Institutions Bank $310 million on Jim Labe’s Next Venture
MENLO PARK, Calif. – February 1, 2006 – TriplePoint Capital, the Sand Hill Road-based financial services company started by venture leasing and lending industry pioneer Jim Labe, today formally announced and launched its business, supported by $310 million in institutional financing.
“We are the first global financial services company devoted to serving venture-backed companies throughout their lifespan,” said Labe, who earlier in his career first coined the popular industry terms venture leasing, venture lending, and venture debt. “As a next-generation venture financial services company, we are not organized as a limited partnership, a fund, or a public investment vehicle, nor are we a bank or other externally regulated entity. Our permanent balance sheet ensures our stability and longevity, which aligns our interests with those of our customers over their lifespan.”
TriplePoint Capital offers substantial flexibility and a number of unique value-added service options to entrepreneurs seeking debt financing to complement their equity dollars. The company provides innovative equipment leases and loans, growth capital loans, expansion loans, and other forms of debt to venture-backed companies throughout their lifespan, from the earliest stages through post Initial Public Offering (IPO) stages. The company also offers an innovative customer-focused model, flexible financing options, global capabilities, and a senior team with deep domain expertise.
In the early 1980s Labe was instrumental in developing the venture leasing and lending product at Equitec Leasing Company, a division of Equitec Financial Group, where he played a key role in making venture leasing and lending an essential source of capital for private companies backed by leading venture capital firms. In 1987, Labe left Equitec and founded and served as the CEO of Comdisco Ventures, which quickly became the leader of the venture leasing and lending industry. He grew Comdisco Ventures’ annual revenues from scratch to more than $670 million, building a portfolio of more than $3.5 billion in venture leases and loans to more than 1,000 customers.
“Our team has built a next-generation, full-service venture financial services company that is attuned to the needs of today’s venture-backed companies and venture market – one that is designed to provide long-term commitment and value beyond capital; a claim that is often promised but seldom delivered. Venture-backed companies and successful entrepreneurs should seek the same qualities in their debt provider as they do in their venture capital investors – experience, creativity, commitment, passion, and excellence. TriplePoint Capital meets all of these expectations and more. We are eager to help finance promising venture-backed companies move from raising money to making money. ”
Labe has assembled a broad senior team and advisory board of more than 20 professionals including an impressive number of industry veterans with expertise in venture leasing and lending, venture capital, private equity, commercial finance, commercial banking, investment banking, technology development, and entrepreneurship.
TriplePoint Capital is actively transacting business with leading venture-backed companies in the information technology, life sciences, and other high-growth industries. TriplePoint Capital operated in stealth mode in 2005 and has already amassed an impressive list of customers backed by such leading venture capital funds as Greylock Partners, InterWest Partners, Kleiner Perkins Caufield & Byers, Mayfield Fund, Sequoia Capital, Sierra Ventures, Sutter Hill Ventures, and Venrock Associates, among others. The company’s capitalization includes participation by top-tier institutional investors and investment banks.
About TriplePoint Capital
Launched in 2005 and based on Sand Hill Road in Menlo Park, California, TriplePoint Capital is a privately-held venture financial services company that provides debt financing to leading venture-backed companies throughout their lifespan. TriplePoint Capital’s leases and loans range from $250,000 to tens of millions of dollars in size and enable companies to acquire equipment and resources to support growth and expand operations. TriplePoint Capital’s team is the most experienced in the industry and its highly optimized financing products and unique value-added services provide the greatest flexibility available to venture capital funds and portfolio companies. For more information on TriplePoint Capital, visit www.triplepointcapital.com.