Raises $15 Million More — But IPO Is Still On

Businesspeople waiting by window

Online lead generator, which filed for a $60 million IPO earlier this year, has raised $15 million in new funding from Hercules Technology Growth Capital. A spokeswoman says the funding is “independent of the IPO plans” and, indeed, the company hasn’t withdrawn its registration statement with the SEC.

The cash influx, however, likely means won’t be going public soon — no big surprise considering the shaky market. The company had said it would use the proceeds from its IPO in part to fund $2 million in capital expenditures and also repay $1.6 million in debt, and the new round gives the company plenty of cash to easily do both without having to go public right away. As of Dec. 31, only had $1.3 million in cash.

Hercules Technology Growth Capital listed its investment in in announcing $111 million in “new commitments;” Venturebeat first noted that was included.

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