Likeable Local, a creator of social media software tools geared specifically for small businesses, announced yesterday (July 7) it secured $500,000 in growth funding. Seattle-based investment lender Lighter Capital, which specializes in revenue-based financing for small businesses, provided the funding.
Likeable Local said it will use the new capital to grow its team as well as expand marketing and sales offers to expand its current base of over 1,000 customers.
“We looked at a number of financing options for our business – from VC, to unsecured debt, to angels – but we ultimately chose a revenue-based loan from Lighter Capital because we could keep the equity in our company, and still have the flexibility we wanted with our cash flow,” Likeable Local CEO Dave Kerpen said in a company release. “We also appreciate that Lighter Capital has a history of follow-on funding rounds, and has invited us to explore that with them in the future – if the need arises.”
The company works with small, independently owned businesses to provide a solution to meet their social media needs. The company’s software and mobile app platform, Likeable Hub, seeks to eliminate the need to hire a social manager or outsource social media work to an agency. Likeable Hub provides customers with an automated way to perform many of the functions required to execute a social media strategy.
Likeable Local recently expanded beyond New York City, opening an office in Portland, Maine, where it plans to hire more than 100 employees within the next five years.
“We are really excited about funding Likeable Local,” said Molly Otter, Lighter Capital’s Chief Investment Officer. “Their extraordinary growth in the past 18 months has been truly impressive. And being from New England myself, it’s great to see their expansion to Portland, Maine. We believe in the potential of that market and look forward to providing capital to Likeable Local in the long run.”
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