Boston – July 18, 2007 – Velocity Financial Group, Inc., a recently formed specialty finance company headquartered in Chicago, announced today that it has opened a new office in Wakefield, Mass., to serve venture-backed companies in the Boston area and throughout the country. Industry veteran Jan Haas, president and co-founder of Velocity, will head the office.
Velocity was launched in May 2007 with approximately $400 million in available capital. The company focuses on providing flexible financing solutions to venture-backed companies, and capital equipment financing for middle market companies.
"We are already actively funding transactions in the Boston area and elsewhere," said Haas, "and expect our growth to continue at a rapid pace. Our new location on the Route 128 technology corridor puts us at the epicenter of a very vibrant and active entrepreneurial and venture capital community, our target market for the Ventures Group at Velocity."
Prior to starting Velocity, Haas and other members of the founding team of Velocity were executives of Comdisco, Inc., the largest independent IT leasing and venture debt firm during the 1990s, a period in which it achieved Fortune 500 status. At Comdisco, Haas headed the company’s east coast venture finance division.
"Our mission is to develop strategic relationships with every portfolio company we serve," said Haas. "Having a full-service office close to our customer base in a thriving technology market such as Boston is an important element of our strategy."
Velocity is also serving customers out of its headquarters in Chicago.