Pawn Watch
Internet Pawn Raises $1.5 Million in Initial Equity Funding
Two Experienced Venture Capital Firms Syndicate Round for Internet Pawn
DENVER, May 4, 2010 – Internet Pawn, Inc., the first dedicated online pawn shop in the United States, today announced that it has completed a $1.5 million Series A equity financing that will allow the company to scale the organization and bring its groundbreaking online pawn personal loan service to market.
New investors Daylight Partners and Access Ventures joined the Company’s founders in the financing. “We are thrilled to welcome Daylight Partners and Access Ventures to the Company’s family” said Todd Hills, co-Founder and CEO, “the expertise and capital our new partners bring will help us meet the increasing demand for our cash loan services around the United States.”
Rocky Mountain, of Austin, Texas based Daylight Partners, has joined the Company’s Board as part of the transaction. “Daylight rarely invests in Companies outside of our own backyard.” Said Mountain “however Internet Pawn’s offering is so disruptive we felt compelled to make an exception. With no interest due for 6 months and loan costs 60% less than a traditional brick and mortar pawn shop, this financing option will prove to be an exciting alternative for the millions of U.S. residents who currently utilize pawn services to meet their short term cash needs.”
“The Internet Pawn concept is one of the more intriguing we have seen in 15 years of investing” added Jay Campion of Access Ventures, who has also joined the Company’s Board with the financing; “the transparency, privacy and easy terms of the transaction has so far proven to be an attractive alternative to the professional or entrepreneur who needs immediate access to cash to satisfy short-term needs.”
About Internet Pawn
Launched in 2009 by 25-year industry veterans most recently responsible for the Jumping Jack Cash chain of traditional pawn shops in Colorado and Utah, Internet Pawn is the first Web-based pawn shop in the United States. As such, it is revolutionizing a 3,000-year-old industry by guaranteeing secure, confidential, asset-based loans with consumer-friendly rates and terms online. Unlike other online lenders, Internet Pawn offers loans based on the collateral of customers’ personal valuables. The company offers cash quickly with no payments for six months. A member of the Better Business Bureau and National Pawnbrokers Association, Internet Pawn guarantees a premium value based on its experience and proprietary valuation technology, and all transactions are conducted from the privacy of the customer’s home. For more information, go to www.internetpawn.com.
While Internet Pawn will loan on just about anything legitimate and of value from diamonds, art, gold & jewelry, to automobiles and motorcycles, Internet Pawn specializes in Providing Rolex for pawn, Omega for Pawn, Tag Heuer for pawn, and Breitling for pawn services.
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