New York fund Brevet doubles down on support for Radium
As featured in the West Australian today, we’re pleased to announce that one of our founding partners, Brevet Capital, have increased their stake in Radium Capital, bringing Brevet’s ownership up to 50%
This multi-million-dollar deal ensures Radium Capital has the financial backing to step-up its offering of quarterly advances to companies on their expected tax refund resulting from eligible research and development expenditure.
Brevet Capital’s Innovation Structured Finance Co., LLC made available an initial US$100 million to fund advances and took a small shareholding to back the business and has since been impressed with both the initial growth and the future opportunity.
“We have been very impressed with the progress Radium Capital has made and we are pleased to continue our support by increasing our equity position,” Brevet Capital’s Eric Hubey said.
“We see ourselves as partners rather than only investors, and we look forward to working jointly on strategic direction and growth initiatives.”
Radium CEO and co-founder David Weir said the equity investment by Brevet ensures guaranteed funding for the business and the loan book.
“Our goal of providing sustainable, non-dilutive capital to Australian businesses remainsunchanged,” he said. “We will continue to provide businesses early access to the R&D refund on a quarterly basis which will enable them to grow their businesses and drive Australian innovation and job creation.”
“With locked-in funding we will continue to provide approvals for advances up to $2 million in 48hours. Larger advances will be reviewed individually. Companies can have confidence that if they have eligible R&D expenditure Radium Capital can form part of their overall funding mix and provide sustainable capital through the year.”
“One of the most important issues for our customers, and the accountants that refer them to us, is knowing that they have certainty of funding. Our criteria are very straightforward, so the accountants and their clients know that if they meet that criteria, they will definitely be approved for an advance. Having that source of funding now as a partner in our business cements that certainty for our customers.”