Runway Growth Capital Provides $23 Million Growth Investment to Snap! Mobile

Rhea-AI Summary

Runway Growth Capital has announced a $23 million growth capital commitment to Snap! Mobile, a leading fundraising platform for schools and organizations. Snap! has helped raise over $900M for 125,000+ groups and teams, reaching 12.5M+ participants and donors. The platform provides comprehensive software solutions for athletic directors and coaches, including account disbursements, scheduling, communications, and team store management. The funding will enable Snap! to expand its digital platform and support more schools in their fundraising efforts.

Positive

• Successfully raised over $900M for 125,000+ groups and teams
• Extensive reach with 12.5M+ participants and donors
• Secured $23M growth capital investment for expansion

Negative

• None.

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On the day this news was published, RWAY declined 0.57%, reflecting a mild negative market reaction.

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The funding will enable Snap! Mobile to cement its market leadership position and expand its reach to support more schools and organizations in need of effective fundraising solutions.

MENLO PARK, Calif., Nov. 13, 2024 /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, announced today a $23 million growth capital commitment to Snap! Mobile ("Snap!"), a leading fundraising platform for schools and organizations to support their sports teams, groups, and clubs. The funding will enable Snap! to expand its innovative digital platform and empower more organizations to raise critical funds for high school athletics and other extracurricular activities.

"We're thrilled to partner with Snap! to support their continued growth and help scale their impact on schools' sports teams and clubs across the country," said Jeff Goldrich, Managing Director at Runway. "Their platform and leadership team have transformed fundraising by making it safer and easier for communities nationwide to rally behind students and supplement budget shortfalls with private funding. We're confident in Snap!'s ability to expand their reach, helping to deliver even more opportunities to more students, with this investment."

Snap! has emerged as a market leader in the digital fundraising space, providing innovative solutions to students and organizations to help meet their financial needs safely and efficiently. To date, Snap! has helped raise over $900M for 125,000+ groups and teams, across 12.5M+ participants and donors. Beyond fundraising, Snap! also provides a full suite of software solutions to help manage the day-to-day needs of athletic directors, coaches, and other leaders, from account disbursements to scheduling, internal and external communications, fan engagement, and the team store. With a strong focus on supporting students, Snap! continues to develop seamless ways to foster community engagement while prioritizing the success of students and athletes.

"We're incredibly grateful for Runway's support and belief in our mission," said Cole Morgan, CEO of Snap! Mobile. "This new capital will allow us to enhance our platform, broaden our customer base, and drive forward our vision of ensuring that every young person has access to the athletics and activities that are so crucial to their development."

Runway's investment underscores its commitment to backing high-growth companies with flexible financing solutions, enabling them to scale with minimal dilution.

About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment adviser 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 a target of $30 million to $150 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 www.runwaygrowth.com.

About Snap! Mobile, Inc.
Snap! Mobile has been proudly supporting programs around the country with simple and dependable services since 2014. Snap! Raise has raised $900 million dollars for over 125,000 groups and teams through over 12.5 million participants and donors. In addition to the Snap! Raise fundraising solution, Snap! Mobile further supports schools, groups, and teams with its other brands and products: Snap! Spend (transparent money management solution), Snap! Store (spirit wear), FanX, and Snap! Manage (integrated scheduling, communication, and registration solution). For more information on Snap!, visit snapraise.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's filings with the Securities and Exchange Commission. Runway 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.

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SOURCE Runway Growth Capital LLC

FAQ

How much funding did Runway Growth Capital provide to Snap! Mobile (RWAY)?

Runway Growth Capital provided a $23 million growth capital commitment to Snap! Mobile.

How many groups and teams has Snap! Mobile helped through Runway's (RWAY) investment platform?

Snap! Mobile has helped over 125,000 groups and teams, reaching more than 12.5 million participants and donors.

How much total funding has been raised through Snap! Mobile's platform backed by Runway (RWAY)?

Snap! Mobile has helped raise over $900 million through its fundraising platform.