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Horizon Technology Finance Provides Fourth Quarter 2020 Portfolio Update
- Originates $76.6 Million of New Loans - FARMINGTON, Conn., Jan. 13, 2021 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon,"
About this update from Horizon Technology Finance Corporation
[{"type":"text","content":"- Originates $76.6 Million of New Loans -\n\n\nFARMINGTON, Conn., Jan. 13, 2021 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) (\"Horizon,\" \"We,\" \"Our\" or the \"Company\"), 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, today provided its portfolio update for the fourth quarter ended December 31, 2020. \n\"We are pleased to have accomplished a very strong quarter of portfolio growth, originating $77 million of loans to both new and existing portfolio companies,\" said Gerald A. Michaud, President of Horizon. \"In spite of a challenging environment, Horizon's brand and platform have been able to attract and identify quality investment opportunities in companies with unique and innovative technologies, adept management and excellent growth potential. Additionally, the $17 million in loan prepayments we received during the quarter reflects the ability of our quality portfolio companies to complete exit transactions, which provide accelerated income to Horizon. We maintain a robust backlog and expanding pipeline of new investment opportunities, positioning Horizon for continued growth as we start the new year.\" \nFourth Quarter 2020 Portfolio Update\nOriginations\nHorizon funded nine loans during the fourth quarter of 2020 totaling $76.6 million, including:\n$18.0 million to a new portfolio company, Getaround, Inc., a peer-to-peer car sharing platform. $13.0 million to a new portfolio company, Alula, Inc., a designer and manufacturer of security systems sold exclusively to professional distributors and dealers. $10.0 million to a new portfolio company, a developer of a software-defined composable infrastructure platform. $10.0 million to a new portfolio company, a developer of technology that can identify any microbe in order to accelerate treatment and improve public health. $10.0 million to an existing portfolio company, Magnolia Medical Technologies, Inc., a developer of an FDA-cleared high-precision blood culture collection medical device. $7.5 million to a new portfolio company, Sonex Health, Inc., a developer of technology, education and training programs for ultrasound guided procedures. $5.0 million to a new portfolio comp...