Novel Growth Partners announced today that it has partnered with Flyover Capital to provide financing to Abodo. Financial details were not disclosed.
“While many entrepreneurs believe that venture capital financing is the only solution to achieve their financing needs, there are additional financing options that can be complementary at the various stages of a company’s growth,” Abodo CEO Alec Slocum said in a statement. “By partnering with both Novel Growth Partners and Flyover Capital, we were able to secure the financing we can benefit most from at our current stage.”
Novel Growth Partners is a revenue-based financing firm located in Kansas City, Kan., that provides companies up to $1 million in growth capital.
According to a release, in revenue-based financing, a company pays back the capital it receives through a percentage of its monthly revenue up to a predetermined return cap over a set number of years.
Abodo has raised $12 million to date.