Runway Growth Finance Corp. Provides Third Quarter 2024 Portfolio Update
Runway Growth Finance Corp. (Nasdaq: RWAY) provided an operational and portfolio update for Q3 2024. The company funded seven investments totaling $75.3 million, including two new portfolio companies and five existing ones. Notable investments include:
1. $23 million to Snap! Mobile, Inc. (software platform for school fundraising)
2. $45.3 million to Zinnia Corporate Holdings, (business processing for insurance industry)
3. $20 million upsized loan to Elevate Services, Inc. (legal services provider)
Liquidity events included a $75 million full repayment from CloudPay, Inc. and a $10 million assignment to their joint venture. As of September 30, 2024, Runway Growth's portfolio comprised 49 debt investments and 86 equity investments across technology, healthcare, and consumer services sectors.
Runway Growth Finance Corp. (Nasdaq: RWAY) ha fornito un aggiornamento operativo e del portafoglio per il terzo trimestre del 2024. L'azienda ha finanziato sette investimenti per un totale di 75,3 milioni di dollari, includendo due nuove aziende nel portafoglio e cinque esistenti. Tra gli investimenti rilevanti ci sono:
1. 23 milioni di dollari a Snap! Mobile, Inc. (piattaforma software per raccolte fondi scolastiche)
2. 45,3 milioni di dollari a Zinnia Corporate Holdings, (elaborazione aziendale per l'industria assicurativa)
3. 20 milioni di dollari in un prestito aumentato a Elevate Services, Inc. (fornitore di servizi legali)
Gli eventi di liquidità hanno incluso un rimborso completo di 75 milioni di dollari da CloudPay, Inc. e un assegnazione di 10 milioni di dollari alla loro joint venture. Al 30 settembre 2024, il portafoglio di Runway Growth comprendeva 49 investimenti in debito e 86 investimenti in equity nei settori della tecnologia, della sanità e dei servizi al consumatore.
Runway Growth Finance Corp. (Nasdaq: RWAY) proporcionó una actualización operativa y de cartera para el tercer trimestre de 2024. La compañía financió siete inversiones por un total de 75,3 millones de dólares, incluyendo dos nuevas empresas en cartera y cinco existentes. Las inversiones notables incluyen:
1. 23 millones de dólares a Snap! Mobile, Inc. (plataforma de software para recaudación de fondos escolares)
2. 45,3 millones de dólares a Zinnia Corporate Holdings, (procesamiento de negocios para la industria de seguros)
3. 20 millones de dólares en un préstamo ampliado a Elevate Services, Inc. (proveedor de servicios legales)
Los eventos de liquidez incluyeron un reembolso completo de 75 millones de dólares de CloudPay, Inc. y una asignación de 10 millones de dólares a su empresa conjunta. A 30 de septiembre de 2024, la cartera de Runway Growth estaba compuesta por 49 inversiones en deuda y 86 inversiones en capital en los sectores de tecnología, salud y servicios al consumidor.
Runway Growth Finance Corp. (Nasdaq: RWAY)는 2024년 3분기 운영 및 포트폴리오 업데이트를 제공했습니다. 이 회사는 7개 투자에 총 7530만 달러를 투자했으며, 이에는 두 개의 신규 포트폴리오 회사와 다섯 개의 기존 회사가 포함됩니다. 주목할 만한 투자에는 다음이 포함됩니다:
1. Snap! Mobile, Inc.에 2300만 달러 (학교 기금 마련을 위한 소프트웨어 플랫폼)
2. Zinnia Corporate Holdings에 4530만 달러 (보험 산업을 위한 비즈니스 프로세싱)
3. Elevate Services, Inc.에 2000만 달러 증가된 대출 (법률 서비스 제공업체)
유동성 이벤트로는 CloudPay, Inc.로부터의 7500만 달러의 전액 상환과 그들의 합작 투자에 대한 1000만 달러의 배정이 포함되었습니다. 2024년 9월 30일 현재 Runway Growth의 포트폴리오는 기술, 헬스케어 및 소비자 서비스 부문에서 49개의 부채 투자와 86개의 자본 투자로 구성되어 있었습니다.
Runway Growth Finance Corp. (Nasdaq: RWAY) a fourni une mise à jour opérationnelle et de portefeuille pour le troisième trimestre 2024. L'entreprise a financé sept investissements pour un total de 75,3 millions de dollars, comprenant deux nouvelles entreprises dans le portefeuille et cinq existantes. Parmi les investissements notables, on trouve :
1. 23 millions de dollars à Snap! Mobile, Inc. (plateforme logicielle pour la collecte de fonds scolaires)
2. 45,3 millions de dollars à Zinnia Corporate Holdings, (traitement des affaires pour l'industrie de l'assurance)
3. 20 millions de dollars en prêt majoré à Elevate Services, Inc. (fournisseur de services juridiques)
Les événements de liquidité comprenaient un remboursement intégral de 75 millions de dollars de CloudPay, Inc. et une cession de 10 millions de dollars à leur coentreprise. Au 30 septembre 2024, le portefeuille de Runway Growth comprenait 49 investissements en dettes et 86 investissements en fonds propres dans les secteurs de la technologie, de la santé et des services aux consommateurs.
Runway Growth Finance Corp. (Nasdaq: RWAY) hat ein operationales und Portfolio-Update für das dritte Quartal 2024 bereitgestellt. Das Unternehmen hat sieben Investitionen in Höhe von insgesamt 75,3 Millionen US-Dollar finanziert, darunter zwei neue Portfoliounternehmen und fünf bestehende. Bemerkenswerte Investitionen umfassen:
1. 23 Millionen US-Dollar in Snap! Mobile, Inc. (Softwareplattform für Schul fundraising)
2. 45,3 Millionen US-Dollar in Zinnia Corporate Holdings, (Geschäftsprozess für die Versicherungsbranche)
3. 20 Millionen US-Dollar aufgestockter Kredit an Elevate Services, Inc. (Anbieter von Rechtsdienstleistungen)
Liquiditätsereignisse beinhalteten eine volle Rückzahlung von 75 Millionen US-Dollar von CloudPay, Inc. und eine 10 Millionen US-Dollar Zuweisung an ihr Joint Venture. Zum 30. September 2024 umfasste das Portfolio von Runway Growth 49 Schuldeninvestitionen und 86 Eigenkapitalinvestitionen in den Bereichen Technologie, Gesundheitswesen und Verbraucherdienste.
- Funded $75.3 million in new investments across seven transactions
- Secured full principal repayment of $75 million from CloudPay, Inc.
- Expanded portfolio with two new companies in growing sectors
- Upsized existing loan to Elevate Services, Inc. by $20 million
- None.
Insights
Runway Growth Finance Corp.'s Q3 2024 update showcases a strategic expansion of its investment portfolio. The company funded seven investments totaling
- A
$23 million investment in Snap! Mobile, Inc. - A
$45.3 million investment in Zinnia Corporate Holdings, - An additional
$20 million to existing portfolio company Elevate Services, Inc.
The company also experienced significant liquidity events, including a
This update indicates Runway Growth's disciplined approach to investment and its commitment to generating solid risk-adjusted returns for shareholders. The company's strategy of targeting late- and growth-stage companies in fast-growing sectors positions it well for potential long-term growth and stability in the venture debt market.
- Completed Seven Investments in New and Existing Portfolio Companies Representing
$75.3 Million in Funded Investments
MENLO PARK, Calif., Oct. 08, 2024 (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 third quarter ended September 30, 2024.
“Runway Growth added attractive investments with new and existing portfolio companies in the third quarter as we seek to drive measured and strategic growth,” said David Spreng, Founder and CEO of Runway Growth. “We are pleased to announce two new investments during the quarter, which we believe embody our focus on high-quality, late and growth-stage companies in the fastest growing sectors of the economy. Runway Growth is positioned to execute disciplined investments, support our existing borrowers and generate solid risk-adjusted returns for our shareholders in the long term.”
Originations
In the third quarter of 2024, Runway Growth funded seven investments: two investments in new portfolio companies and five investments in existing portfolio companies. These include:
- Completion of a new
$23.0 million investment to Snap! Mobile, Inc. (“Snap”), funding$18.0 million at close. Snap offers a software platform designed to help schools, clubs, and teams fundraise, manage their rosters, communicate with parents and fans, and sell merchandise; - Completion of a new
$45.3 million investment to Zinnia Corporate Holdings, LLC (“Zinnia”), funding$40.0 million at close. Zinnia provides business processing and technology solutions to the life insurance and annuity industry. Zinnia’s range of solutions includes distribution services and new business issuance, administration processing and call center operations, as well as compliance, fulfillment, and quality assurance services; - Completion of a new
$20 million investment to existing portfolio company Elevate Services, Inc. (“Elevate”), funding$6.0 million during the quarter, which upsized Elevate’s previous$20 million senior secured term loan. Elevate is a global alternative legal services provider and legal process outsourcer that serves members of the Fortune 500 and 60+ global law firms with outsourced consultancy, technology, and managed services. Elevate has a suite of products and services across several different operating business units including contracts, contract lifetime management and insights, ElevateNext, med legal, ElevateFlex, consulting, and software; - Completion of follow-on investments with an aggregate amount of
$6.3 million to two existing portfolio companies; and - During the quarter Runway-Cadma I LLC (the “JV”), our joint venture with Cadma Capital Partners LLC, purchased a portion of our Airship Group, Inc. loan, amounting to a
$5.0 million equity investment in the JV subsidiary.
Liquidity Events
During the third quarter ended September 30, 2024, Runway Growth experienced the following liquidity events:
- Full principal repayment of the Company’s senior secured term loan to CloudPay, Inc. of
$75.0 million ; - An assignment of
$10.0 million of the Company’s investment in Airship Group, Inc. to the JV; and - Other scheduled principal amortization of
$0.6 million .
Portfolio Construction and Management
Runway Growth is a credit-first organization, carefully structured to focus on what it believes to be the highest quality, late-stage companies in the venture debt market. The Company is committed to upholding what it believes to be industry-leading investment standards combined with disciplined underwriting and diligent monitoring of its portfolio. Runway Growth is positioned as a preferred lender in the venture debt space, supporting and working closely with companies to help them reach their full growth potential. Since inception, the Company has focused on the fastest growing sectors of the economy, including healthcare, technology and select consumer services and products industries.
As of September 30, 2024, the Runway Growth portfolio included 49 debt investments to 32 portfolio companies and 86 equity investments in 53 portfolio companies, including 28 portfolio companies where Runway Growth holds both a debt and equity investment. Investments were comprised of late and growth-stage businesses in the technology, healthcare and consumer services and products industries. Runway Growth’s normal business operations include frequent communication with portfolio companies.
About Runway Growth Finance Corp.
Runway Growth is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth is externally managed by Runway Growth Capital LLC, an established registered investment advisor that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit 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.
Important Disclosures
Strategies described involve special risks that should be evaluated carefully before a decision is made to invest. Not all of the risks and other significant aspects of these strategies are discussed herein. Please see a more detailed discussion of these risk factors and other related risks in the Company’s most recent annual report on Form 10-K in the section entitled “Risk Factors”, which may be obtained on the Company’s website, www.runwaygrowth.com, or the SEC’s website, www.sec.gov.
IR Contacts:
Stefan Norbom, Prosek Partners, snorbom@prosek.com
Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, tr@runwaygrowth.com
FAQ
How many investments did Runway Growth Finance (RWAY) make in Q3 2024?
What was the total value of investments funded by Runway Growth Finance (RWAY) in Q3 2024?
What major liquidity event did Runway Growth Finance (RWAY) experience in Q3 2024?
How many portfolio companies did Runway Growth Finance (RWAY) have as of September 30, 2024?
