critical software has a strong value proposition. The company has a loyal customer base of blue-chip, global enterprises that speak highly of the platform,” said Espresso Executive Director, Mark Gilbert. “In addition, they have an experienced management team and board of directors who share a common vision for disciplined growth.”
“Espresso has a very impressive operation,” notes Malz. “They delivered a great experience that was timely and transparent and that offered better terms than anyone else we spoke to. We couldn’t have been more pleased.”
Tiger Global Management is an existing investor.
Innovapptive is a digital transformation pioneer offering the only Connected Worker Platform that digitalizes the last mile of frontline workers into SAP and IBM Maximo technologies. Our solutions integrate GIS operational data and data from SAP and IBM Maximo solutions with work instructions, SOPs and checklists, connecting the entire industrial workforce, machines, workflows and executives to minimize plant outages and maximize margins. Innovapptive is transforming the experience of the industrial worker by engineering a platform that fuels innovation and collaboration to turn downtime into revenues, risks into safety and inefficiencies into growth. Innovapptive is headquartered in Houston with offices in Australia and India. Learn more at www.innovapptive.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.