Exclusive Financial Advisor
In February 2021, Clover Inc. (“Clover” or the “Company”) announced a growth capital financing of $12 million consisting of growth debt from Espresso Capital, and a structured equity investment from an existing investor. Based in Toronto, Espresso provides innovative venture debt and growth financing solutions to leading companies in technology, healthcare, internet & digital media, and other high-growth verticals.
The Company plans to use the new funds to accelerate its rapid growth. In fiscal 2020, Clover generated $19 million in revenue from 900,000 paid subscriptions, a 67 percent CAGR over the past three years. Clover's simplicity and versatility have attracted 9 million users in the highly desirable Gen Z (50%) and millennial (42%) demographics. Ninety percent of the app's users are concentrated in major US markets. Clover recognizes that each user is unique and that dating preferences vary. The app offers a wide range of settings, filters, messaging, and video options. Users are free to choose and find their own comfort zones. LIVE, the new video streaming service, allows users to watch live streams, start their own stream, chat, and send and receive gifts.1
Kroll’s Technology M&A Practice, served as the exclusive financial advisor to Clover in connection with the transaction.
About Clover
Founded in 2014, Clover Inc, a privately held company, is a leading mobile dating platform dedicated to helping the next generation of singles find meaningful connections. The Clover Dating App attracts millions of singles across the U.S. Clover's highly personalized dating experience helps users find compatible matches faster, with minimal effort.
About Espresso Capital
Espresso empowers companies with innovative venture debt solutions. Since 2009, we've helped more than 275 technology and healthcare companies, and their investors, accelerate growth, extend runway, and increase strategic flexibility with non-dilutive capital.
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