Square 1 Bank Announces Credit Facility to The Hunt

By GlobeNewswire,  May 28, 2014, 01:00:00 PM EDT


SAN FRANCISCO, May 28, 2014 (GLOBE NEWSWIRE) -- Square 1 Bank, the premier banking partner to entrepreneurs and the venture capital community, today announced that it has provided a $2 million credit facility to new client The Hunt, an innovative consumer-driven shopping experience that helps users identify, find and purchase items they encounter in photos across social channels. Proceeds of the credit facility will be used to expand The Hunt's web and app-based platform in support of its growing monthly active user base in conjunction with their recent Series B raise.

Headquartered in San Francisco, CA and with over 100,000 daily active users, The Hunt (also known as ShopTap Industries) offers online shoppers the ability to "hunt" for clothing and accessories they find while surfing the visual web. Between The Hunt's unique user-generated photo-based product search and the collective resources of The Hunt's community, a user can quickly discover and purchase items and help others do the same. The Hunt's platform aims to eliminate the pain points of the average online shopping search experience and connect with other fashion enthusiasts.

"The Hunt will continue to focus on changing the way people shop online by connecting people with the products that inspire them on the visual web," said Tim Weingarten, founder and chief executive officer at The Hunt. "With our new relationship with Square 1, we have increased opportunity to execute against our vision."

Ron Kundich, senior vice president in Square 1's Silicon Valley technology practice, added, "As a leading visual search website and mobile app in what seems to be a large and untapped market, The Hunt's team has taken a community-driven approach that continues to attract thousands of new and passionate users every month. Square 1 Bank is excited to partner with such a great and forward-thinking team and company."

About Square 1 Bank

Square 1 Bank is a full service commercial bank dedicated exclusively to serving the financial needs of the venture capital community and entrepreneurs in all stages of growth and expansion. Square 1's expertise, focus and strong capital base provide flexible resources and unmatched support to meet our clients' needs. Square 1 has offices coast-to-coast in Austin, the Bay Area, Boston, Denver, Durham, Los Angeles, New York, San Diego, Seattle, Silicon Valley and Washington, DC. For more information, visit www.square1bank.com.

About The Hunt

Founded in 2011 by Tim Weingarten and Simon Peck, The Hunt is a global community of shoppers centered on bringing together fashion images that inspire with the ecommerce sites that make the attainable. The company is backed by Khosla Ventures, Javelin Ventures, among others. For more information about the San Francisco-based startup, please visit www.thehunt.com.

Source: Square 1 Financial

CONTACT: Media Contact:
         Square 1 Bank
         Dee McDougal
         919.597.7479
         dmcdougal@square1bank.com

Source: Square 1 Bank

This article appears in: News Headlines

Referenced Stocks: SQBK


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