Princeton-based Fundedd, a private lending service provider, has partnered with Peapack Private Bank & Trust to provide a $7 million credit facility to Virtuosic Technologies, LLC. The financing enabled Virtuosic Technologies to acquire a primary equity position in Intelli Platforms, a global IT services company, and will also support its ongoing working capital needs.
This transaction is a pivotal moment for Fundedd, as it marks the firm’s strategic entry into the staffing and human capital market. The company plans to provide specialized financing for technology, talent, and operational scaling, with more investments on the horizon.
“We’re excited about this partnership with Peapack Private Bank as it represents a key evolution in Fundedd’s strategy,” Evan Prodromo, EVP of Sales and Business Development at Fundedd said. “Having the right financial partner is critical for executing our vision, and Peapack Private Bank’s participation provides the foundation we need to expand at scale.”
William Gascoigne, senior managing director at Peapack Private Bank & Trust, highlighted the significance of the collaboration. “We are proud to have advised our client, Fundedd, in acquiring a majority stake in Intelli Platforms—a strategic move that underscores our commitment to delivering exceptional outcomes for our clients,” he stated.
Rahul Bajaj, chairman of Virtuosic Technologies, expressed gratitude for the support. “Their role as true financial partners was critical to achieving this milestone. This acquisition is foundational to our vision at Virtuosic, which involves assembling a powerful portfolio of specialized technology companies,” he said.
The partnership between Fundedd and Peapack Private Bank is set to support Virtuosic’s ambitious growth strategy and its plan for future acquisitions in the technology sector.
