Menlo Park-based TriplePoint Capital, which provides debt financing, leasing and direct equity investments to venture capital-backed companies, has closed on $1 billion of private capital funds. TriplePoint plans to expand its portfolio of venture debt financing and equity investments, as well as expand its product offerings.
TriplePoint Capital, the industry-leading global provider of customized debt financing, leasing and direct equity investments to high growth venture capital-backed companies, announced today that it has closed on $1 billion of private capital funds. The financing is the largest private or public capital raise by any company in the 30-year history of the venture leasing and lending industry, commonly referred to as the venture debt industry.
With this funding, TriplePoint will continue to grow its portfolio of venture debt financing and equity investments, as well as expand its product offering of innovative and creative debt financing and leasing solutions to venture capital-backed companies. The firm also will broaden its geographic focus both domestically and internationally.
“Our newly closed funding allows us to continue delivering TriplePoint’s unique strategy of meeting the long-term debt financing needs of our customers and venture capital partners at every stage of a company’s lifespan, from the seed and early stages right through profitability and their initial public offering,” said Jim Labe, TriplePoint’s CEO. “Our diversified sources of investment capital, coupled with our independent and privately-held structure, allows us to provide our customers with a level of reliability, dependability and longevity that no other venture debt firm can provide.”
The new capital was raised from institutional and private funds managed by Wafra Capital Partners and other private investors. Goldman Sachs served as advisor for the financing. “TriplePoint has a marquee roster of customers, strong industry relationships, outstanding track record and unmatched expertise,” said Michael Gontar, chief investment officer at Wafra. “We are excited to be an investor in this industry-leading franchise.”
Since the company’s launch in 2006, TriplePoint has committed almost $2 billion in venture debt financing, leasing and equity investments to its customers. The company will commit to invest more than $400 million of new business in 2011 with high growth venture capital-backed companies in more than 15 countries worldwide, as well as in Silicon Valley, Southern California, Massachusetts, New York and other key U.S. markets.
TriplePoint’s customer base includes approximately 300 industry-leading and highly recognized venture capital-backed companies in the technology, cleantech and life sciences sectors. The company’s customers include Facebook, YouTube (Google), AppNexus, Bloom Energy, Chegg, Etsy, Gilt Groupe, Oncomed Pharmaceuticals, One Kings Lane, Shazam Entertainment, Splunk and Square. Some of TriplePoint’s customers that have gone public or recently have filed to go public include Amyris, Brightcove, Genomatica, Gevo, MobiTV, Silver Spring Networks and Trius Therapeutics. Some recently acquired customers of TriplePoint include Adify, Aster Data, Ilypsa, Proteolix and Riot Games. In 2011, the company closed financings with Agilyx, Cogenra Solar, GaiKai, Harvest Power, Lytro, OpenX and Workday, among others.
TriplePoint was founded by Labe, who has been instrumental in developing the venture debt industry over the past 30 years, and Comdisco Ventures veteran Sajal Srivastava. Collectively they have financed more than $6 billion in debt financing and equity investments to more than 3,000 venture capital-backed companies. They are joined by a team of top investment professionals who have helped the company achieve its leading track record and reputation.
About TriplePoint Capital
TriplePoint Capital is a Sand Hill Road-based global financing provider to high growth venture capital-backed companies throughout their lifespan, providing customized debt financing, leasing, and direct equity investments. TriplePoint provides unparalleled levels of creativity, flexibility and customer service to serve as the primary debt financing provider for leading venture capital-backed companies in the technology, cleantech and life sciences sectors and is the only debt provider equipped to meet the unique needs of high growth venture-backed companies at every stage of their development.