Led · Debt Financing · Feb 2024

Spearmint Energy develops and operates large-scale battery storage projects aimed at delivering stable, resilient and affordable power to the grid. The company’s operating portfolio includes projects such as Tierra Seca, Seven Flags and Revolution, and it maintains a broader development pipeline across the United States. Spearmint recently strengthened its balance sheet via a $325 million expanded debt facility to advance operating assets and fund strategic growth initiatives. Leadership highlights include founder, president and CEO Andrew Waranch, who framed the financing as growth capital to accelerate deployment and optimization of battery storage. Lenders participating in the facility cited the growing importance of battery storage within the nation’s energy infrastructure and their support for Spearmint’s asset quality and growth strategy.

Participated · Equity · Mar 2023

Silfab Solar is North America’s leading designer, developer and manufacturer of high-efficiency, premium photovoltaic (PV) modules. The company operates state-of-the-art facilities in Washington and Toronto and will soon add cell and PV module production in Fort Mill, South Carolina, scheduled to be operational by the end of the year. Silfab leverages more than 40 years of solar experience, multiple automated production lines, ISO 9001:2015 certification and just-in-time manufacturing to deliver Buy American–approved modules for the North American market. To scale its new cell manufacturing plant and expand PV module production capacity, Silfab closed $100 million of new financing. The financing consists of a $50 million equity investment led by funds advised by ARC Financial and a $50 million senior secured “Green Loan” led by Breakwall Capital with participation from SR Alternative Credit LLC. Sustainable Fitch provided a second-party opinion and judged the Green Loan’s alignment with Green Loan Principles to be “Excellent.” Management says the proceeds will advance domestic cell production, support reshoring of US-made PV products, meet customer demand, increase domestic content and reduce carbon footprint. Silfab Solar designs, develops and manufactures ultra-high-efficiency, premium PV modules for the North American residential and commercial markets. The company operates automated, ISO 9001-2015 certified production lines and produces Buy American–approved modules from facilities in Washington state and Toronto, Canada. Silfab leverages roughly 40 years of solar industry experience and offers industry-leading warranties on its products. The company is expanding U.S. production to include domestic PV cell and additional module assembly at a third facility slated to be fully operational in 2024. That new facility is planned to have an initial annual capability of 1 GW of cell production and 1.2 GW of module assembly and is expected to create more than 800 U.S. jobs. Silfab says it has grown more than 40% since ARC Financial’s initial investment in 2021. Silfab Solar Inc. manufactures ultra-high-efficiency, premium photovoltaic (PV) modules for the North American residential and commercial markets. It operates automated, ISO 9001-2015 quality–certified production lines in facilities in Washington state and Toronto, Canada, delivering Buy American–approved modules. The company leverages roughly 40 years of solar experience, offers industry-leading warranties, and recently earned “Top Performer” ratings from PV Evolution Labs. Silfab has recorded multiple capacity expansions and partners on next-generation technology applications. The company plans to significantly expand U.S. production and its supply-chain footprint to meet growing domestic demand and support more American solar jobs.

Participated · Series E · Aug 2021

FreshBooks is a Toronto-based SaaS provider of cloud accounting software built for service-based small and medium-sized businesses, with a focus on the U.S. and Canadian markets. The company is described as one of the leaders in cloud-based accounting software for small businesses. Its platform serves as a core operating system for customers, handling invoicing, payments, time tracking, and payroll processing. The announced financing will refinance existing debt and is expected to fuel the company’s continued growth. Morgan Stanley said FreshBooks benefits from secular tailwinds such as digital transformation and payments digitization. CEO Shaheen Javadizadeh noted the company looks forward to leveraging Morgan Stanley Expansion Capital and Private Credit’s expertise in its next chapter of growth. FreshBooks offers an owner-first accounting platform used by businesses of all sizes to manage finances, billing, payments and client engagement. The company reports paying customers in more than 160 countries and operates offices in Canada, Croatia, Germany and Mexico. Led by CEO Don Epperson, FreshBooks takes an easy-to-use approach to accounting and financial management. The company has grown via acquisitions, including Germany-based Fastbill and Mexico-based Facturama. FreshBooks is pursuing rapid global expansion and intends to invest in more regulated markets. Its recent financing activity supports strategic growth and M&A plans. FreshBooks offers a cloud-based accounting platform that handles invoicing, expenses, payments, payroll and financial reporting for small business owners and self-employed professionals. The company says it has served more than 30 million people across over 160 countries and was bootstrapped for its first decade. FreshBooks operates with roughly 500 employees across Canada, Croatia, Mexico, the Netherlands and the United States and hired over 100 people in the past year. The company entered Latin America by acquiring Mexico-based e-invoicing firm Facturama in September 2020. Leadership shifted in 2019 when Don Epperson joined as executive director and he became CEO this year while co-founder Mike McDerment remains executive chair. FreshBooks plans to use new capital for sales and marketing, R&D and strategic acquisitions, and to invest in regulated markets and simpler workflows to help owners meet tax and invoice compliance requirements. FreshBooks is a Toronto-based accounting software provider for small businesses and self-employed professionals. Founded in 2004 by CEO Mike McDerment, the company offers invoicing, time-tracking, expense management, online payments, bank reconciliation and double-entry accounting. Its platform integrates with G Suite, Slack, Gusto, HubSpot, Shopify, MailChimp, Zendesk, MileIQ, Proposify, Trello, Basecamp, Asana and more. The company has paying customers in 160 countries. FreshBooks says it will use the funds from the strategic investment to continue expanding operations and its business reach. The firm previously raised a $30M Series A in July 2014 and a $43M Series B in July 2017; the current investment amount was not disclosed. FreshBooks is a Toronto-based provider of cloud accounting software for service-based small business owners and independent professionals. Led by co-founder and CEO Mike McDerment, the platform offers invoicing, time tracking, and expense management features. More than 10 million people across 160 countries use the product. The company plans to use the Series B proceeds to accelerate growth in North America and continue platform innovation for billing, reporting, accounting, and partner integrations. FreshBooks previously raised USD$30M (CDN$40M) in institutional funding in July 2014.

Participated · Series C · Jul 2021

Founded in 2016, Vestwell delivers a unified, modern savings infrastructure that integrates with payroll providers, benefits platforms, financial institutions, advisors and government agencies. Its cloud platform supports over 2 million active savers and administers more than $50 billion in assets, generating in excess of $200 million in annual recurring revenue while operating profitably. The company’s technology embeds savings at the point income is earned, offers multilingual experiences in 20+ languages, and is expanding AI-driven guidance and administration to personalize user interactions. Recent product extensions include workplace emergency savings, college savings, student-debt solutions, and ABLE accounts, all delivered through the same architecture. Vestwell is also rolling out more sophisticated, professionally managed investment options that tailor portfolios to long-term retirement income goals. Future plans center on broadening distribution channels, deepening AI-native capabilities, and expanding beyond retirement to close America’s $50 trillion savings gap.

Participated · Series B · Jun 2019

Procurify offers an AI-enhanced procure-to-pay platform that integrates purchase requests, approvals, expenses, purchase orders, contracts, vendors, budgets, receiving, invoicing, bill payments, and spending cards. The company focuses on proactive spend management and AP automation for mid-market customers. Led by CEO Aman Mann, Procurify's platform is used by hundreds of customers worldwide to manage over $30 billion USD of organizational spend. The company intends to use the funds to support continued development of innovative procurement technologies. The article reports a USD20M financing from CIBC Innovation Banking and provides no further financial detail. Procurify provides a cloud platform that consolidates procurement steps—purchasing, accounts payable and data analytics—so customers can reallocate spend, identify procure-to-pay bottlenecks, and perform supplier analyses. The platform leverages AI to detect anomalies in purchase orders and invoices and plans to invest heavily in additional AI capabilities. Management says proceeds from the latest round will fund AI R&D, general expansion, and new payment features. The company serves more than 700 customers, reported a 100% year-over-year increase in sales, and employs just over 170 people. Procurify competes with incumbents like Coupa and SAP Ariba as well as ERP and newer procurement vendors in a market the article values at over $6.1 billion. Procurify is a SaaS spend-management platform that provides accessible data, process and manageable controls to streamline organizations' request-to-approve expenditure workflows. The company helps customers manage and control spending through its software tools. Founded in 2012 by CEO Aman Mann, CTO Eugene Dong and CRO Kenneth Loi, Procurify is based in Vancouver, Canada. The platform reports that over $7 billion of its clients' spend has passed through the system. Following its latest financing, Procurify plans to use proceeds to expand operations and scale sales and marketing efforts globally. The company positions itself to grow market reach and adoption of its spend-control product. Procurify offers an online and mobile purchasing and accounts payable platform that aims to streamline procurement and transform organizational spend culture. Its features include budget management, fraud detection and real-time spend tracking, and the service integrates with accounting systems such as QuickBooks and Netsuite. Founded in 2012 and based in Vancouver, the company positions itself alongside established procurement tools like Coupa. Procurify plans to use new funding to scale its service and expand its team; it has hired Angela Baldonero as COO to help guide the company. The company raised a $7 million Series A to advance that scaling. CEO Aman Mann emphasizes moving organizations from reactive to proactive spending to create a smarter spend culture. Procurify is a Vancouver-based cloud platform that simplifies purchasing and expense workflows for small- and medium-sized businesses. Its product handles requisition orders, manager approvals, purchase orders, receiving (including creating receiving records from photos of packing slips), budgets and other procurement steps. The company offers tiered pricing starting at $5/month per regular requester and $45/month for "Power Users," with a 20% discount for annual contracts and a free tier. Procurify is used in more than 58 countries and serves schools, hospitality groups and tech companies; notable customers include AltSchool and GardaWorld. The company expects to process more than half a billion dollars of purchase orders on its platform this year. It says it will use the new funding to invest in its sales, marketing and product development teams.