Technology Drives the Need For Fast Financing

March 26, 2014
BidPal is firmly committed to helping nonprofits use technology to more efficiently run their charitable events. By releasing new features and services several times a year, BidPal continuously improves charitable fundraising.
 
BidPal, like many growing technology-focused companies, needed access to cash for research and development. At the same time, BidPal was not ready to take on another traditional round of fundraising, which can be time consuming. Technology moves quickly, and BidPal needed a method for raising cash that could keep up.
 
Ice Miller presented BidPal with a method that could keep pace: bridge financing. In an industry where technical innovations can put years of development between the capabilities of one company and its competition, the team at Ice Miller knew that bridge financing could help BidPal raise the cash it needed without sacrificing the critical element of speed.
 
The Ice Miller team worked closely with BidPal to set up the bridge financing structure. Under this system, BidPal worked with existing investors and employees to invest in future equity in the company. The bridge allowed the company to then value the equity at a predetermined point in time. Meanwhile, BidPal stakeholders, including key employees, now have an even greater interest in the success of the company.
 

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