Thursday, December 13, 2007
The Generations Network Gets Venture Debt
Provo, Utah-based The Generations Network, the firm which operates Ancestry.com and MyFamily.com, has received $17.5M in debt financing and $500,000 in equity from Hercules Technology Growth Capital. Hercules said the funding came as part of the buyout of The Generations Network by Spectrum Equity Investors. Spectrum said in October that it would invest $300M to purchase a majority of The Generations Network. According to Hercules Technology Growth Capital, its investment came as part of a $150M syndicate in the deal, which closed on December 5th. Hercules is a provider of venture debt and financing to technology and life science companies.