Tuesday, April 16, 2024

Failed Dem. Candidate Stacey Abrams Gets $29M for Financial Startup

'The startup’s growth reflects the continued recovery of small businesses after the worst of the coronavirus pandemic...'

Stacey Abrams, the failed gubernatorial candidate from Georgia, secured $29 million dollars in financing for the tech company that she co-founded, called Now Corp, according to the Washington Examiner.

“Now Corp. announced on Thursday it is partnering with Brigade Capital Management and Virgo Investment Group. With Brigade Capital Management now managing about $29.5 billion in assets, Now’s CEO, Lara Hodgson, says the firm can serve more customers and increase product offerings,” said the Examiner.

Now Corp is a financial company that manages accounts receivable for others, including factoring services, which allow a company to receive money owed by customers immediately for a fee, usually a percentage of the money owed.

“The startup’s growth reflects the continued recovery of small businesses after the worst of the coronavirus pandemic and showcases the expertise Atlanta has in the fintech industry.

CEO Lara O’Connor Hodgson hopes to expand that reputation to include business-to-business payments,” says Atlantainno.

Brigade Capital Management will supply a credit facility that will allow Now Corp supply its customers with advanced payments for its receivables, reports Atlantainno.

In addition money will be used to hire across the board, as the company returns to a central office location following the remote work necessitated by COVID rules and to help expand nationally.

The company recently hired a financial technology expert, Sejal Shah Gulati, to help grow the operation, which has thus far been concentrated in Georgia and the South.

Abrams first gained national notoriety for a failed bid for the governor’s job in Georgia, where she alleged the election was stolen from her by fraud.

Since then. she has styled herself as a voting rights champion, campaigning against conservative proposals for election security and supporting for Democrats running for office in other states.

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