In full transparency, the following is a press release submitted to SOURCE via its business wire service.
FRAMINGHAM – Punchbowl® , the company behind the critically acclaimed technology platform for events, holidays, and meaningful life memories, today announced $5 million in financing from SG Credit Partners, Inc.
The financing was used to acquire VidHug, Inc.—a best-in-class group video platform—and to make strategic investments in mobile apps for new parents. With the acquisition of VidHug, the Company welcomes innovative technology for asynchronous video, a passionate user base that has grown exponentially over the past year, and a new team based in Ontario, Canada.
“These strategic investments are a watershed moment for our Company,” said Matt Douglas, CEO, Punchbowl. “We look forward to the next stage of our growth as we continue our mission to develop technology for families for their most important milestones.”
Punchbowl has also made investments in two New England based apps for new parents: Qeepsake, the world’s first text message-based parenting journal, and pumpspotting, a community-driven breastfeeding and baby feeding support platform. Punchbowl CEO Matt Douglas has been appointed a Board Observer at Qeepsake and a Board Director at pumpspotting.
“We are excited to partner with Punchbowl to fuel the next chapter in their strategy,” said Christopher Koenig, Managing Director, SG Credit Partners. “The executive team has proven that they know how to employ capital efficiently, and we look forward to seeing how they execute the next phase of their vision.”
In a separate release, today Punchbowl also announced the launch of Memento—a new platform to record, make, and preserve memories from the most important days in a family’s life.
Punchbowl is the company behind the critically acclaimed technology platform for celebrations, holidays, and meaningful life memories. The Company runs its platform on Punchbowl.com, Memento.com, and best-in-class iOS and Android apps. More than 200 million online invitations and digital greeting cards have been sent on Punchbowl, and more than 5 million memories have been shared on Memento. The Company was founded by entrepreneur Matt Douglas and is located in Framingham.
SG Credit Partners is a family-office backed lender providing situational capital to lower middle market businesses and entrepreneurs requiring tailored solutions and certainty to close. We’ve established a broad credit platform to solve capital needs that traditional banks, non-bank lenders, single-product lenders, and larger funds cannot due to regulatory, timing, funding, or size constraints. Headquartered in Southern California with offices throughout the country, SG Credit Partners has provided in excess of $350 million to lower middle market entrepreneurs across a variety of industries.