Exclusive: NXT Capital shuts down venture lending unitJanuary 22, 2014: 11:22 AM ET
Commercial finance company kills off its venture debt business.
FORTUNE -- NXT Capital has quietly chosen to shut down its venture lending program, Fortune has learned.
The group provided senior and subordinated term loans of between $1 million and $20 million to companies that ranged from pre-revenue startups to VC-backed growth-stage companies. Its website lists 24 active portfolio companies, including mBlox, ThreatMetrix and Zimbra.
An NXT spokeswoman did not provide an explanation for the decision, except to say that the firm will be "redeploying the capital to other NXT Capital growth initiatives."
No word yet on what happens to the six-person team, although for right now it appears they are sticking around to manage the existing portfolio.
Jan Haas, the group's senior managing director, declined to comment.
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