Runway Growth Capital Announces a $75 Million Credit Facility With Brivo Systems

Rhea-AI Summary

Runway Growth Capital has secured a $75 million senior secured credit facility for Brivo Systems, a leader in cloud-based access control technologies. This funding will support Brivo's innovative ecosystem of access control solutions critical for the PropTech sector. Brivo's SaaS platform enhances security and user experience, driving organic growth. Runway's Managing Director noted Brivo's consistent performance, while Brivo's CEO highlighted Runway's tailored approach as a key factor in their partnership.

Positive

• Brivo secured a $75 million funding to enhance its cloud-based access control technologies.
• Runway recognized Brivo's strong organic growth, indicating confidence in its business model.
• Brivo's SaaS platform is widely deployed, enhancing security and user experience.

Negative

• None.

Runway's Growth Capital Will Allow Brivo to Continue Driving Transformative Growth

WOODSIDE, Calif., Nov. 8, 2022 /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 closure of a long-term senior secured credit facility of $75 million to Brivo Systems LLC ("Brivo"), a leading provider of cloud-based access control and smart building technologies. Brivo will use the capital to continue developing its successful ecosystem of access control solutions that are foundational to PropTech and widely deployed via security integration partners around the world.

Brivo Access, the company's SaaS-based enterprise platform, enables property owners and managers to view, control, and analyze security events and occupancy trends across all assets in their portfolio. It also enhances the experience of building occupants, vendors, and guests with touch-free opening of doors using wirelessly distributed mobile phone-based digital credentials. Full platform capabilities include access control, data analytics, AI-based anomaly detection, mobile credentials, identity management, workflow automation APIs, video surveillance, and visitor and delivery management.

"We are excited to support Brivo and its continued success delivering a comprehensive technology platform for commercial access and space management," said Jeff Goldrich, Managing Director, Technology at Runway. "Brivo has demonstrated remarkably consistent organic growth, which is a testament to both its product and leadership team. This deal represents an opportunity for Runway to partner with an innovative, industry-leading company in the growing PropTech sector."

"We selected Runway because they were able to deliver a flexible, custom package that met all of our needs," explained Steve Van Till, Founder and CEO of Brivo. "We know from working with the team that Runway will be a great growth partner for us."

About Runway Growth Capital LLC

Runway 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 $75 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.

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 Runway Growth's filings with the Securities and Exchange Commission. Runway Growth 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.

About Brivo

Brivo, Inc., created the cloud-based access control and smart spaces technology category over 20 years ago and remains the global leader serving commercial real estate, multifamily residential, and large distributed enterprises. The company's comprehensive product ecosystem and open API provide businesses with powerful digital tools to increase security automation, elevate employee and tenant experience, and improve the safety of all people and assets in the built environment. Brivo's building access platform is now the digital foundation for the largest collection of customer facilities in the world, occupying over 300 million square feet across 42 countries. Learn more at www.Brivo.com.

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SOURCE Runway Growth Capital LLC

FAQ

What is the significance of Runway Growth Capital's $75 million credit facility for Brivo?

The $75 million credit facility will allow Brivo to further develop its cloud-based access control technologies, enhancing its position in the PropTech sector.

How does Brivo's SaaS platform contribute to its business growth?

Brivo's SaaS platform provides a comprehensive solution for security and occupancy analysis, driving organic growth and improving user experience.

What does Runway Growth Capital's partnership with Brivo indicate about the latter's market position?

Runway's support reflects confidence in Brivo's innovative approach and consistent performance in the competitive PropTech industry.

Who are the key stakeholders in the partnership between Runway and Brivo?

Jeff Goldrich from Runway Growth Capital expressed support, while Brivo's CEO, Steve Van Till, emphasized the tailored nature of Runway's financial support.