Westlake, OH — June 18, 2020 — River SaaS Capital, a private venture debt fund lending growth capital to Software-as-a-Service (SaaS) companies, announced that it has provided non-dilutive capital to Kenect, a SaaS provider for business professionals.
Founded in 2017, Kenect converts existing business phone lines to text-enabled lines to improve customer experience and communication, increase new leads, and generate online reviews.
“River SaaS Capital’s service and attention to detail were incredible throughout the process,” said Shaun Sorensen, Kenect CEO and cofounder. “They definitely know what they’re doing. Their team was very professional, detailed-oriented, and flexible to our needs.”
The funding will allow Kenect to expand its sales and marketing efforts in order to grow its business more rapidly. Using the capital from the deal, Kenect plans to hire more employees, invest in new marketing strategies, and expand into new vertical markets.
“We’re extremely happy with our investment from River SaaS Capital and look forward to a successful partnership,” Sorensen said.
“Kenect is an impressive organization,” said Wendy Jarchow, Chief Investment Officer of River SaaS Capital. “We’re excited that they chose River SaaS Capital as their funding partner, and we are looking forward to partnering with them to accelerate their growth.”
Kenect is headquartered in Pleasant Grove, Utah. The Kenect team is committed to helping businesses across North America increase efficiency, generate new leads, collect payments, and drive online reviews through their state-of-the-art business texting platform. Kenect was founded with a goal to make text messaging the primary communication tool for any business across the U.S. and Canada. For more information, visit www.kenect.com.
About River SaaS Capital
River SaaS Capital provides debt financing to growing SaaS businesses that prefer non-dilutive working capital to scale their business and expand the customer base without giving up ownership or board seats. River SaaS Capital offers fast, flexible financing solutions and typically lends between $500K to $1M initially to qualified new borrowers usually as 36-48-month term loans. For more information, check out our funding solutions at riversaascapital.com and follow @riversaascap on Twitter.