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Runway Growth Finance Corp. Provides First Quarter 2023 Portfolio Update
Completed Seven Investments in Existing Portfolio Companies Representing $12.9 Million in Funded Loans WOODSIDE, Calif., April 06, 2023 (GLOBE NEWSWIRE) --
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Completed Seven Investments in Existing Portfolio Companies Representing $12.9 Million in Funded Loans WOODSIDE, Calif., April 06, 2023 (GLOBE NEWSWIRE) -- Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth” or the “Company”), a leading provider of flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity, today provided an operational and portfolio update for the first quarter ended March 31, 2023. “Runway Growth is well positioned to execute its patient and disciplined lending strategy to late-stage growth companies,” said David Spreng, Founder and CEO of Runway Growth. “We believe our focus on providing minimally dilutive growth capital to high-quality companies in the sectors we know best will demonstrate near-term resilience. Management quickly responded to the recent disruptions in the operating environment to preserve our conservative lending standards and fortify our portfolio, which is nearly 100% senior secured, first lien loans. As economic uncertainty heightens, we have redoubled our efforts to stay close to our portfolio companies and will continue to prioritize active communication with our borrowers. Runway Growth is open for business. We will selectively deploy capital to grow our portfolio and support the venture debt ecosystem.” Runway Growth’s net originations totaled $2.8 million in the first quarter of 2023. Originations In the first quarter of 2023, Runway Growth funded seven new investments in existing portfolio companies. These include: Completion of a $4 million follow-on investment to existing portfolio company Brivo Systems, LLC (“Brivo”). Brivo is an access control company that provides a comprehensive, cloud-based digital platform, which improves security, tenant experience, owner economics and data insights for large enterprise, commercial and multifamily properties;Completion of $4 million follow-on investments through three additional advances to existing portfolio company Epic IO Technologies, Inc. (“Epic IO”). Epic IO is the global technology holding company for IntelliSite and Broad Sky Networks. Epic IO is focused on wireless connectivity and solutions powered by AI and Internet of Things (IoT) that seek to make customers safer, smarter, and more connected;Completion of a $3 million follow-on investment to existing portfolio company Extensi...