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Photizo Group receives $1.73M venture capital funding from Meritus Ventures

Tuesday, July 20, 2010

Press release from the issuing company

Lexington, KY – Photizo Group, a leading advocate of managed print services research and consulting, has closed on a $1.23M in private equity funding from Meritus Ventures, a venture capital firm.  The investment also includes an additional $500K credit line for a total funding of up to $1.73M. The funding will provide Photizo Group with capital to continue expansion, develop new products, and expand market efforts globally.

"I am very proud to have the backing of Meritus Ventures. They clearly understand our vision, strategy and mission, and this funding shows they are in our business plan and management team. Most importantly, it provides us with the capital to accelerate our growth by introducing more new products for our clients and expanding our staff around the globe," said Ed Crowley, founder and CEO of Photizo Group.

Ray Moncrief, president of Eclipse Management, LLC and Fund Manager, Meritus Ventures, will join the Photizo Group Board of Directors. "From the beginning, my goal has been to attract the best and brightest talent to our company, and the same holds true for our investment partners. With Meritus, we have partnered with a Class A firm, and I am excited to have someone of Ray's caliber and experience join our board," Crowley noted.

"We look at many prospective investments before finding the one that we want to invest in," said Moncrief. "We were excited to find this outstanding company in rural, central Kentucky.  Photizo Group is a cutting-edge leader in its industry, has an extraordinary management team, hard-working employees, and tremendous potential for additional growth and increasing profitability."

 

 

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