Square 1 Bank is providing a financial boost to an Atlanta healthcare startup.
On Monday, Square 1 said it was providing a credit facility to Halycon Healthcare, a venture focusing on home healthcare and hospice care solutions.
The amount of the facility was not disclosed.
However, Square 1 said the money would be used on growth initiatives and “working capital to fund future acquisitions.”
Halycon launched in 2010 and is backed by Health Evolution Partners Growth Fund.
“Square 1 was a true partner throughout the process. They understood our business model and were willing to be creative in order to meet our objectives,” said Jeff Nickell, chief financial officer at Halycon. “The outcome was a facility that will meet our needs for the foreseeable future.”
The Durham-based bank, which focuses on the venture capital industry, recently raised more than $23 million.
Square 1 recently named a new chief financial officer, add a veteran venture capitalist to its board, and provided a line of credit to RTP startup Heat Biologics.
Through June 30, Square 1 reported assets of $1.8 billion with $2 billion in deposits and $738 million in loans.
