VMG Partners and Forerunner Ventures co-led a $40 million Series A round of fundraising for Ampla Technologies, a firm that provides finance to small-to-medium sized consumer-facing enterprises.
Core Innovation Capital, an existing supporter, also contributed to the round. Ampla also secured a $250 million lending facility shortly before and separately from the equity investment, allowing it to continue funding brands. Since its launch in 2019, the New York-based firm has received $50 million in equity and $330 million in debt financing.
While there are a lot of startups that support small businesses and e-commerce firms, Ampla claims to be unique in that it offers a line of credit that considers “omnichannel” revenue sources in underwriting. According to Ampla CEO and founder Anthony Santomo, the company’s mission is to provide founders with more financing at a reduced cost.
“Growing our team will allow us to launch new products and iterate on existing products faster. All products are driven by customer feedback and demand.”Anthony Santomo, CEO, Ampla
Partake Foods, Bev, Good Planet Foods, and Serenity Kids are among the startup’s more than 200 customers. According to Ampla’s executives, about 30% of its customer base comprises enterprises created by people of color and over 40% by women.
While the company could not provide specific income data, it stated that its monthly transaction volume has increased by more than 300% in the last year. During the same period, the company’s headcount has doubled to 40.