IoT product development company MMB Networks secures $1.5M from BDC Capital to help it maintain its technological expertise amid COVID-19
TORONTO, February 1, 20201– Toronto’s MMB Networks has secured 1.5 million dollars in non-dilutive financing from BDC Capital’s Growth & Transition Capital division to help it continue to attract and retain, amid the pandemic, the highly specialized hardware and software experts it employs. Founded in 2007, MMB Networks designs and manufactures advanced systems that provide wireless connectivity to Internet of Things (IoT) products and devices around the world. It counts among its clients leading Fortune 500 companies and has to date completed three rounds of venture capital to finance its growth.
In the context of the widespread disruption caused by COVID-19, the proceeds of BDC Capital’s financing are being leveraged by MMB Networks to complement its existing liquidity position to ensure that it continues to attract and retain the technical staff on which its current and future success depends. Attracting and retaining hardware and software talent of high calibre being a constant, industry-wide challenge, MMB Networks’ management has been highly focused on keeping its technical team intact as much as possible through the pandemic. The funds come from a special bridge loan program created by BDC particularly to support technology and growth-stage companies impacted by COVID-19. These loans offer a multi-year deferment of principal payments as well as a return structure partly based on the performance of the company. They are particularly suited to businesses, like MMB Networks, that are reinvesting heavily in their development.
“Success isn’t only about the markets you target or the products you deliver – success happens due to the team you have assembled,” says Russell Thomas, President and CEO, MMB Networks. “It’s the team that develops a vision and strategy, innovates and then executes that will be successful. This capital ensures that MMB Networks can retain our extremely talented team, and attract new talent as we continue to support our customers on our growth journey.”
This financing was arranged by Kyle Feucht, Director, Growth & Transition Capital for BDC Capital in Toronto. “MMB Networks has developed a highly specialized expertise as well as exceptionally close-knit relations with its clients which have contributed to cement its leading position in the market,” explains Feucht. “MMB’s professional management team has clearly demonstrated its ability to grow the company over the years based on the company’s cutting-edge know-how, and this financing supports its vision to keep driving growth well into the future.”
About MMB Networks
Named on Deloitte’s 2018 Technology Fast 50 | 500 lists, MMB Networks is a rapidly growing IoT product development company located in downtown Toronto, and a leader in Internet of Things (IoT) technologies. MMB enables the world’s biggest brands to create amazing customer experiences by helping them build and bring wireless products to market. From strategy and product positioning all the way through to manufacturing and support, MMB Networks helps its customers build a new generation of mission critical connected products from smart grid meters and door locks to residential solar energy systems and even intelligent hydration trackers for professional athletes. For more information about MMB Networks, visit mmbnetworks.com.
About BDC Capital
BDC Capital is the investment arm of BDC, the bank for Canadian entrepreneurs. With over $3 billion under management, BDC Capital serves as a strategic partner to the country’s most innovative firms. It offers businesses a full spectrum of capital, from seed investments to growth equity, supporting Canadian entrepreneurs who have the ambition to stand out on the world stage. Visit bdc.ca/capital.