In just three years’ time, iZZi Gadgets has created substantial demand and growth with their line of cutting-edge fisheye and telephoto lenses for smartphones.
But fast growth is often met with working capital constraints.
iZZi Gadgets received an initial investment from friends and family that allowed the company to get off the ground. They received praise, press coverage, and social media attention for their unique products. Demand grew even more with the launch of their high-end selfie stick this year, and more resources were needed to keep up with the high volume orders.
As retailers like Best Buy and B&H started to request more products, iZZi Gadgets needed working capital to fulfill orders and to make sure that their products were reliably in stock. iZZi first turned to online lenders for immediate cash, but they could not provide a long term solution. When iZZi turned to banks, they were told that the business was too young despite its successes.
Dwight Funding was able to see the potential in iZZi Gadgets and provide the funding that they needed to continue growing the business. Our team structured a loan based on their receivables to fund their short term needs – purchasing goods from their suppliers in China. Our solution will continue to fund them over the next two years.
With the loan from Dwight, iZZi Gadgets was able to buy the goods and get them into retail stores in time for the holiday rush.