Business
TIMIA Announces US$3 Million Financing for TransitScreen
TIMIA's US expansion continues with Washington, DC-based Software Company VANCOUVER, BC ...
About this update from Montfort Capital Corp
[{"type":"text","content":"TIMIA Announces US$3 Million Financing for TransitScreenTIMIA's US expansion continues with Washington, DC-based Software CompanyVANCOUVER, BC / ACCESSWIRE / May 2, 2019 / TIMIA Capital Corporation ('TIMIA' or the 'Company') (TSX-V: TCA/OTC: TIMCF) announced that it has entered into a US$3 million investment facility for Washington, DC based software company TransitScreen, Inc. ('TransitScreen'). The financing facility includes an initial disbursement of US$1,000,000, which has been advanced, and a further US$2,000,000 to be disbursed upon certain milestones being met over the term of the agreement.'TransitScreen has built a capital efficient business with great customer and revenue growth,' said Greg Smith, CIO of TIMIA. 'They see the value of retaining ownership of their destiny and we're happy to provide flexible and non-dilutive capital that meets their needs.''We looked at a variety of venture capital- and revenue-based financing firms, but we wanted to choose someone who was the right fit for our high-growth, revenue-generating business,' said Matt Caywood, CEO of TransitScreen. 'TIMIA is an innovative investor and the right partner for our growth plans.' TIMIA is continuously seeking new and exciting investments in the software as a service or SaaS industry. Under TIMIA's revenue-based financing model, TIMIA advances capital to a SaaS business with a recurring revenue stream that allows the portfolio company to make monthly payments to TIMIA that are a combination of principal and interest with a repayment schedule sculpted to the portfolio company's revenue streams. The amounts advanced are secured and may be repaid early. The Company expects to make further investments in the coming months, in the pursuit of its business model, which is to earn a combination of monthly payments and periodic gains on investments.About TransitScreenTransitScreen is a Washington, DC-based software company known for its real-time displays of nearby mobility options, from public transit to bikeshare, carshare, and ridehailing services. The company works with leaders in commercial real estate and corporate workplace, such as JLL, Greystar, Cushman Wakefield, LinkedIn, Amazon, and more. In November, TransitScreen launched CityMotion, the first mobility app for business commuters. For further information, please visit us at www.transitscreen.co...