RESTON, Va. and SEATTLE, Dec. 3, 2019 /PRNewswire-PRWeb/ -- Crafter Software, the award-winning provider of innovative web content management solutions, today announced that it closed on its first institutional round of funding from Lighter Capital, the leading fintech lender to tech startups. Crafter Software is a rapidly growing provider of enterprise support and services for Crafter CMS, the leading open source headless content management system.
Focused on helping enterprises of all sizes build and operate modern digital experiences, Crafter Software sells enterprise support and services for Crafter CMS. Commercial offerings include both self-managed private cloud and fully-managed Software-as-a-Service (SaaS) deployment and support models. Both offerings are sold as recurring, annual support subscriptions. Very high customer renewal rates, low customer churn and strong upsell and product expansion into many major enterprises on a global basis has driven rapid growth. Crafter's enterprise customers range from Fortune 500 enterprises to exciting digital native startups and large government agencies -- all running mission critical, highly scalable websites and various multi-channel experiences across all types of digital channels.
"Crafter continues to scale to meet growing customer demand, which we've seen accelerate since the release of Crafter CMS version 3 last year," said Mike Vertal, President and CEO of Crafter Software. "With growth comes the need to finance that growth, and Lighter Capital proved to be the best option for us. Their capital infusion will allow us to accelerate our expansion plans and do so without any of the ownership dilution of traditional venture capital financing. At the same time, it will foster the discipline to maintain both capital efficiency and a strong balance sheet for the long term, allowing us to focus entirely on driving customer success and nurturing our open source community."
Lighter Capital was one of the first lenders to use revenue-based financing to fund tech startups. Since 2010, Lighter Capital has funded more than 350 companies, providing over 600 tranches and $165 million to early-stage tech startups – becoming the highest volume funder of SaaS companies.
"Crafter Software is an ideal Lighter Capital client," said Jon Prentice, Director of the Investment Team at Lighter Capital. "We look for highly recurring revenue models and capital efficient operators. Mike and his team have built a scaling company while raising the right structure and amount of capital that minimizes dilution."
About Crafter Software
Crafter Software is on a mission to replace the broken paradigm of traditional content management, and to usher in a new era of fast, agile and easier development of innovative digital experiences. Our flagship product, Crafter CMS, is amazing for developers, easy for content editors, and fantastic for DevOps. We build our software solutions on the foundation of open source, transparency, robust architecture, high performance, superior quality and outstanding customer support. Available on premise in the enterprise, SaaS in the cloud, and open source. Learn more at https://craftersoftware.com and https://craftercms.org.
About Lighter Capital
Lighter Capital is a fintech company revolutionizing startup finance by offering a new funding path for early-stage tech companies. We understand that an entrepreneur's two greatest constraints are time and money, and we've developed technology to fund companies quickly and easily. We provide up to $3 million of non-dilutive growth capital in a fraction of the time it takes to raise from traditional sources. Based in Seattle, we've provided over 600 financings to 350 companies across the US. More at http://www.lightercapital.com.
SOURCE Crafter Software