Venture Debt Funding Follows Company’s $32.1 Million Series B Round
BOSTON–(BUSINESS WIRE)–Bridge Bank today announced its Technology Banking Group has provided $7 million in venture debt to Appcues, which builds technology to identify onboarding issues and provide low-code, non-technical solutions to fix them. The deal was led by Brendan Carr and Michael Walsh, both of whom are based in Bridge Bank’s Boston office.
“Appcues is taking a fresh approach to streamline user experiences and swiftly power in-app self-service options,” said Brendan Carr, vice president in Bridge Bank’s Technology Banking Group. “We’re pleased to help support Appcues’ mission to deliver personalized experiences that improve results for their clients.”
The venture debt comes on the heels of a $32.1 million Series B equity round led by NewSpring Capital. Appcues will use these funds to grow its remote team, develop new products and device support, and produce free educational resources to help Software as a Service (SaaS) professionals succeed.
Initially based in Boston, Appcues is now a fully remote company with teammates in 22 states and 12 countries. Together, they serve 1,500 customers and have powered more than 1.8 billion end-user experiences. Appcues operates as a native extension of customers’ products to help customers create rewarding experiences, move faster as a team and become more product-led.
“Bridge Bank has been a phenomenal partner. We look forward to growing our relationship as we scale,” said Jackson Noel, co-founder and CEO of Appcues.
Bridge Bank’s Technology Banking Group provides financing solutions to companies in a variety of technology sectors at any stage in the growth cycle. From inception through IPO, the Technology Banking Group is a leading financial resource to companies nationwide that are bringing new technologies to market.
Since 2014, Appcues has empowered non-technical product managers and marketers to deliver on-brand, personalized end-user experiences and impact key business metrics within hours — all with Appcues’ expert-level support and resources behind them. Thousands of SaaS companies around the world have increased activation and adoption, improved retention and advocacy, and optimized trial conversions and upsells with Appcues’ Product Experience Platform. Appcues is backed by Sierra Ventures, NewSpring and Accomplice. To learn more and start your free trial, visit www.appcues.com.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, Member FDIC, helps business clients realize their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to bank for small to mid-market businesses across many industries, as well as emerging technology companies and the private equity community. Geared to serving both venture-backed and non-venture-backed companies, Bridge Bank delivers a broad scope of financial solutions, including startup banking, capital, equipment and working capital credit facilities, venture debt, treasury management, asset-based lending, SBA and commercial real estate loans, and a full line of international products and services. Based in San Jose, Bridge Bank has 16 offices in major markets across the country, along with Western Alliance Bank’s powerful array of specialized financial services. Western Alliance Bank is the primary subsidiary of Phoenix-based Western Alliance Bancorporation, with more than $50 billion in assets. Western Alliance is again #1 best-performing of the 50 largest public U.S. banks in the S&P Global Market Intelligence listing for 2020 and ranks high on the Forbes “Best Banks in America” list year after year. For more information, visit Bridge Bank online.