Bridge Bank grants $ 6 million term loan to Mixlab, a pet pharmacy platform
BOSTON, December 2, 2021 / PRNewswire / – Bridge Bank today announced that its BostonTechnology Banking Group issued a venture capital term loan of $ 6 million at Mixlab, the modern pet pharmacy that partners with veterinarians to provide the highest level of home care.
Mixlab will use the funding to continue growing its revenue by enhancing its technology offering, stepping up its sales and marketing efforts and expanding to provide same day delivery in new geographies.
“Supporting the Mixlab team as they strive to expand their reach and achieve their growth goals is extremely rewarding,” said Darren Gastrock, director of Bridge Bank’s BostonTechnology based banking group.
“We aim to help innovative customers across the country, like Mixlab, to meet their ambitions,” added Roger klarmann, Senior Director of Bridge Bank’s Technology Banking Group.
Bridge Bank secured the financing relationship through a competitive bidding process led by debt financing advisor Cafferty & Company, who served as Mixlab’s independent advisor on the transaction.
Mixlab’s platform manages home delivery of pet medication, reducing a clinic’s on-site pharmacy inventory and streamlining medication workflow for veterinarians. The company also operates its own compounding pharmacies, where it creates personalized drugs on demand in custom dosage, shape and flavor profiles in partnership with veterinarians.
“It’s great to have a banking partner like Bridge Bank who understands how the right financing can help a fast growing business,” said Fred dijols, Chairman and CEO and co-founder of Mixlab. “These funds will help Mixlab expand and deepen our reach with veterinarians and pet parents across the country.”
Bridge Bank’s Technology Banking group provides financing solutions to companies in a variety of technology industries at any stage of the growth cycle. From its inception to the IPO, the Technology Banking Group has been a premier financial resource for businesses nationwide focused on bringing new technologies to market.
Mixlab is the best-in-class modern pet pharmacy based in new York and Los Angeles, which partners with veterinarians to make their jobs easier and provide the highest level of care to pet parents. Mixlab is digitally transforming the vet-led prescription drug process while delivering a superior customer experience for pet parents. Founded in 2017, the company was founded on three core values: #makeithappen, #dowhatsright and #mixedwithlove. The Mixlab team does everything to provide the best personalized animal care, in the fastest and most joyful way possible. Mixlab receives financial support from Sonoma brands, Global Founders Capital, Monogram Capital, Lakehouse Ventures, Brand Foundry and others. Learn more about Mixlab on www.mixlabrx.com.
About Bridge Bank
Bridge Bank, a division of Western Alliance Bank, a member of the FDIC, helps corporate clients achieve their ambitions. Founded in 2001 in Silicon Valley, Bridge Bank offers a better way to do banking for small and medium businesses in many industries, as well as for emerging technology companies and the private equity community. Aimed at serving both venture capital and non-venture capital funded businesses, Bridge Bank offers a wide range of financial solutions, including credit facilities for capital, equipment and working capital. , risk debt, cash management, asset lending, SBA and commercial real estate. loans, ESOP financing and a full range of international products and services. Situated at San jose, Bridge Bank has 16 offices in major markets across the country as well as Western Alliance Bank’s powerful portfolio of specialized financial services. Western Alliance Bank is the main subsidiary of Phoenixbased at Western Alliance Bancorporation, with over $ 50 billion in assets. Western Alliance is once again # 1 of the 50 largest US public banks in the new S&P Global Market Intelligence list for 2020 and tops the Forbes list of “America’s best banks” year after year. For more information visit bridgebank.com.
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SOURCE Bridge Bank