April 14, 2021
Categories: Press Releases
WOODSIDE, CA, April 14, 2021—Runway Growth Credit Fund Inc. (the “Fund” or “Runway Growth”), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, provided an operational and portfolio update for the first quarter ended March 31, 2021.
“Investment activity continued at pace during the first quarter. We completed $53.3 million in loans to and other investments in new and existing portfolio companies during the first quarter. We are seeing strong interest in our life sciences vertical and demand for growth loans in the technology sector is increasing,” said Runway Growth CEO, David Spreng. “In a year challenged by economic uncertainty, market volatility, and financial hardship, we are pleased with the level of investment activity during the first quarter and our continuing support of entrepreneurs and sponsors. We continue to diversify and, during the first quarter, we expanded our portfolio with $546.6 million in loan principal outstanding to 22 companies across multiple technology and life sciences sectors in North America and the United Kingdom.”
Runway Growth funded seven loans during the first quarter ended March 31, 2021, including two investments in new portfolio companies and five follow-on investments in existing portfolio companies, as follows:
During the first quarter ended March 31, 2021, Runway Growth experienced the following partial liquidity events totaling $15.5 million, including:
Further reflecting on the first quarter, Spreng added: “We are gradually seeing a return to normalcy in our markets. We expect loan demand to continue to grow throughout the year. During 2021, we expect that the Fund’s loan commitments originated since beginning operations in December 2016 will continue to increase. We are actively seeking new investment opportunities and are engaging with entrepreneurs and sponsors to deliver new capital to support growth and help them achieve their goals.”
Runway Growth Capital LLC is
the investment advisor to Runway Growth Credit Fund Inc., a provider of growth loans
to companies seeking an alternative to raising equity. Led by industry veteran
David Spreng, the Fund provides senior term loans of $10 million to $50 million
to fast-growing companies primarily based in the United States and Canada. The
Fund is a closed-end investment fund that has elected to be regulated as a
business development company under the Investment Company Act of 1940. For more
on the Fund and its manager, Runway Growth Capital LLC, 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, 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 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.
Thomas B. Raterman, Chief Financial Officer, email@example.com
Jay Kolbe, Co-Founder and Senior Managing Partner, Impact Partners jay@Impactpartnerspr.com