Percent is pleased to announce the successful closing of Embr Labs, the first private credit offering underwritten by Quiq Capital, the newest third-party underwriter to join the Percent platform. Quiq Capital provides tailored financing solutions to top-quality operators looking to expand their businesses with strategic working capital. Quiq Capital was founded by investment professionals with deep expertise in structured credit, asset management, and private credit across both public and private markets.
Embr Labs is a Massachusetts-based consumer health technology company founded in 2014. Using its patented technology, Embr has developed a wearable device that delivers menopausal symptom relief and body temperature control to women across the United States.
Quiq Capital extended a $2.8 million corporate loan to Embr Labs and syndicated a portion of the loan on Percent’s platform (18% – 22% APY range) with a target funding size of $1.4 million. Over a two week syndication period, Quiq leveraged Percent Underwriter, a digitally-native solution designed to streamline the deal-making process for both sell-side and buy-side firms underwriting private credit transactions.
Using Percent Underwriter, Quiq Capital benefited from a direct view into the order book building process. Ultimately, nearly 100 investors submitted orders resulting in a 1.6x oversubscription rate for Quiq’s inaugural offering. The depth of the order book supported an offering upsize to $1.97 million at a 20% APY.
“I am incredibly impressed with the Percent team, their technology suite, and how quick the go-to-market process was for our first deal,” said Andrew Sklover, Co-Founder and CEO of Quiq Capital. “Their platform is efficient and straightforward, eliminating many sunk costs, and their syndication process and cross-market data analysis bring a level of transparency to the private debt market that has never existed before. Percent has created a pathway to greater profitability for Quiq Capital, and we look forward to continuing to bring deals to the Percent platform.”