AMHERST, N.Y., Sept. 8, 2008 (GLOBE NEWSWIRE) -- Advantage Capital Partners, a leading venture capital and small business finance firm, today announced participation in a $3.6 million funding round for Niagara Dispensing Technologies, Inc., a highly-automated carbonated beverage dispensing company located in Western New York. Advantage Capital led the round, with other participating investors including Rand Capital and The Erie County Industrial Development Agency (ECIDA). The funding will be used to support the company's continued growth.
"Closing on this funding is a major milestone for our company, as it will catapult us into the next phase of development for our beer dispense system technology," said Thomas Gagliano, CEO of Niagara Dispensing Technologies. "We have an excellent product and now have the resources to grow our business and continue to improve our capabilities."
Founded in 2006, Niagara Dispensing Technologies (NDT) designs and manufactures high-speed draft beer dispense systems for high volume applications. The NDT products represent a revolution in draft beer dispensing, providing a measured pour in less than five seconds for a 16 ounce serving. The company's EXACTAP(tm) and EXACTPOUR(tm) systems are designed for all applications, including those that mount to existing bars, new installations at stadiums, and portable dispense systems. NDT's systems eliminate waste, speed up lines, and allow for perfect product presentation.
"Niagara Dispensing Technologies offers an innovative product backed by technology that has been tested and proven," said Scott Murphy, Advantage Capital managing director. "This investment will help NDT continue its growth and will contribute to the greater Buffalo community with the addition of 25 new jobs."
Advantage Capital's portion of the investment was raised in connection with New York's Certified Capital Company (CAPCO) program, which encourages the flow of investment capital to promising companies located in the state.
About Advantage Capital Partners
Advantage Capital Partners (www.advantagecap.com) is a venture capital and small business finance firm focused on early stage companies and other investments supporting state and local economic development. With offices in New York, Louisiana, Missouri and other states, Advantage Capital has raised more than $950 million in institutional private equity since 1992 and invested in companies located in geographic areas underserved by traditional venture capital.
About the Certified Capital Company program
Advantage Capital Partners is a leading participant in the Certified Capital Company (CAPCO) program, a state economic development tool designed to strengthen state economies by stimulating the flow of investment capital to local small businesses, creating high-paying jobs and increasing state tax revenues. Under a CAPCO program, insurance companies are encouraged to invest in certified capital companies; the state allows the insurance companies to claim tax credits for qualified investments in CAPCO funds. Taken over time, the tax credits generate large pools of private venture capital to be invested in the state. CAPCOs leverage the funds received from insurance companies to invest in qualified small businesses.