Keating Capital said it made a $1 million convertible note investment in SilkRoad, an existing portfolio company. The investment by Keating is part of a $16 million growth financing round for SilkRoad. Other participants in the financing include Foundation Capital, Intel Capital, Azure Capital Partners and Crosslink Ventures. Chicago-based SilkRoad provides cloud-based human capital management (HCM) solutions to small- and medium-sized businesses.
GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)– Keating Capital, Inc. (Nasdaq: KIPO) (www.KeatingCapital.com), a pre-IPO investor and business development company, announced that, on August 21, 2013, it has made an additional $1 million convertible note investment in SilkRoad, Inc., an existing portfolio company. Keating Capital’s investment is part of a $16 million growth financing round completed by SilkRoad. Other participants in the financing include Foundation Capital, Intel Capital, Azure Capital Partners and Crosslink Ventures. SilkRoad intends to use the new funding to fuel ongoing product innovation across SilkRoad’s Life Suite® Talent Management software to support rapid company growth.
Chicago-based SilkRoad is a leading global provider of cloud-based human capital management (HCM) solutions to small- and medium-sized businesses (SMBs). SilkRoad’s Life Suite is a leading cloud-based Talent Management system for SMBs, offering an integrated set of human resource management system, talent acquisition, and talent development applications that enable customers to find, attract, develop and retain the best talent. SilkRoad serves global locations across North America, Europe and Asia-Pacific.
Keating Capital previously invested $3.5 million in SilkRoad’s Series C convertible preferred stock in March 2012, with an additional $1.5 million Series C investment in May 2012.
About Keating Capital, Inc.
Keating Capital is a business development company that specializes in making pre-IPO investments in emerging growth companies that are committed to and capable of becoming public. We provide investors with the ability to participate in a unique fund that allows our stockholders to share in the potential value accretion that we believe typically occurs once a company transforms from private to public status. Keating Capital’s shares are listed on Nasdaq under the ticker symbol “KIPO.”
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