- Completed Six Investments in New and Existing Portfolio Companies
- Achieves record quarterly and annual loan origination volume of
- Total Loan Commitments and Funded Investments Grow To
“Runway delivered record fourth quarter and full-year originations underpinned by our focus on credit quality while supporting the expansion initiatives of high-growth businesses and talented entrepreneurs,” said
Originations
In the fourth quarter of 2021, Runway Growth funded six investments: three investments in new portfolio companies, and three new investments in existing portfolio companies. These include:
- Completion of a new
$75 million senior secured term loan commitment toVTX Holdings, LLC dba VertexOne (“VertexOne”), funding$75 million at close. Founded more than 20 years ago and based inRichardson, Texas , VertexOne is a leading provider of software as a service (“SaaS”) applications and services for the critical businesses processes of utilities. The services include system implementation, application, maintenance and support, software development, analytics, mobile work force data management systems, and customer implementation systems. The company serves more than 200 gas, electric, and water utility customers; - Completion of a new
$30 million senior secured term loan commitment toEpic IO Technologies, Inc. (“Epic IO”), funding$19 million at close. Founded in 2001 and located inFort Mill, South Carolina , EPIC IO is the global technology holding company for IntelliSite and Broad Sky Networks. The company is focused on wireless connectivity and solutions powered by artificial intelligence (AI) and Internet of Things (IoT), that seek to make its customers safer, smarter and more connected; - Completion of a new
$13 million junior secured term loan commitment toDejero Labs, Inc. (“Dejero”), funding$13 million at close. Founded in 2008 and located inWaterloo, Ontario , Dejero provides reliable connectivity anywhere by aggregating diverse connectivity paths including LTE and 5G cellular, satellite and broadband into a virtual ‘network of networks’ to deliver enhanced reliability, expanded coverage, and greater bandwidth using cloud-based technology; - Providing a new
$50 million senior secured term loan commitment to existing portfolio company,INRIX Inc. (“INRIX”), funding$40 million at close, which refinanced and upsized the company’s previous$30 million senior secured term loan. INRIX is a global leader in connected car services and transportation analytics. Leveraging big data and the cloud, INRIX delivers comprehensive services and solutions to help move people, cities and businesses forward; - Providing a new
$40 million senior secured term loan commitment to existing portfolio company,Allurion Technologies, Inc. (“Allurion”), funding$25 million at close, which refinanced and upsized the company’s previous$20 million senior secured term loan. Allurion was founded in 2009 with one mission: end obesity. The Allurion Program combines medical, digital, and nutritional approaches and engages an entire team to jumpstart weight loss and form lifelong healthy habits; and - Providing
$8.1 million of new and$8.8 million in follow-on senior secured term loans to existing portfolio companyMarley Spoon in support of continued organic growth and their acquisition of Australian ready-to-heat meal companyChefgood Pty Ltd.
Liquidity Events
During the fourth quarter ended
Credit Sesame, Inc. (“Credit Sesame”). During the quarter, Credit Sesame prepaid its outstanding principal balance of$43.2 million including interest and associated fees. Runway Growth continues to hold equity warrants in Credit Sesame;- Ouster, Inc. (“Ouster”). During the quarter, Runway Growth liquidated its holdings in Ouster’s common stock for total proceeds of
$8.8 million ; - Echo 360
Holdings, Inc. (“Echo 360”). During the quarter, Runway Growth received gross proceeds of$0.3 million in conjunction with the cancellation of its warrant for common shares ofEcho 360 ; - In conjunction with its refinancing and upsize, INRIX prepaid its outstanding principal balance of
$30.7 million including interest and associated fees; and - In conjunction with its refinancing and upsize, Allurion prepaid its outstanding principal balance of
$20.2 million including interest and associated fees.
About
Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late-stage and growth companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth is externally managed by
Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry and the global economy. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth’s filings with the
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