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Venture Capital News: DailyFeats Picks Up Venture Debt

       
CAMBRIDGE, MA, Website and app that helps people be better, one step at a time, raised financing from Costella Kirsch and Western Technology Investment (WTI).
Click here for more funding data on DailyFeats
To export DailyFeats funding data to PDF and Excel, click here
Costella Kirsch, a pioneer and leader in Structured Debt financing for emerging technology companies, and Western Technology Investment (WTI), one of the oldest venture debt firms that invests globally in a wide range of technology and life science companies, have formed a syndicated consortium to back the growth of DailyFeats, a website and app that helps people be better, one step at a time.

"We've had great success in our inaugural year, closing customer contracts worth millions of dollars," said Veer Gidwaney, DailyFeats CEO and Co-Founder. As a result of its marketplace performance and growth, DailyFeats secured a material seven-figure financing with terms that do not compromise the integrity of its social mission.

While DailyFeats has now cumulatively raised millions from angel investors and, as of today, from Costella Kirsch and WTI, it operates with a purely common share ownership structure and has never amended its governance procedures to raise capital. DailyFeats will utilize the funds to grow its team with product specialists, engineers, and sales and marketing professionals.

"Working with like-minded investors who believe in the social mission of DailyFeats is central to developing our business," said Gidwaney. "Costella Kirsch and WTI bring invaluable venture experience to this partnership, and we look forward to the growth this funding will enable for DailyFeats."

"We were impressed by the DailyFeats team, with their relevant experience and proven track record. They have developed meaningful market traction in a capital efficient manner, and this financing will enable them to accelerate the company's growth," said Richard Ginn of Costella Kirsch. "We look forward to supporting them as they work to positively impact the health of individuals and society as a whole."

DailyFeats helps people be better, one step at a time. Members set wellness goals, get motivated, and make progress at http://www.dailyfeats.com, available free for web and iPhone. In partnership with Walgreens, eBay, Cigna, ONE Campaign, Happy Family, and a coalition of other organizations, DailyFeats celebrates small but significant actions, or "feats." Members earn points for those actions, share them with friends, and redeem their points for savings from national brands or partner donations to non-profits. DailyFeats is a certified B Corporation.

How does it work? When people come to DailyFeats and set meaningful, positive goals--like losing weight, being a better parent, or giving back to their communities--DailyFeats helps them break that goal down into a set of manageable "feats" to do every day. As people check in feats, they share progress with friends, exchanging ideas and building inspiration, and earn points to redeem for savings from national brands or partner donations to nonprofits.

About DailyFeats:
DailyFeats helps people be better, one step at a time. Members set wellness goals, get motivated, and make progress at http://www.dailyfeats.com, available free for web and iPhone. In partnership with Walgreens, eBay, Cigna, ONE Campaign, Happy Family, and a coalition of other organizations, DailyFeats celebrates small but significant actions, or "feats." Members earn points for those actions, share them with friends, and redeem their points for savings from national brands or partner donations to non-profits. DailyFeats is a certified B Corporation.

About Costella Kirsch:
Costella Kirsch is an experienced pioneer in Structured Debt financing for emerging technology companies. Our clients receive capital through clean, simple deal structuring, straightforward documentation, and efficient administration. We have developed and refined this unique style of transaction simplicity through an approach that focuses on a new company's team, market, business model and investor base. The CK team's extensive background in structured lending, operating companies, and finance, enable Costella Kirsch to bring extraordinary knowledge, flexibility and perspective to the task of providing for each customer's unique financing needs.

About Western Technology Investment:
Founded in 1980, Western Technology Investment (WTI) is one of the world's oldest and largest venture debt funds financing venture-backed companies in the technology, healthcare and cleantech industries. WTI's 13th fund builds upon the success of the firm's 31-year history, which includes investments in companies such as Brocade, Cerent, Facebook, Google, IDEC Pharmaceuticals, Infoseek, IronPort, Juniper Networks, Postini, Transmeta, and many others. Please visit http://www.westerntech.com for more information.
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