SOURCE: Velocity Financial Group

Velocity Financial Group

January 18, 2011 14:38 ET

Velocity Financial Group Announces Managing Director Promotion

BOSTON, MA--(Marketwire - January 18, 2011) - Velocity Financial Group, Inc. announced today the promotion of JP Marchette to Managing Director. JP will continue as a senior investment professional focused on identifying attractive investment opportunities in emerging growth technology companies out of Velocity's Boston area headquarters.

"JP is a veteran of the venture lending business with a broad network, a wealth of experience and an exceptional track record at Velocity," said Jan Haas, president and CEO of Velocity. "When I started Velocity in 2007, JP was my first recruit and he has been instrumental in driving our growth and success."

JP has led Velocity's investments in Authoria (acquired by Bedford Funding), SimpleTuition, Marathon, Brainshark, Cadent, ISTO, GameLogic (acquired by Scientific Games), Mintera (acquired by Oclaro), Reflexis, Alphion, Sportvision and OpenPeak.

"I have had the opportunity to work with JP several times over the last ten years," said Mike Jakob, president and COO of Sportvision, a Velocity portfolio company. "Working with JP is always a great experience. He works hard to meet our needs, has a deep understanding of our business, and I am always confident that he is able to execute."

JP has more than 15 years of experience providing financing solutions to venture-backed companies. Prior to joining Velocity, JP was a senior vice president in the Technology Lending Group at General Electric. While at General Electric, JP was responsible for its East Coast origination efforts. During his career, Marchette has held origination, underwriting and portfolio management responsibilities at Hercules Technology Growth Capital, Comdisco Ventures and Boston Financial & Equity. JP also serves on the Advisory Board of the UMass Boston Venture Development Center.

ABOUT VELOCITY FINANCIAL GROUP: Velocity Financial Group is a leading specialty finance company serving venture capital and private equity-backed companies. Velocity is dedicated to helping entrepreneurs by providing less dilutive, more flexible forms of capital. With offices in Boston and Silicon Valley, Velocity has built a broad client base consisting of pioneering technology, life science and clean energy companies. Clients range from pre-revenue companies with dedicated entrepreneurs to late stage, proven businesses seeking more efficient growth capital. For more information, please visit www.velocityfg.com.

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