Business
Runway Growth Capital Announces a Senior Secured Term Loan of $50 Million to Madison Reed
Runway's Flexible Growth Capital to Aid in the Expansion of The Premium Hair Color Product Brand WOODSIDE, Calif., Feb. 9, 2023 /PRNewswire/ -- Runway Growth
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Runway's Flexible Growth Capital to Aid in the Expansion of The Premium Hair Color Product Brand\nWOODSIDE, Calif., Feb. 9, 2023 /PRNewswire/ -- Runway Growth Capital LLC (\"Runway\"), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan commitment of $50 million to Madison Reed, a digitally enabled omni-channel prestige hair color company predominantly focused on women. \n\n \n \n \n \n \n \n\n \nThe funding will be used to grow customer acquisition, expand retail channels, and continue to expand the network of more than eighty hair color bars (stores) nationally. Runway's non-dilutive growth loan will provide Madison Reed with needed late-stage growth capital.\n\"We are excited to partner with the premier brand in the beauty space,\" said Brian Sapp, Managing Director at Runway. \"Madison Reed has proven success through its omni-channel distribution network that allows customers to reach its products through a direct-to-consumer subscription, at branded hair color bars, and on the shelves of major national retailers. We have seen the substantial growth the brand has had since inception, and Runway is eager to be a part of their next evolution.\"\n\"We were impressed with the speed in which Runway was able to provide flexible working capital and their partnership approach, and we were extremely interested in the non-dilutive nature of the loan,\" said Amy Errett, Founder and CEO of Madison Reed. \"This deal with Runway will help us take Madison Reed to the next level in building the prestige brand in Hair Color.\" \nAbout Runway Growth Capital LLC\nRunway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of $10 million to $100 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.\nForward-Looking Statements\nStatements included herein may constitute \"forward-looking statements\...