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Endeavour Secures $50MM Debt Facility With CoVenture
September 16, 2020
Source: PR Newswire
Transaction creates platform for growth in the US Federal Government factoring market
Endeavour is pleased to announce the closing of a $50MM credit facility with CoVenture, a multi-strategy asset management firm. This facility will accelerate Endeavour's growth strategy for financing US Federal Government contractors.
Headquartered in New York, CoVenture is an asset manager focused on investing across the capital stack of technology companies. The firm's unique capital base allows it to invest in early-stage companies, new and emerging assets, and in special situations – both in the form of debt and equity capital. Endeavour's credit facility was led by CoVenture's Credit Opportunities group.
"CoVenture has built an impressive platform that allows entrepreneurs like myself to create new credit products and re-imagine existing forms of credit," said Endeavour CEO Chris Lay. "We are extremely excited to partner with such a great team, and intend to use this credit facility to expand aggressively."
CoVenture Principal Brian Harwitt added, "The government contracting vertical has unique nuances that can hinder the ability of operators to access capital and traditional financing. Endeavour's solution is a major step forward that allows contractors to solve their cash flow problems in this period of unprecedented growth.
"Chris and his team are excellent entrepreneurs that we are excited to back," said Mr. Harwitt. "They are not only building a great business, they are also focused on giving back to the community and genuinely helping their customers."
In addition to serving its core customers, Endeavour contributes 50% of net profits to Mission Oriented charitable causes.
Buchalter served as advisor to Endeavour, and Winston & Strawn served as legal counsel to CoVenture.
Founded in 2019, Endeavour is an invoice factoring company supporting US Federal Government contractors. Endeavour offers cash funding for unpaid invoices up to $10,000,000. The company can help companies improve their working capital position to help finance growth strategies and manage operating expenses.
Additionally, Endeavour contributes 50% of net profits to Mission Oriented charitable causes that are committed to Veterans' causes and Warfighter support.
CoVenture is a multi-disciplinary alternative asset manager focused on servicing the structural changes of today's newly-founded companies. The firm invests in technology through multiple strategies. The firm was founded in 2014 and has invested in over 40 companies since inception.
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