LEONID Announces Growth Capital Investment in Litocorp to Expand its Product Offering and Fund Future Contract Acquisitions
LOS ANGELES, April 26, 2022 /PRNewswire/ — LEONIDone of the government’s premier contract finance partners and a trusted capital provider to the Department of Defense (DoD), today announced the closing of a major round of funding for Litocorpa small business owned by disabled and minority veterans (SDVOSB/MOSB), headquartered in Las Vegas, Nevada.
LEONID’s mission-driven funding model was developed to have a significant impact. The company partners with innovators who deliver highly technical solutions that propel social and economic progress. Historically, 40% of LEONID customers achieve additional post-deal contract offers within two quarters of funding, and an average 80% increase in revenue.
“Litocorp’s culture and vision closely aligns with our mission to serve customers and support projects that bring the most good to the collective future of our country,” explained the co-founders of LEONID. Christophe Lay and James Parker. “Over the past few years, we have followed the momentum of Litocorp and appreciate the opportunity to provide critical capital that will fuel their growth and pave the way for continued market success.”
Litocorp pursues small business innovation research contracts and facilitates internal consulting engagements with SMEs interested in exploring the defense industry. The company actively supports fighters and veterans through a private peer support technology platform called “battlebuddy”.
Building on the success of recent years, Litocorp will use LEONID’s capital to accelerate the commercialization of its TUFKIT tactical computing technology, which provides computing power with simplicity and reliability to military operators in hostile and austere environments.
“Investment from industry leaders like LEONID is critical to helping us achieve the next stage of our growth,” said William (Bill) Davis, CEO of Litocorp. “We are adding fuel to the fire of our successful TUFKIT platform, which allows us to continue to build public-private partnerships within the defense and entrepreneurial ecosystem. We are fortunate to collaborate with like-minded people in a common goal: to rapidly deliver capabilities to the tactical edge, where our fighters need them most.”
Lito Villanuevafounder and CTO of Litocorp, explained, “I think we’ve been able to create great products for our customers because we’ve had the privilege of experiencing their struggles together, both in and out of uniform.”
As an extension of LEONID’s 50% profit rebate program, LEONID has awarded a portion of its position to the Special Operations Association of America.
LEONID is a financial services platform that supports US federal government contractors. As an official trust fund provider to the Department of Defense, LEONID offers pre-financing on SBIR and STTR contracts and financing for outstanding invoices up to $10,000,000. The firm helps companies improve their working capital to support financial growth strategies and manage operating expenses. LEONID donates 50% of its net profits to mission-driven charitable causes that are committed to veterans’ causes and veteran support. Learn more at leonidfinance.io.
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