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Noro-Moseley Leads $6M Series A For SMB Lender Navitas Lease Finance

Submitted by: John Warner on Mar 14, 2010 at 10:17 pm Tagged with: Investment, Venture Capital Source: Noro-Moseley Partners

Atlanta, GA (VentureWire) -- Noro-Moseley Partners said it led a $6 million Series A financing for Navitas Lease Finance Corp., a provider of equipment financing to small and mid-sized businesses.

The Atlanta-based venture firm contributed the majority of the round. Additional investors include C&B Capital and Lunsford Capital. Valuation was not disclosed.

Ponte Vedra Beach, Florida-based Navitas provides capital to small and mid-sized businesses in the form of a loan or lease to finance business equipment. "Credit and financing are often hard to come by in today's market," Allen Moseley, a Noro-Moseley partner and Navitas board member, said in a statement. "We see a large market opportunity for Navitas considering traditional sources of small business credit have contracted. This management team has a strong track record in the industry, and we believe this is an opportunistic time to scale a company like Navitas."

The Navitas team is led by financial services industry veteran Gary R. Shivers, Navitas founder and chief executive. Prior to starting Navitas, he co-founded and grew Marlin Leasing to a public company -- Marlin Business Services Corp. -- with more than $1 billion in equipment lease volume.