Punchbowl.com said it secured $1.5M in debt financing from Silicon Valley Bank. The company previously raised $4 million in equity financing and has Contour Venture Partners and Intel Capital as backers.
Punchbowl secures $1.5M in additional financing to fuel growth
Funding from Silicon Valley Bank for marketing expansion and new eCommerce initiatives
Framingham, Mass. (PRWEB) October 3, 2012 – Today, Punchbowl.com, the leader in start to finish party planning and digital greeting cards, announced that they have secured $1.5M in financing from Silicon Valley Bank.
The financing comes on the heels of a significant product announcement from Punchbowl. Just last week, the company announced Shopping Aisle, a modern way to shop for supplies, decorations, gift cards and more for Halloween, Thanksgiving, Christmas and birthday parties. With the introduction of Shopping Aisle, Punchbowl has designed a state-of-the-art online retail site that figures out what a consumer needs for a celebration based on previous actions. Shopping Aisle sets a new bar for a great online shopping experience in the celebrations market and delights customers with products that foster inspiration and creativity.
“We’re delighted to be partnering with Punchbowl to help fuel their success,” said Dan Allred, Senior Relationship Manager, Silicon Valley Bank. “The management team has proven that they know how to employ capital efficiently, and we’re looking forward to their next phase of growth.”
During the last three months of the year, millions of people will be invited to parties and receive digital greeting cards sent from Punchbowl. The additional funding will be used to expand marketing efforts and provide additional capital for eCommerce initiatives.
“Silicon Valley Bank is a true partner to our business,” said Matt Douglas, CEO, Punchbowl. “They share our vision for success and have demonstrated their commitment to be a leading source of capital for early-stage companies.”
To learn more about Punchbowl, visit http://www.punchbowl.com/company To learn more about Silicon Valley Bank, visit http://www.svb.com
About Silicon Valley Bank
Silicon Valley Bank is the premier bank for technology, life science, cleantech, venture capital, private equity and premium wine businesses. SVB provides industry knowledge and connections, financing, treasury management, corporate investment and international banking services to its clients worldwide through 27 U.S. offices and seven international operations. (Nasdaq:
SIVB) www.svb.com. Silicon Valley Bank is the California bank subsidiary and the commercial banking operation of SVB Financial Group. Banking services are provided by Silicon Valley Bank, a member of the FDIC and the Federal Reserve System. SVB Financial Group is also a member of the Federal Reserve System.
About Punchbowl, Inc.
Punchbowl is the company behind the critically acclaimed website Punchbowl.com, the one-stop site that helps smart moms and savvy professionals celebrate special occasions, milestone events and holidays. Punchbowl offers a modern, effortless way to plan an unforgettable celebration with start to finish planning. In addition, the site offers digital greeting cards that have the look and feel of a traditional paper card. Founded by software and user interface experts Matt Douglas and Sean Conta, the company is located in Framingham, MA and is backed by Contour Venture Partners and Intel Capital. To learn more, visit http://www.punchbowl.com/company