Monday, July 30, 2012

Venture debt: The new trend in venture capital?

More venture-backed companies looking to venture debt to extend 'Cash runway'

Friday, July 27, 2012


Jan Haas of NXT Capital Venture Finance says venture debt is a good option for early-stage companies.
Jan Haas of NXT Capital Venture Finance.

As a means to access capital without diluting equity or further burdening investors, more local venture-backed companies are turning to — or at least exploring — the option of venture debt.
“It’s a very practical and pragmatic use of debt,” said Gerald Michaud, president of Connecticut-based Horizon Technology Finance Corp., which has provided upwards of $850 million in venture loan commitments to more than 130 companies across the country since 2004. “It is becoming a more accepted tool in the toolbox of venture capitalists.”
How it works: instead of giving up equity, startups and growth companies receive relatively short-term loans to fund capital expenses and working capital.
It’s a concept that’s been around for decades, but is now starting to gain major traction, according to the industry, due to a softer market for mergers and acquisitions, a limited IPO appetite and reduced venture capital supply. Also, noted Michaud, it’s a quicker way to access capital without further diluting equity, but while still maintaining the flexibility of equity.
Among the local venture-backed companies that have recently received venture debt include Open Mile, Boston-based online freight brokerage service, which closed on a $3 million loan from NXT Capital Venture Finance in March, and digital commerce service company Optaros of Boston, which closed on a $2.5 million loan from Horizon the same month.
Loans are used to fund a variety of growth initiatives, according to Jan Haas, senior managing director of NXT Capital Venture Finance, which has six employees based in its Wakefield office. Those initiatives can include making acquisitions, providing liquidity to older investors or investing in sales and marketing, product development, equipment or facilities, Haas said. For early-stage companies, he said, it’s essentially a way to extend the “cash runway” to get over the milestones to success.
Ultimately, terms vary based on the company — but generally range from 24 to 48 months, according to Horizon and NXT. And the dollar amount of the investments cover just as wide a swath: anywhere from $1 million or $2 million to $20 million to $25 million per deal, the firms said. Interest rates, similarly, vary based on risk and valuation, fall between 9 and 13 percent, and often provide warrants to the lender, or the right to buy stock in the company at a certain price.
Horizon, which focuses on emerging technologies, cleantech industries, life sciences, and health care information and services, has provided $180 million in the form of 32 loans to companies throughout Massachusetts and New Hampshire to date.
NXT, which launched in October in Massachusetts with the merger of NXT Capital and Velocity Financial Group, has a goal to invest between $100 million and $200 million a year in later-stage companies in technology and life sciences, according to Haas.
“We’re investing based on our belief that companies have intrinsic value that supports our debt,” he said. “It’s largely predicated on who the investors are, who the entrepreneurs are, and do we believe in the market opportunity.”

Original story link here.

Thursday, July 19, 2012

Al fresco, anyone?

Outdoor dining flourishes in Boston’s western suburbs 

By Taryn Plumb |  Globe Correspondent

July 19, 2012

It was a hot afternoon, but there was plenty of shade and a breeze as Claude French sat in front of Concord’s Colonial Inn for lunch.
The small granite table he shared with his wife, Doreen,  was scattered with the remains of their meal — a half-eaten salad, crumbs from a salmon burger, slices of corn bread, a few neglected fries, perspiring water glasses.
“It’s more open, rather than being confined inside,” French, a retiree from Bedford,  said of eating porch-side. “It’s more festive. It’s summer, you’re with other people, it’s something enjoyable.”
There’s just something about eating outside — the fresh air, the breeze, the smells, the sounds — that somehow makes meals that much more enjoyable, the food that much tastier.
But it’s not an experience that needs to be confined to your own backyard or side patio. Even in the swirling hurly-burly of Boston’s western suburbs, you can find many tucked-away oases for open-air eating.
“You forget the fact that you are sitting in MetroWest,” said Tom Peretzian,  the bar manager at Allora Ristorante in Marlborough, which has a deck overlooking Lake Williams  that can accommodate more than 100 diners.  “Everybody just enjoys being out there.”
Parisian, Mediterranean, Asian, or Italian settings, garden-like patios, wrap-around decks, simple sidewalk seating — pick your vibe.
Popular area choices include Spiga Ristorante Italiano  in Needham,  with a patio swathed in shrubbery and hidden away beyond the rush of Interstate 95’s hotels, businesses, and office parks, and the French restaurant Petit Robert Bistro  on the other side of the whooshing highway; the South American La Casa De Pedro  in Watertown,  with its coconut-laden palm tree and a waterfall nearby; Singh’s Cafe  in Wellesley,  with Hindu statues overlooking patrons; Bullfinchs in Sudbury;  il Casale in Belmont;  Tavolino in Westborough;  and Taberna de Haro in Brookline. 
“It is always nice to have the option to sit outside,” said Kathy Sidell,  owner of the Met Restaurant Group,  which operates the Met Bar and Grill in Natick, among other establishments.  The restaurant offers an 1,100-square-foot patio with clay pots, evergreens, and miniature Japanese maple trees, and can fit about 60 to 70 people.
“With the climate cold nine months out of the year, it’s good to take advantage of nice weather,” said Sidell. “We wanted to create a natural setting that felt like a garden.”
Other restaurateurs, meanwhile, take advantage of the natural scenery and energy of their surroundings.
The Fireplace in Brookline,  for instance, has a simple sidewalk patio with tables, umbrellas, and flowers facing looking out on Washington Square with its Victorian clock, boutiques, and businesses.
“You get the relaxing urban bustle that is more subdued than a New York sidewalk, but more lively than an enclosed terrace. It’s very much alive with pedestrians and shoppers,” said chef and owner Jim Solomon. “Washington Square is kind of known as the ‘Paris of Brookline,’ ” he said.
And offering outdoor dining helps keep keeps that reputation alive. “It creates a more lively streetscape,’’ he said, “and more foot traffic to support the local neighborhood shops.”
Meanwhile, in the more bucolic setting of Concord, the Colonial Inn accents its historical aspect. A half-covered porch with granite tables and wrought-iron chairs wraps around the front of the nearly 300-year-old  building, which features columns, dormers, black shutters, red doors, and taupe facade.
On a recent weekday afternoon, more than a dozen diners — including the Frenches — were gathered there despite the nearly 90-degree heat; they sat in the shade of umbrellas, watched the traffic rumbling by Monument Square,  and admired the surrounding rhododendrons, colorful boxed flowers, and oak trees.
“It’s such a beautiful location,” said Alexandra Lorenzano, the inn’s director of food and beverage, noting that people can “hide” on the porch but, at the same time, still be part of the action in the center of town. “We want people to feel like they’re in an oasis.”
The inn introduced the porch for dining just four years ago, she said, and it’s since grown to accommodate 70. 
“There was such a high demand for it,” she said, describing how guests and diners have always gathered on the porch to take in July Fourth events or parades, or to simply people-watch. “People just love to be outside.”
Solomon, at the Fireplace in Brookline, agreed it’s just that simple.
“After braving frequent cold winters, it’s just really nice to be able to sit out in shorts and enjoy a cool summer evening, or have brunch outside on a sunny day,” he said.
“Being a lifelong New Englander, I enjoy taking advantage of the nice weather whenever we have it.”

© 2012 The New York Times Company

Wednesday, July 11, 2012

An ancient art that still resonates

Michael LaFosse brings origami to Newbury 


View more pics here.

Copyright 2012 The New York Times Company

Thursday, July 5, 2012

Going south of town? Check out these beaches

Five great places to cool down

 
(Debee Tlumacki for the Boston Globe/file)

By Taryn Plumb / Globe Correspondent / July 5, 2012 

New England weather is moody and unpredictable, inspiring worn-out cliches (don’t worry, we won’t repeat them here), and playing coquettish games with meteorologists.
This year, though, there was absolutely no doubt about it: On the Solstice, right on time, summer made an indisputable and diva-like entrance, strangling the region in oppressive heat that neared 100 degrees.
But if you haven’t made your way to the beach just yet, you’re probably going to want to be water-side at some point between now and when the young ones go back to school. And south of Boston, you’ve got lots of options -- almost too many -- from salty escapes to freshwater getaways.
Can’t decide? Here’s a variety of spots to cool off, water down, or do some serious basking.

The picturesque: Fire Station Beach, Quincy
This wide strip of sand, nestled between the Fore River and Rock Island Cove, is what its owner the Quincy Housing Authority calls “little-known” and a “hidden environmental jewel.” Follow a new boardwalk over dunes with wispy grass down to the wide expanse of sand, where you can go for a stroll, collect shells, and bird watch — visitors have reported herons, warblers, and egrets, among many others — and, of course, swim. Or just enjoy the extensive view — of Houghs Neck with its clutter of houses; and farther out, Hingham Bay and its islands; Kings Cove across the way; the Fore River; bits of the Boston skyline; and the procession of barges and yachts steaming by on the waves. This idyllic, tucked-away beach is off Doane Street, and gets its name from the Germantown fire station you pass by to get to it.
If you have little ones, the Snug Harbor Playground, with fields, basketball courts, and “tot-lots” is nearby (off Palmer Street).
But with all the options here, you shouldn’t have a problem keeping everybody in your group (whatever age) occupied.

THE social spot: Hingham Bathing Beach
No surprise given its name, this charming sandy beach off Otis Street (Route 3A) is a local favorite for swimming (and, perhaps even more so, for socializing).
The fluctuating high tides dictate the peak times for a dip, so — unless of course you already keep close track — you’ll want to check first before you head out, beach blanket and cooler in-hand. (You can find a convenient tide chart here: boatma.com/tides/Boston-Harbor.html.)
It has all amenities you’ll want for a long day out — parking, lifeguards, a bathhouse -- and a good dose of friendliness, to boot. Stick around long enough, and you might be greeted by a group of regulars who fittingly call themselves “beach bums.” (Or seek them out and introduce yourself.)
And when you’re not enjoying the cool salty waters? Simply take in the view of the islands and the opposite shoreline, or the fleet of anchored sailboats bobbing in the waves nearby. Or, since the beach is swathed in ample green space, there’s plenty of room to play ball, throw Frisbees, or picnic in the grass. There’s also a popular farmer’s market, which runs from 10 a.m. to 2 p.m. on Saturdays through Nov. 17, according to its website.

The classic: Onset Beach in Wareham
It’s just about the closest you can get to the Cape without actually making the dreaded trip over the Bourne or Sagamore bridges. This wide swath of beach is snug in the Onset section on the tip of Wareham, just before the Cape begins to stretch out its flexed bicep. A beloved spot for sunbathers, swimmers, and sandcastle-makers who want a traditional beach, but without the teeming crowds.
And if you’ve had enough sun for a while, mosey on over to nearby shops and restaurants, including Marc Anthony’s Pizzeria or Kenny’s Salt Water Taffy. If you’re a music fan, meanwhile, you definitely won’t want to miss the celebrated Onset Beach Jazz Festival, held this year on July 21.


But maybe you’re more of a freshwater fish, preferring hidden-away glens to open strips of seashore. Well, we’ve got you covered there, too.

Long Pond, Lakeville and East Freetown
A classic, shallow pond — with plenty of room for recreation. “T”-shaped, 1,721 acres, and straddling both Lakeville and East Freetown, it’s one of the largest natural ponds in the state, according to the Division of Fisheries and Wildlife (although its average depth is only about 6 feet).
There’s a town beach nestled on the East Freetown side (off Long Pond Road), and a public boat launch located on the south end of the lake, off Route 18, according to the Long Pond Association, a volunteer group that stewards the water body.
It’s a favorite for fishing, particularly largemouth bass and white and yellow perch, according to the Division of Fisheries and Wildlife. Many cruise along its wide, rippling surface in party boats, sailboats, motorboats, canoes, and kayaks — and there’s ample room for waterskiing, kneeboarding, tubing, or just dropping anchor and going for a dip.

Little Sandy Bottom Pond, Pembroke
Another traditional rural pond, with a small town beach on Woodbine Avenue off Route 27. Lifeguards are on duty from 10 a.m. to 3 p.m., according to the town website. As well as swimmers and sun-catchers, it attracts fishermen (and women) looking to snag largemouth bass, yellow perch, and bullhead, according to popular fishing websites. And if you’re up for exploring, you’ll find all manner of flora, fauna, and freshwater creatures along its well-developed banks.

© Copyright 2012 Globe Newspaper Company.

Tuesday, July 3, 2012

MetroWest495 Biz stories


Read about the plans for Framingham Tech Park and the 990 Corporate Center here.
Read about the burgeoning Milford Regional Medical Center here.
Read about architects focusing on designing for the aging Boomer populations here.