Lighter Capital, a leading pioneer of the revenue-based
financing model, today announced that Andy Sack, the Company’s
Founder, has chosen to become the company’s Executive Chairman, and that
BJ Lackland has been appointed as CEO.
“Stepping back from the day-to-day CEO role and moving to Executive
Chairman was a decision that makes sense for the organization and for me
personally,” Sack said. “I remain passionate about the Lighter Capital
business and the revenue-based financing model, so I’m very much looking
forward to working with BJ. I’m also looking forward to being able to
spend more time on my efforts at TechStars Seattle and Founder’s Co-Op.”
Mr. Lackland brings Lighter Capital broad experience in company
financings, venture and angel investments, and building and leading
operating teams. Most recently, Lackland served as CFO and Board member
for Power Efficiency Corporation, a publicly traded manufacturer of
advanced electronic control devices. Earlier in his career, he was Vice
President and Director for Summit Energy Ventures, a venture capital
fund focused on investments in energy technology companies, where he was
instrumental in completing numerous equity and debt investments. Prior
to Summit Energy Ventures, Lackland served as Director of Strategic
Relations for EnCompass, a software and e-commerce localization company.
A Seattle native, Lackland completed his graduate studies at the
University of Washington, where he completed an MBA and MA in
International Studies.
“I’m excited to be working with Andy, the rest of the board, and the
Lighter Capital team to usher in what is truly an innovative funding
structure and investment process,” Lackland said. “I look forward to
helping drive that innovation forward while also enabling all of our
current portfolio companies to achieve their full potential.”
Lighter Capital’s primary venture backers include Summit Capital and
Voyager Capital. Earlier this year the company was named a Finalist for
the Washington Technology Industry Association’s Technology Accelerator
Award.
About Lighter Capital
At Lighter Capital, we’re breaking down the barriers to small business
growth funding. Our revenue-based finance model exchanges growth capital
for a fixed percentage of the company’s revenues. This structure is more
flexible, easier, and faster than traditional lenders, making us
“lighter” than the marble and mahogany of the antiquated banks. Since
late 2010, Lighter Capital has funded a range of businesses - from
goat-milk ice cream to Software-as-a-Service – all excellent businesses
that have been overlooked by traditional banks and venture capitalists.
Lighter Capital is a venture-backed, non-bank investor of its own funds,
not a broker or intermediary. For more information, or to apply, visit: http://www.lightercapital.com/
