NEW HOPE, PA--(Marketwired - May 1, 2013) - MeetMe, Inc. (NYSE MKT: MEET), the public market leader for social discovery, today announced that it has closed on a new line of credit arranged by Westech Investment Advisors, LLC (dba Western Technology Investment, or "WTI"), a manager of technology-focused venture debt funds based in Silicon Valley, which has arranged loans to companies including Facebook, Google, and Juniper Networks among others. The facility has an $8 million total commitment and each tranche has a three-year term. MeetMe has drawn $5 million under the line, and may draw two additional tranches of $1.5 million each contingent upon achieving certain financial goals.
"It's been exciting to watch MeetMe transform over the past year to become a publicly traded, mobile-first social discovery network," said Maurice Werdegar, COO of WTI. "We are especially pleased to continue a relationship that dates back to 2007 and to provide MeetMe with capital to fund additional growth that supports the management team's vision to become the social gathering place for the mobile generation."
"This line of credit further strengthens our balance sheet, providing additional funding for continued expansion and innovation, while strengthening our cash position as we pursue our transition to mobile, and it also allows us to monetize the opportunities MeetMe has as the leader in social discovery," said Geoff Cook, CEO, MeetMe, Inc.
Earlier this year, the company announced the MeetMe social discovery service is now available in more than a dozen languages. Earlier this month, the company announced its first mobile premium subscription product MeetMe+ as well as native feed advertising in mobile applications.
About MeetMe, Inc.
MeetMe® is the leading social network for meeting new people in the US and the public market leader for social discovery (NYSE MKT: MEET). MeetMe makes meeting new people fun through social games and apps, monetized by both advertising and virtual currency. With 60% of traffic coming from mobile, MeetMe is fast becoming the social gathering place for the mobile generation. The company operates MeetMe.com and MeetMe apps on iOS (iPhone, iPad) and Android in more than a dozen languages.
About Western Technology Investment
Western Technology Investment (WTI) is a Silicon Valley based registered investment advisor which manages venture debt funds which invest globally in a wide range of technology companies ranging from seed-stage start-ups to publicly-held companies. Over more than 30 years, WTI has arranged loans in excess of $3 billion to exceptional teams building market leading companies, including Facebook, Google, Brocade Communications, Cerent, IDEC Pharmaceuticals, InvenSense, IronPort Systems, Juniper Networks, Neutral Tandem, Postini, and Youku. Please visit www.westerntech.com for more information.