CareAnyware Gets $2M Credit from SaaS Capital
Cary-based CareAnyware, Inc. has been extended $2 million in credit to further fund its Web-based applications for home health and hospice providers.
SaaS Capital Inc., a specialty finance company exclusively serving software-as-a-service companies, lends the money with backing by Lovett Miller & Co.
CaryAnyware is the second start-up from Richard Guerin, whose eHomecare.com raised $18 million from investors including TL Ventures before running out of capital in 2002.
Clients of SaaS Capital can take a discounted advance on expected revenues based on service contracts, which allows them to have working capital while their clients pay for their software services over an extended period. SaaS Capital then collects payment directly from end users of the software.
Based in Cincinnati, SaaS Capital raised a $2.3 million Series A round from Blue Chip Venture, Reservoir Venture Partners and Village Ventures last May.
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