Prior to 2017, Mojix was exclusively a provider of hardware-based RFID inventory management solutions. Runway provided $10 million in minimally dilutive capital to help fund its expansion into a SaaS business.
To aid this transition, Mojix acquired a complementary business in France. Shortly thereafter, the company unexpectedly ran into a liquidity crunch.
Based on a strong belief in the talent and vision of the CEO of Mojix, Runway patiently worked with the company and its sponsors to provide covenant relief and extend cash runway, while it dealt with challenges stemming from the recent acquisition. As cash shortfall continued to persist, Runway supported the company through a restructuring of the cap table.
After four years of working with the company through liquidity challenges and a pivot to a SaaS model, Runway helped facilitate a sale of the business resulting in a favorable outcome for all parties involved.
“Without Runway’s partnership, we would not have been able to achieve the significant growth and success that we did, especially during a critical transition period. I wouldn’t hesitate to recommend them to fellow entrepreneurs seeking growth capital.”
-Dan Doles, CEO*
*Dan Doles is not a current client of Runway Growth Capital (“Runway”) or a current investor in any private fund managed by Runway. Mr. Doles has not received any compensation with regard to the statements made.