SEED VF arranges $550k financing for LogicBay

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PROVIDENCE – LogicBay Inc. has closed on a $550,000 round of financing arranged by Taunton-based SEED Venture Finance LLC, the companies announced. The money will be used for working capital to allow LogicBay to continue its expansion.
“This funding is key to our continued momentum,” said Steve Chunias, chief financial officer of LogicBay.
“We appreciate the support that SEED Venture Finance has given us and the professionalism they brought to the process,” Chunias added. The investment firm usually becomes “an active partner with management,” attaining membership or observer status on a company’s board, “to ensure that portfolio companies achieve their growth objectives,” according to its Web site.
The investment was made in the form of a subordinated note with detachable warrants – the method SEED typically employs, though the private investment firm will sometimes also consider equity, senior debt or royalty-based financing. The amount also was typical, as SEED usually invests between $250,000 and $1.25 million in a company.
“We are very excited about the opportunity to work with LogicBay,” said SEED investment manager Tom Wooters. The company’s seasoned management team and blue-chip customer base provide a strong platform for growth.”
An on-demand sales and service development company, LogicBay focuses on customized software as a service (SAAS) offerings for marketing, sales and channel management. Its clients include Hewlett-Packard, Freightliner and 3M.

Additional information about LogicBay Inc. and its services is available at www.logicbay.com.
SEED Venture Finance LLC – the manager of SEED Ventures LP, a $20 million small business investment company – is a private firm specializing in debt and equity investments in small and mid-sized businesses in Rhode Island and nearby Massachusetts. SEED VF is associated with the South Eastern Economic Development Corporation, a U.S. Small Business Administration-certified nonprofit established in 1982 to assist new and expanding small businesses in southeastern Massachusetts. To learn more, visit www.seedventurefinance.com.

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