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Runway Growth Finance Corp. Provides Second Quarter 2023 Portfolio Update
Completed Four Investments in Existing Portfolio Companies Representing $50.9 Million in Funded Loans WOODSIDE, Calif., July 11, 2023 (GLOBE NEWSWIRE) --
About this update from Runway Growth Finance Corp.
[{"type":"text","content":"Completed Four Investments in Existing Portfolio Companies Representing $50.9 Million in Funded Loans\nWOODSIDE, Calif., July 11, 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 second quarter ended June 30, 2023. “Runway Growth continues to be disciplined as we prudently expand our portfolio made up of the latest-stage companies in the industries we know best,” said David Spreng, Founder and CEO of Runway Growth. “Our team has maintained a robust pipeline in the first half of 2023 with ample deal flow across all of our key sectors. In parallel, we have been rigorous in our evaluation efforts, incrementally increasing our credit standards in pursuit of only the highest quality companies given recent industry disruptions. Notably, subsequent to quarter end we completed a $20 million investment in Elevate Services, Inc. (“Elevate”), a global alternative legal services provider that supports law firms by driving efficiencies for superior business outcomes. The investment in Elevate was part of a $40 million co-investment with funds on the Runway platform. Runway Growth will continue to be thoughtful as we assess opportunities and actively manage our portfolio. Both our strong pipeline and ongoing engagement with portfolio companies give us confidence in the venture capital ecosystem. Runway Growth is poised to capitalize on select opportunities in the second half of 2023.” Originations In the second quarter of 2023, Runway Growth funded four new investments in existing portfolio companies. These include: Completion of a $15 million follow-on investment to existing portfolio company CloudPay, Inc. (“CloudPay”). CloudPay provides a cloud-based proprietary platform for global payroll and treasury services;Completion of a $20 million follow-on investment to existing portfolio company EBR Systems, Inc. (“EBR Systems”) (ASX: EBR). EBR Systems is a clinical-stage medical device company that has developed the only leadless pacemaker for the left ventricle to assist in cardiac resynchronization therapy (“CRT”);Completion of a $2 million follow-on investment to existing portfolio company Epic IO Technolo...