WorthPoint Secures $ 12 Million Credit Facility from Espresso Capital
ATLANTA, July 21, 2021 / PRNewswire / – Espresso capital and WorthPoint Company announced today that Espresso has provided WorthPoint, the most comprehensive online resource for finding, appraising, buying and selling antiques, art and vintage collectibles, with a $ 12 million credit facility.
WorthPoint strengthens the antiques and collectables industry by providing a constant flow of new data and quality information to improve price transparency between buyers and sellers. The company will use the new funds to help grow the business by investing in a number of marketing and product development initiatives.
âWorthPoint was a seed business, and this is the company’s first funding beyond a close circle of friends and family,â said WorthPoint Founder and CEO. Will Seippel. âWe were looking for a non-invasive and preferably non-dilutive source of funding that understood our business and model and lent us our rapidly compounded recurring cash flow. We are delighted to partner with Espresso as we continue to grow our business. This credit facility allows us to capitalize on our success by making strategic investments to expand our addressable market, improve our website to provide a better user experience and add new data partners to further expand our offerings. “
These offerings include a price guide for finding and appraising antiques, art and collectibles, a resource gallery for identifying manufacturers’ brands and a digital library of over 3,400 books from Leading publishers covering a wide range of collection topics.
âWorthPoint has a seasoned team that has proven it can operate successfully in a variety of different market cycles,â said the chief executive officer of Espresso Capital. Steven michau. âThey are targeting a market segment with considerable room for growth while having no direct competitors. We see huge benefits for the company as it makes strategic investments in several key areas that will continue to drive the market. growth.”
âIt’s a pleasure to work with Steve and the Espresso team,â continued Seippel. âIn addition to offering a favorable cost of capital that will help us better position ourselves for a possible funding round in the future, we were impressed with the care they took in knowing our business and the speed at which They were able to close the The process went smoothly from start to finish. “
âThe Espresso team understood the general principles of our business better than anyone we have spoken with, and we have already deployed and seen the growth of their capital injection,â noted Seippel.
About WorthPoint Corporation
WorthPoint manages the largest online resource for the research, appraisal and preservation of antiques, art and collectibles. The company’s suite of offers on WorthPoint.com includes a price guide, a gallery of resources to identify maker’s marks, autographs, patterns, symbols (MAPS) and a digital library with more than 3,400 books on collectable topics. Using aggregated data from online marketplaces, including eBay and major auction houses, WorthPoint strengthens the antiques and collectables industry by providing a constant stream of new data each month, leveraging more than 567 million archived prices and nearly 1.3 billion images to improve price transparency for sellers and buyers. WorthPoint is headquartered at Atlanta, Georgia., and has subscribers on six continents.
About Espresso Capital
Espresso offers companies innovative risk debt solutions. Since 2009, we’ve helped over 300 tech companies and their investors accelerate their growth, lengthen the trail and increase strategic flexibility with non-dilutive capital. Learn more about www.espressocapital.com.
SOURCE WorthPoint Corporation