January 5, 2022
WOODSIDE, California, January 5, 2022 – 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 close of a senior secured term loan commitment of $65 million to Snagajob.com, Inc. (“Snagajob”), the nation’s largest marketplace for hourly jobs and shifts. Partnering with 24 of the top 25 hourly-work employers and thousands of small businesses, Snagajob connects 6 million job seekers a month with well-matched job opportunities. Snagajob’s mission is to help hourly workers fulfill life goals, gaining flexibility and control over how, when, and where they work.
The Snagajob deal marks another investment for the expanding Runway venture debt portfolio, which seeks to capitalize on a growing market opportunity in which larger, more established businesses are seeking debt financing in order to avoid dilution and additional equity rounds.
“Snagajob is well positioned to address employment challenges and the most dynamic workforce the job market has ever seen,” said Mark Donnelly, Managing Director, Head of Origination at Runway. “We developed a multi-year relationship with the Snagajob team to fully understand the marketplace and their business, in order to structure a loan that is ideal for their needs. As a growth-stage company, it was an appropriate time for a $65 million commitment that would enable Snagajob to invest and capitalize on a unique market opportunity.”
“Runway thoughtfully structured our loan, taking time to understand our business and the unique opportunity we had to capture market share,” said Mathieu Stevenson, CEO of Snagajob. “Runway is an engaged, long-standing partner who helped us refinance existing facilities and infuse incremental capital, to help us scale to meet this once-in-a-generation opportunity.”
The loan enables Snagajob to continue investing in its next-generation technology and drive growth on the tailwinds of an evolving hourly jobs market.
“We understand the job market and wanted to invest in technology that is helping society get back to work; especially for the hourly employees who make up a large portion of the frontline workers,” explained Donnelly. “For the foreseeable future it will be a challenge to find the best hourly wage talent, making it essential to improve the systems candidates’ and companies’ need to quickly and reliably fill these roles.”
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and Runway Growth Finance LP, 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.
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.
Snagajob is the country’s largest and most trusted marketplace for hourly jobs and work shifts. Partnering with 24 of the nation’s top 25 employers of hourly work, each month Snagajob connects over 6 million job seekers with well-matched and mutually beneficial employment opportunities. This includes teaming with thousands of diverse employers, from small businesses and mid-market companies to large enterprises. Snagajob’s mission is to give hourly workers freedom to work however they want, while helping fulfill life goals through full-time or part-time positions (all while maintaining complete control and flexibility over when and where they work). And because matchmaking is in our DNA, employers count on their jobs being seen by the right candidates at the right time. In a sea of job seekers and openings, we know there’s magic in the match. For more information, visit snagajob.com or connect via LinkedIn, Instagram, Facebook, and Twitter.