Horizon Technology Finance Leads $30 Million Venture Loan Facility to Leading D2C Custom Furniture Business Interior Define

Rhea-AI Summary

On January 11, 2022, Horizon Technology Finance Corporation (NASDAQ: HRZN) announced the closure of a $30 million venture loan facility to Interior Define, Inc. Horizon provided $12.5 million of the initial $20 million draw, while a managed private investment vehicle funded $7.5 million. This funding supports Interior Define, a customizable D2C furniture brand, in its growth, including the opening of 30 new retail locations in 2022. The loan will enhance their product offerings and improve customer experience through an omnichannel approach.

Positive

• Secured a $30 million venture loan facility to support growth.
• Horizon provided $12.5 million in initial funding, showcasing strong investor confidence.
• Interior Define plans to open 30 new retail locations in 2022, indicating expansion.

Negative

• None.

FARMINGTON, Conn., Jan. 11, 2022 /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 closed a $30 million venture loan facility to Interior Define, Inc. ("Interior Define"), of which Horizon funded $12.5 million of the initial $20 million draw, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's advisor, funded $7.5 million.

Interior Define is a leading customizable D2C furniture brand offering thousands of upholstery items as well as dining, lighting, and decor, through both e-commerce and a rapidly expanding brick-and-mortar presence. Its made-to-order production approach offers over 150,000 specific furniture variations, enabling customers to design, personalize, and purchase furniture affordably, allowing the company to design new products more quickly and economically than competitors. The company is backed by a top-tier investor syndicate, including Pritzker Group Venture Capital and Chicago Ventures, and will use the loan proceeds for general growth and working capital purposes.

"Interior Define is redefining online shopping for furniture," said Gerald A. Michaud, President of Horizon. "By providing an immersive, omnichannel shopping environment, including the ability to consult one-on-one with a design specialist, Interior Define has found a sweet spot in creating quality products with a simple and favorable customer experience. We are excited to support Interior Define's continued growth and development."

"We appreciate Horizon's support as we continue to evolve the business, disrupt the D2C experience for customers and open 30 new Define Studio retail stores through 2022," said Antonio Nieves, Chief Executive Officer of Interior Define. "Our highly customizable products and iterative process provide consumers and the professional design community alike with incredible choice and a pleasurable buying experience both in person and online.  As a result of Horizon's investment in the business, we are able to pivot our offerings to fit our customers' needs, expanding our product portfolio, positioning us to further expand our market share in the years to come."    

About Horizon Technology Finance

Horizon 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 HRZN is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon Technology Finance Management LLC is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.

About Interior Define

Digitally native and vertically integrated brand, Interior Define, offers the most compelling and in-depth custom furniture experience in the industry. Interior Define's unique, made-to-order production approach enables customization across configuration, size, cushion fill, leg style, and fabric and leather upholstery including Oeko-Tex© Standard Certified, performance and kid- and pet-friendly options. Interior Define's omni channel approach enables customers with personalized support from Design Experts each step of the way, from designing mood boards to offering expert advice on fabric and floor plans, to help bring a design project to life. Democratizing customization fuels the Interior Define vision of providing an experience like no other for each unique living space. Visit Interior Define in Austin, TX, Atlanta, GA, Boston, MA, Charlotte, NC, Chicago, IL, Dallas, TX, Los Angeles, CA, New York, NY, Philadelphia, PA, San Francisco, CA, Seattle, WA, and Washington, DC. For more information on Interior Define, please visit www.interiordefine.com and follow Interior Define on Instagram @interiordefine.

Forward-Looking Statements

Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

Contacts:

Investor Relations:
ICR
Garrett Edson
ir@horizontechfinance.com
(860) 284-6450

Media Relations:
ICR
Chris Gillick
HorizonPR@icrinc.com  
(646) 677-1819

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SOURCE Horizon Technology Finance Corporation

FAQ

What is the significance of Horizon Technology Finance's $30 million loan to Interior Define?

The $30 million loan is intended to support Interior Define's growth and expansion plans, including the opening of 30 retail locations.

How much did Horizon Technology Finance fund for the loan to Interior Define?

Horizon Technology Finance funded $12.5 million of the initial $20 million draw from the $30 million venture loan facility.

What type of company is Interior Define?

Interior Define is a customizable D2C furniture brand that offers a wide range of upholstery items and decor.

What will Interior Define use the loan proceeds for?

Interior Define will use the loan proceeds for general growth and working capital purposes.

When was the loan facility to Interior Define announced?

The loan facility was announced on January 11, 2022.