Identity Rehab Corp., a Denver-based provider of identity theft detection and protection services, has raised $3.7 million in VC funding from an undisclosed backer. Aspenwood Capital served as placement agent. Identity Rehab does business as ID Watchdog.
Aspenwood Capital, a Denver-based investment bank, announced today that it has completed a $3.7 million private placement for Identity Rehab Corporation, d/b/a ID Watchdog (www.IDwatchdog.com) of Denver, which provides identity theft detection and protection services.
“Given the reputation of ID Watchdog and the growing threat of identity theft, we expected and realized a high level of investor interest for this relatively early stage company,” said Aspenwood Capital Partner Steve Ossello. “Thanks to ID Watchdog's management team, we were happy to expand the offering to accommodate the additional investor interest.”
The funds, which will be used for working capital, will enable ID Watchdog to launch its highly targeted marketing program, strengthen operations and further grow its subscriber-based business. The funds were raised through the sale of the company's two-year 9% convertible securities and warrants to purchase common stock.
ID Watchdog is the nation's only identity theft protection company that provides three-tiered protection for consumers developed with assistance from select government agencies, U. S. Postal inspectors, state and local law enforcement officials, and several state attorneys general. Also, unlike its competitors, the company resolves identity theft problems at their source.
“The private placement was a success for ID Watchdog,” said Justin Yurek, president of ID Watchdog. “Working with Aspenwood, we had the benefit of a local company with an in-depth understanding of our company and how to sell our securities, and strong relationships with institutional and high-net-worth investors accustomed to investing in companies the size of ID Watchdog.”
The securities issued in the private placement have not been registered under the Securities Act of 1933, as amended. Accordingly, these securities may not be offered or sold in the
About Aspenwood Capital
Aspenwood Capital of Denver, Colo., the Investment Banking Division of Green Drake Capital Corp. (member NASD/SIPC), specializes in providing investment banking services to small-cap public issuers and late-stage private companies. Aspenwood Capital focuses primarily on raising capital and providing strategic advice for public companies, as well as taking private companies public through alternative public offerings.
About ID Watchdog