Innovapptive, a Houston, TX-based provider of a platform that connects frontline maintenance workers and warehouse operations with back-office systems through mobile apps, raised $15M in Credit Facility.
The financing was provided by Espresso Capital.
The company intends to use financing to expand operations and its business reach.
Led by CEO Sundeep Ravande, Innovapptive is a digital transformation company offering a Connected Worker Platform that digitalizes the last mile of frontline workers into SAP and IBM Maximo technologies. The solution integrates GIS operational data and data from SAP and IBM Maximo solutions with work instructions, SOPs, and checklists, connecting the entire industrial workforce, machines, workflows, and executives to minimize plant outages and maximize margins.
The company is headquartered in Houston with offices in Australia and India.
FinSMEs
04/10/2022
HOUSTON (PRWEB) OCTOBER 03, 2022
Espresso Capital announced today that it has provided Innovapptive, a digital transformation pioneer, with a $15 million credit facility. will use the funds to drive additional growth.
“We’re pleased to be partnering with Espresso as we continue to scale our business,” said Tony Malz, Innovapptive’s CFO. “Our business is more than doubling every year and venture debt has proven to be a very attractive form of non-dilutive financing for us, particularly in the current environment. It’s capital efficient, flexible, patient, and a very strategic way to fuel our continued growth.”
After experiencing record sales in the second quarter, Innovapptive plans to use the financing to ramp up its sales and marketing and make additional investments in its best-in-class platform, which is designed to help frontline workers perform their jobs better, faster, cheaper, and more safely.
“Innovapptive is a great company whose mission-critical software has a strong value proposition. The company has a loyal customer base of blue-chip, global enterprises that speak highly of the platform,” said Espresso Executive Director, Mark Gilbert. “In addition, they have an experienced management team and board of directors who share a common vision for disciplined growth.”
“Espresso has a very impressive operation,” notes Malz. “They delivered a great experience that was timely and transparent and that offered better terms than anyone else we spoke to. We couldn’t have been more pleased.”
Tiger Global Management is an existing investor in Innovapptive.
About Innovapptive