Primary, an online baby and children’s clothing brand, has secured a $9 million venture loan facility from Horizon Technology Finance Corporation. Primary will use the loan proceeds for general growth and working capital purposes. Primary’s backers include U.S. Venture Partners, Homebrew, Harrison Metal Capital and Female Founders Fund
FARMINGTON, Conn., Feb. 25, 2021 /PRNewswire/ — Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has provided a $9 million venture loan facility to Primary Kids, Inc. (“Primary”), of which $6 million has been initially funded.
Primary is an online baby and children’s clothing brand offering timeless styles in a rainbow of solid colors and classic prints, all free of logos and slogans. Prominent investors in Primary include U.S. Venture Partners, Homebrew, Harrison Metal Capital and Female Founders Fund. Primary will use the loan proceeds for general growth and working capital purposes.
“Primary is an innovative e-commerce company with an important ESG component in a large and growing consumer space,” said Gerald A. Michaud, President of Horizon. “The addition of Primary to our investment portfolio is another example of Horizon’s commitment to provide loans to strong, growth-oriented companies with experienced management and leading investors. We are pleased to support Primary as they continue to grow their business.”
“We are excited to receive Horizon’s support so that we can continue building the Primary brand and deliver on our mission to help every kid feel confident inside and out,” said Galyn Bernard and Christina Carbonell, Founders and co-Chief Executive Officers of Primary. “Our focus on essentials that are not gender prescriptive has earned a passionate following in the growing millenial base of parents, who are eager to support sustainable, high-quality products, from a company that values inclusivity. Horizon’s investment will help us to continue to invest in our supply chain and our offerings to the customer, which will help us to expand our business.”
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio’s return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Headquartered in Farmington, Connecticut, Horizon also has regional offices in Pleasanton, California and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
Primary is building the best experience for busy parents to shop for kids clothes. Founded by two moms who were previously early employees and executives at Diapers.com/Quidsi, Primary offers timeless styles for babies and kids 0-12, all in super soft fabrics, and a rainbow of colors for every kid. All of Primary’s products are designed in-house with a focus on classic design and lasting quality. To learn more, please visit www.primary.com.