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Horizon Technology Finance Provides $25 Million Venture Loan Facility to Getaround
FARMINGTON, Conn., Nov. 12, 2020 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"FARMINGTON, Conn., Nov. 12, 2020 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) (\"Horizon\"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it has provided a $25 million venture loan facility to Getaround, Inc. (\"Getaround\").\nGetaround provides a peer-to-peer car sharing platform where individuals can share their car by the day or the hour, tapping into the 22+ hours per day most cars sit idle and disrupting the $100 billion global rental and mobility markets. Getaround has become a recognized leader in car sharing, growing its presence to over 300 U.S. and European cities, and is backed by premier tech investors including Reinvent Capital, PeopleFund, Softbank Vision Fund, Menlo Ventures and Braemar Energy Ventures. Getaround will use the loan proceeds for general working capital purposes.\n\"Getaround is changing the way people think about renting and sharing cars through their seamless and easy-to-use technology platform,\" said Gerald A. Michaud, President of Horizon. \"They have done an excellent job adapting to the current challenging environment and their innovative technology leaves them poised to embark on their next phase of growth. We are excited to support Getaround as they progress toward becoming a global leader in mobility.\" \n\"We are very appreciative of Horizon's support and confidence in Getaround being the future of mobility,\" said Sam Zaid, Founder and Chief Executive Officer at Getaround. \"Our pioneering contactless solution enables people across the globe to carshare safely during the pandemic. Horizon's investment will help us further accelerate our growth.\"\nArmentum Partners served as financial advisor to Getaround in connection with this financing.\nAbout Horizon Technology Finance\nHorizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the de...