Parts iD announces $7M in financing from Lind Partners, insiders

Parts iD announced two new funding agreements that deliver $7M in proceeds to the company. The first is a $3.75M investment by Lind Global Partners II, an investment fund managed by The Lind Partners. Two company insiders, including CEO Lev Peker and one external investor, co-invested an additional $3.25M alongside Lind. Parts iD intends to use the capital to repay and retire outstanding debt owed to JGB Capital as well as for general working capital needs. Titan Partners Group, a division of American Capital Partners, is acting as sole placement agent for the offering. The new capital obtained from Lind is in the form of a senior-secured promissory note with a 12-month maturity, 0% annual interest rate and is convertible into shares of the company’s class A common stock at the option of Lind. Lind will also receive warrants to purchase 12,837,838 shares of common stock exercisable at 50c per share. The company also has the ability to obtain up to a total of $10M of incremental senior-secured debt pursuant to the funding agreement, and expects to draw an additional $1M within 30 days of the closing.