Horoscope.com has raised $3.5 million in debt financing from Avidbank Corporate Finance, a division of Avidbank, the company announced Tuesday. The San Francisco-based company, which offers free daily, weekly and monthly horoscopes, will use the money for growth.
Avidbank Corporate Finance, a Division of Avidbank, has provided Horoscope.com Inc. with a $3.5 million term loan. The proceeds of this loan will be used to repurchase shares as the company embarks on its growth strategy.
Based in San Francisco, Horoscope.com Inc. offers an extensive selection of free daily, weekly and monthly readings to its ever-growing audience of over 2.7 million monthly unique visitors. Horoscope.com’s offerings include multiple topics such as general sun sign horoscopes, Love, Career, Money, Teen, and Chinese Astrology horoscopes, as well as a variety of Tarot readings, fun games, and online applications. In addition to www.horoscope.com the Company hosts two other successful websites: www.astrocenter.com and www.psychiccenter.com.
“Horoscope.com Inc. is pleased to have established a strong financial relationship with Avidbank. They understand the key metrics of our business as well as our vision,” stated Eric Bonjour, Horoscope.com Inc. CEO. “This financing allows us to execute our business strategy and to adjust it in real time while facing the constant technological innovations. We have been greatly impressed by the quality and the professionalism of the Avidbank team who completed the deal quickly.”
“Avidbank is delighted to partner with Horoscope.com Inc. as they continue to build a premier marketing platform,” said Jon Krogstad, Senior Vice President of Avidbank Corporate Finance. “We support the Horoscope.com Inc. management team’s long-term vision of this network and the value it provides to its members.”
“We are pleased to be able to assist Horoscope.com Inc. with their expansion,” added Avidbank Corporate Finance Executive Vice President and Division Manager, Scott Chamberlin. “They have a proven track record and an intelligent plan for increasing their presence in this rapidly growing market.”
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