Boston Financial Closes $1MM Equipment Lease Line

Boston Financial said it closed an equipment lease line of $1 million for an early-stage company that provides cloud-based backup systems.

The company is using the lease line for a sale and leaseback portion of recently purchased equipment and build-out of future data centers as the company continues to grow its customer base.

The Boston-based company, founded in 2003, specializes in data backup for a wide range of customers from SMBs to large enterprises. It has been funded to date by mainly one investor. While it still burn $300,000 a month, and has lost $2 million a year to date, it has a growing top line, a churn of less than 10% and a newly signed contract with an overseas telecom partner, Boston Financial said.

Current management includes a CEO who grew his last start up to over $50 million in revenues and a successful IPO.