Neuberger Specialty Finance, Blue Owl Capital, Hercules Capital and Liquidity have backed AI-native software program platform Perk, with a $300m (£223.03m) non-public credit score facility.
Perk is an AI-native journey and spend administration platform, which embeds AI options onto legacy software program.
The funding comes as scrutiny of software program enterprise fashions has intensified, with private credit score’s publicity to software program changing into more and more scrutinised, and investor considerations about this already hitting the US wealth market.
The non-public credit score facility, led by Neuberger Specialty Finance alongside Blue Owl Capital, Hercules Capital and Liquidity Group, is without doubt one of the few credit score transactions of this scale accomplished by a non-public (enterprise capital-backed) expertise firm within the present market, Perk stated.
In response to Perk, this facility upsizes and replaces Perk’s 2024 $135m credit score facility, which concerned Blackstone Credit score & Insurance coverage and Blue Owl Credit score.
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“We’re excited to steer this credit score facility for Perk, an distinctive firm and a transparent AI-native chief in a large market,” stated Laura Johnson, managing director at Neuberger Specialty Finance. “Its sturdy unit economics, high-quality administration crew, and demonstrated observe report of execution place the corporate exceptionally effectively to capitalize on the numerous alternative to remodel how firms handle journey and spend.”
Perk stated proceeds from the ability are anticipated be invested in product, expertise and AI, and fund Perk’s subsequent part of world development, together with a US launch of its built-in spend platform.
“Perk has constructed one of the crucial compelling AI-native software program platforms, combining distinctive development with sturdy unit economics and a transparent path to long-term profitability,” stated Ron Daniel, co-founder and chief government at Liquidity. “We’re excited to assist the corporate by means of their subsequent part of development.”
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