Durham-based Appia has raised $5 million in debt financing from a Maine venture capital firm.
The company, which builds and operates app stores, plans to use the financing from North Atlantic Capital to expand its sales and marketing teams. Appia also announced Wednesday that it has expanded its credit line with Silicon Valley Bank.
“It’s a sign that the large shareholders like myself and [venture capital firms] are really excited about how the business is going so we don’t want to dilute our equity stake,” said CEO Jud Bowman.
He added that firms like North Atlantic and Silicon Valley Bank typically don’t provide such financing to a company unless it has solid and growing revenue.
Privately-held Appia doesn’t disclose revenue, but Bowman said revenues more than tripled last year and the company is expecting similar growth this year.