Square 1 Bank has provided a $1.4 million term loan to San Francisco-based Stitch Labs, an inventory management company. The money will help with growth efforts.
Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $1.4 million term loan to new client, San Francisco-based Stitch Labs, an inventory management company. Proceeds will be used to support the company’s growth.
Referred by Christiaan Vorkink and Phil Black of venture capital firm True Ventures, Stitch is a design-focused, fully integrated business management suite for product-based businesses. The suite provides a single platform for independent vendors to manage inventory, orders, contacts, shipping, expenses, and business analytics.
“Stitch Labs and Square 1 Bank have a similar value proposition – to make it easy for customers to effectively run their businesses so they can increase sales,” said Andy Weyer, vice president in Square 1’s Silicon Valley office. “When True Ventures introduced us to the Stitch team, we jumped at the opportunity because True has a keen eye for identifying talented entrepreneurs who create innovative products – Stitch is no exception. We’re excited to be a part of the company’s growth.”
Brandon Levey, founder and CEO at Stitch Labs, commented, “We are continually impressed with the professionalism and personal touch from everyone at Square 1. We felt confident to move our financial services to Square 1 because they really took the time to understand the needs and vision of our business.”
About Square 1 Bank
Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1’s expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients’ needs. The bank offers tailored products and solutions aided by the latest in technological innovations. Square 1 has offices coast to coast in Austin, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.
About Stitch Labs
Stitch Labs has built a Software as a Service (SaaS) tool to help owners of product-based businesses manage their contacts, products, orders and expenses in one application. The Stich platform offers solutions for inventory management, order fulfillment, invoices, reports and analytics. Stitch also has partnerships with Etsy and Shopify, giving small, product-based businesses seamless integration with their shopping carts and marketplaces. Stitch Labs aims to be the thread that holds the many different aspects of a business together, believing that better management, combined with better data and better reporting, help small and medium business owners make better decisions.