Horizon Technology Finance Corporation, a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced it closed a $15 million venture loan facility to Secure Transfusion Services, Inc. (“STS”), of which Horizon funded $5 million of the initial $10 million draw, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon’s adviser, funded $5 million.
Download our top whitepaper: Building Reliable and Secure Fintech Systems in 2022
STS operates commercial blood collection centers that source and distribute vital, in-demand blood components, such as platelets, to hospitals. By modernizing the transfusion medicine supply chain, STS is building a network of modern collection facilities – beginning with its first two Trusting Heart Blood Centers currently operating in Minnesota and North Carolina – which attract more donors from a broader array of backgrounds currently not engaged with blood donation today. STS is backed by prominent firms including Cerus Corporation and OneBlood, and will use the loan proceeds for general growth and working capital purposes.
Latest Fintech News: United Bank for Africa Partners with Cellulant to Expand its Reach in 19 Markets across Africa
“We believe STS has reimagined the blood transfusion supply chain and can successfully increase the limited supply of blood platelets to meet a surging demand from leading hospitals,” said Gerald A. Michaud, President of Horizon. “STS has a clear opportunity to address a sizable need and we are delighted to support the company’s growth initiatives and their overall mission to restore hope, build trust, and improve quality of life through readily available and safe transfusion solutions.”
“We are excited to have Horizon’s support as we build new blood centers and expand into additional markets,” said Founder and Chief Executive Officer Vijai Mohan. “There are multiple inefficiencies in the collection process that the STS model addresses. This enables us to develop a safe and reliable supply chain that gives our hospital partners confidence in being able to deliver the highest standards of care. We look forward to developing new methods to improve the availability of blood components to meet the increasing demand of hospitals across the country.”
Latest Fintech News: Fintech CreditRich Signs New Agreement with Qolo as New Payments Processor to Enhance Existing App
[To share your insights with us, please write to sghosh@martechseries.com]
