Twelve has provided Spines with a $35m non-dilutive marketing capital facility, part of a $64m financing package.
Twelve is a New York-based credit firm that provides marketing capital to apps, games, consumer brands and SaaS companies. It funds their customer-acquisition spend and is repaid from the revenue that spend generates.
The package also includes a $29m Series A-1 led by Zeev Ventures, with participation from Aleph, NordStar, M-Fund, LionTree and angel investor Dan Senor. Tenor, pricing and warrant terms for the debt were not disclosed.
Spines is an agentic AI publishing platform based in Tel Aviv and New York. It was founded in 2021 by Yehuda Niv and co-founders; Niv previously founded Niv Publishing in Israel.
The company said it is at a $50m revenue run rate, up 400% year on year. Fortune reported that Spines has published more than 8,000 American authors, adds about 400 new authors a month and has roughly 12,000 titles.
Fortune reported that the debt facility will fund growth, while the equity will be used to build product and expand beyond the US into the UK, Canada and Australia.
Spines previously raised a $6.5m seed round in April 2024 led by Aleph, followed by a $16m Series A in November 2024 led by Zeev Ventures. Total capital raised is now about $86m including the new package.
Spines founder and CEO Yehuda Niv told Calcalist, "I would rather take on debt and pay interest. For us, debt is a form of smart financial engineering."