April 6, 2021
WOODSIDE, Calif., April 6, 2021 – 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 the close of a senior secured term loan of $25 million to Allurion Technologies, a pioneering leader in the development of innovative, scalable and trusted weight loss experiences. The growth capital is expected to be used to fuel Allurion’s global expansion.
The Allurion™ Weight Loss Program features the Elipse® Balloon — the world’s first and only procedureless™ medical device for weight loss — as well as the Allurion® Virtual Care Suite of wearables and AI-powered software that provide real-time insights to both patients and providers. In clinical trials, the Allurion Program has led to approximately 30 pounds (15 kilograms) of weight loss in just four months.
The Elipse Balloon does not require endoscopy or anesthesia and is typically administered in a 15-minute outpatient visit. Allurion’s Virtual Care Suite works hand-in-hand with the Elipse Balloon to provide a 360-degree experience by integrating various devices—including a smart watch and body composition scale—into a digital experience that enables providers to deliver better care that has ultimately led to better outcomes.
“We are looking forward to partnering with the Runway team to further accelerate our growth and expand our global reach,” said Shantanu Gaur, M.D., Co-Founder and CEO of Allurion Technologies, Inc. “We were attracted to Runway’s proven history of supporting life sciences companies and their desire to deeply understand our business. With their support, we will be able to take our unique blend of innovative weight loss devices and services to the next level.”
According to the International Journal of Obesity, there are 2 billion people globally who are overweight, with the number projected to grow to 3 billion by 2030. The Allurion Program is currently available in over 40 countries, and over 40,000 patients have been treated to date.
“We are proud to support Allurion with this $25 million loan, to help the company build on their global success and develop a pathway to US approval, enabling them to further impact the global problem of obesity,” said Rob Lake, Managing Director and Head of Life Sciences at Runway. “By teaming with Allurion, Runway adds a layer of diversity to the firm’s rapidly growing life sciences portfolio of innovative companies.”
Armentum Partners served as the financial adviser to Allurion in connection with this financing.
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Credit Fund Inc., 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 $70 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.
Allurion Technologies is dedicated to helping people realize a healthy life with innovative, scalable and trusted weight loss experiences. The company’s flagship product, the Allurion Program, is a 360-degree weight loss experience featuring the Elipse Balloon, the world’s first and only swallowable, procedureless gastric balloon for weight loss, the Allurion Honeymoon from Hungernutritional and behavior change program, and the Allurion Virtual Care Suite including the Allurion Connected Scale, Allurion Health Tracker smartwatch, Allurion mobile app, Allurion Clinic Dashboard and Allurion Insights Portal. Learn more about Allurion online at www.allurion.com. Allurion and Elipse are trademarks of Allurion Technologies, Inc. in the United States and countries around the world.
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, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business, our portfolio companies, our industry, and the global economy. 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 filings with the Securities and Exchange Commission made by funds that Runway manages. 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.