Selbyville, DE (PRWEB) April 25, 2014
E Revolution Ventures, a data-driven e-commerce and brick and mortar retailer, announced today that they have secured a $10 million line of credit through Richmond based lender Virginia Commercial Finance (“VCF”). E Revolution Ventures spoke with over a dozen lenders as it sought financing to assist in furthering the company’s already impressive growth. They ultimately chose VCF based on their unique knowledge of the e-commerce space, and more specifically for their understanding of the value in how the company analyzes product data and applies that analysis.
“We are delighted to receive this important infusion of capital” said Stu Eisenman, President and CFO. Traditional lenders don't always understand the benefits of third party distribution. Working with VCF, a partner who understands the e-commerce industry so well, and like us has never had an unprofitable year, is an incredible opportunity.”
This financing allows E Revolution Ventures to aggressively pursue its goal of $80 million in revenue this year (86% growth). They also seek to double their profits for the second year in a row. The access to additional funding enables the company to expand their staff at the levels necessary to achieve such strong, consistent growth. In 2012 the company consisted of approximately 60 employees, and in just one year expanded to over 100 employees.
“We are excited at the opportunity to work with such a high-caliber group of people at E Revolution Ventures. With our expertise and knowledge of the e-commerce industry, we recognized that Stu Eisenman and his partners have brought together an amazingly talented group of people. With E Revolution’s dynamic and innovative approach to this industry, Virginia Commercial Finance (“VCF”) was able to creatively design a lending structure that would support the company’s continued growth. We look forward to the future potential of the business and our ability to play a supporting role as the company’s financing partner”, stated VCF’s President, John McCauley. “VCF has been providing working capital solutions to small and middle-market businesses for over twenty years. VCF specializes in structuring Asset Based Lending and accounts receivable financing to best serve the unique needs of each client. As an independent commercial lender, VCF is able to respond quickly and creatively to new and existing business opportunities.”
About E Revolution Ventures
E Revolution Ventures is a data-driven e-commerce company using smart algorithms to track and sell millions of products across more than a dozen product categories online. Originating from brick and mortar roots with several retail stores today, E Revolution was recently ranked 7th among the fastest growing e-commerce businesses in the United States in Internet Retailer magazine's list of the top 500 e-commerce businesses and was the third 3rd fastest growing company in Delaware with sales growth from 2010 to 2012 at 626%. E Revolution Ventures finished 2013 at over $43 million in sales, and expects to keep its current high-speed growth rate through 2014.