Tuesday, February 26, 2008

Portal-Tek Gets $200K In Debt

Salt Lake City, Utah-based Portal-Tek, a developer of an off-road axle for the automotive industry, has received $200,000 from venture debt provider InnoVentures Capital Partners, InnoVentures said Tuesday. According to InnoVentures, the funding came from its UTFC Fund II, and will be used to support Portal-Tek's rapid growth and development. The funding came in the form of subordinated debt.