Teamworks Receives $12 Million Credit Facility from Signature Bank
DURHAM, NC – [Tuesday, May 26, 2020] – Teamworks, the leading athlete engagement platform for collegiate and professional organizations, announced today it received a $12 million credit facility from Signature Bank, a New York-based full-service commercial bank, with a dedicated Venture Banking Group serving venture-backed startups and their investors nationwide. Signature Bank’s credit facility will complement a recent $25 million Series C round Teamworks announced in April. Proceeds from the facility will support growth capital initiatives.
“Teamworks is transforming the collegiate and professional sports industries with their platform,” said Dhruv Patel, senior vice president of Signature Venture Banking Group.
“Currently, more than 3,000 athletic organizations worldwide utilize the company’s software as a system of record and tool to streamline communications and operations, share files and videos, manage schedules, and coordinate travel. We have built a long-standing relationship with Teamworks, and continue to support the company’s strategic growth initiatives, including its recent acquisition of INFLCR, with this facility,” Patel concluded.
“We are very excited to continue to grow our partnership with Signature Bank through this credit facility,” said Teamworks CFO James Coffos. “With Signature’s support, we are able to ensure that Teamworks will continue to be an industry leader in collegiate and professional sports. We’re grateful for this partnership and thrilled about what we’ll be able to achieve through the rest of 2020 and beyond.”
Teamworks is the leading athlete engagement platform, empowering more than 3,000 clients around the world to better connect and collaborate by simplifying their internal processes. Based in Durham, North Carolina, and founded in 2004, Teamworks continues to invest heavily in technology and expand the team to respond to the increasing customer demand. Organizations that depend on Teamworks to create a culture of communication and accountability include more than 2,000 NCAA Division I programs including every Autonomous Conference institution; professional teams in the NFL, MLB, NBA, NHL, MLS and EPL; collegiate and professional conferences; and national governing bodies. Visit www.teamworks.com for more information.
About Signature Bank
Signature Bank, member FDIC, is a New York-based full-service commercial bank with 31 private client offices throughout the New York metropolitan area and Connecticut as well as San Francisco. The Bank’s growing network of private client banking teams serves the needs of privately owned businesses, their owners and senior managers. Its Venture Banking Group serves venture capital firms and the portfolio companies in which they invest while its Fund Banking Division provides financing and banking services to the private equity industry. For more information, please visit www.signatureny.com.