Dulles, Virginia — January 18, 2022 — Espresso Capital announced today that it has provided Gravy Analytics, a leading provider of enterprise location intelligence, with a $10 million credit facility. In conjunction with the new credit facility with Espresso, Gravy Analytics also completed an equity financing round led by existing investors Spring Lake Equity Partners and Richard Braddock. The company will use the capital to grow its market presence as it works to deliver the real-world insights that companies need to understand how people and products move throughout the world.
“We’ve grown our business significantly over the past few years and are excited by the tremendous upside potential as we find more ways to apply our analytics and technology in emerging new markets,” said Jeff White, founder and CEO, Gravy Analytics. “With Espresso’s credit facility, we can help fast track that growth by expanding our sales and technology teams, while making other strategic investments across the business.”
Founded in 2011, Gravy Analytics provides location intelligence and actionable insights to businesses across a wide range of industries, as well as public sector clients by processing more than 60 billion daily data records from over 600 million opted-in mobile devices. The company analyzes that data to understand where people go and why, and applies the resulting location analytics to an array of use cases ranging from market research to infrastructure planning, to business analytics and supply chain management.
“We were impressed with the Gravy Analytics team and the company’s financial profile from the beginning,” said Mark Gilbert, executive director, Espresso. “As we learned more about Gravy, we came to appreciate that its datasets are deep, highly accurate, and provide invaluable business intelligence to its customers. We think there is a terrific opportunity ahead of them.”
“I am extremely impressed by Gravy Analytics’ growth since investing in 2016,” said Dan MacKeigan, Partner at Spring Lake Equity. “Working with the team to develop new innovative data products for customers during the most recent disruptions in the supply chain has given us unique insight into the incredible opportunities ahead for Gravy. We at Spring Lake are excited to continue our partnership with Gravy.”
“Working with Espresso has been great,” continued White. “They understood where we’re at in the life cycle of our business and were able to structure a debt facility that made complete sense for where we’re headed. We’re also thrilled that Spring Lake, Rick Braddock, and our other equity investors continue to support the company and provide guidance on how to expand our market presence.”
About Gravy Analytics
Where people go and why tells the story of our world. Founded in 2011, Gravy Analytics is the enterprise location technology company providing actionable intelligence to businesses. Using its patented technology, the company brings data about people, places, and events together to understand human mobility, helping companies enhance their sales and marketing strategies and optimize business operations. Today, the company’s intelligence powers leading-edge solutions for a wide range of industries — from advertising to market research, financial services to supply chain risk management — that rely on knowing how people, products, and materials move throughout the world. For more information, please visit gravyanalytics.com.
About Spring Lake Equity Partners
Spring Lake Equity Partners is a Boston-based growth equity firm. The firm invests equity capital primarily in later-stage, technology-oriented private companies in software, digital media, mobile, data center infrastructure, healthcare IT, and business/financial services. Spring Lake seeks to partner with great management teams to take their businesses to the next level, creating value for all stakeholders. To learn more please visit springlakeequitypartners.com.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we’ve helped more than 300 technology companies and their investors accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital. Learn more at espressocapital.com.
Head of Marketing, Espresso Capital