FARMINGTON, Conn. and HOLLYWOOD, Calif., April 2, 2015 (GLOBE NEWSWIRE) -- Horizon Technology Finance Corporation (Nasdaq:HRZN) ("Horizon"), a leading specialty finance company that provides secured loans to venture capital and private equity backed development-stage companies in the technology, life science, healthcare information and services, and cleantech industries, announced today it has closed a $7 million venture loan to ScoreBig, Inc. ("ScoreBig"), an online marketplace focused exclusively on helping consumers save on live event tickets. ScoreBig will use the funds for general working capital purposes.
"Our investment in ScoreBig is another high quality addition to our diversified venture loan portfolio," stated Gerald A. Michaud, President of Horizon. "ScoreBig's recent partnership with Ticketmaster underscores its future prospects as a growing online seller of unsold inventory of tickets to major entertainment events. Our venture loan provides ScoreBig with growth-stage capital to support its compelling near-term initiatives."
David Goldberg, Chief Executive Officer of ScoreBig, stated, "Horizon has provided our company with a customized venture loan that significantly strengthens our ability to meet our strategic goals during a time of rapid expansion. We welcome the growth capital from Horizon and greatly appreciate the timely and efficient manner in which this transaction closed."
About Horizon Technology Finance
Horizon Technology Finance Corporation is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and cleantech industries. The investment objective of Horizon is to maximize total returns by generating current income from a portfolio of directly originated secured loans as well as capital appreciation from warrants that it receives when making such loans. Headquartered in Farmington, Connecticut, Horizon has regional offices in Walnut Creek, California and Reston, Virginia. Horizon's common stock trades on the NASDAQ Global Select Market under the ticker symbol "HRZN". To learn more, please visit www.horizontechnologyfinancecorp.com.
About ScoreBig
ScoreBig.com is the first and only ticketing company created to help consumers save on live event tickets and to help the live entertainment industry move unsold ticket inventory in an opaque manner, so that ticket sellers' brands and full-price sales channels are fully protected. ScoreBig.com's "Name a Ticket Price" platform provides consumers savings of up to 60 percent on great tickets to premier sports, concert and theater events, every day. Headquartered in Los Angeles, Calif., ScoreBig.com was founded in 2009 and is backed by Checketts Partners Investment Fund, Hearst Ventures and U.S. Venture Partners among others. ScoreBig.com has been recognized by Forbes as one of America's Most Promising Companies, by Billboard as one of the 10 Best Start-ups, and by Los Angeles Business Journal's annual Patrick Soon-Shiong Innovation Awards as one of the region's most innovative companies.
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in our filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.