WOODSIDE, Calif., January 4, 2023 – 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 closing of a senior secured term loan of $25 million to Vesta, a leading global transaction guarantee platform for online purchases. The non-dilutive financing will provide Vesta with additional working capital to support growth.
Vesta’s instant transaction guarantee platform, backed by years of transactional data history, uses machine learning to enable unparalleled approval rates and a better customer experience for online purchases, all while reducing retailers’ exposure to fraud-related costs. Around the world, leading telco, e-commerce, travel, and financial services companies trust Vesta’s platform to enhance approvals for legitimate sales and eliminate chargebacks and other forms of digital fraud.
“We are excited to provide additional capital to enhance Vesta’s growth and support the development of a thoughtful and strategic product roadmap,” said Brad Pritchard, Managing Director at Runway. “When it comes to operations, Vesta has built a high-quality client base in a range of key verticals such as telco, e-commerce, travel and financial services.”
“Runway is the perfect growth partner; they understand our needs, the changing commerce market, and the long-term trajectory of our business,” explained Ron Hynes, Chief Executive Officer of Vesta. “Runway stood out due to the close relationships we’ve formed with their team and because we have found the firm to be a diligent, steady partner who will help us grow aggressively with minimal dilution and thoughtfully structured terms.”
About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, 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 $100 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.
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.
About Vesta
Vesta is a leading global transaction guarantee platform for online purchases, delivering unparalleled approval rates and a frictionless customer experience while eliminating fraud for leading brands in telco, ecommerce, travel, and financial services. Using strong data science and advanced machine learning backed by 26 years of experience, companies around the world rely on Vesta to increase the completion of legitimate sales and eliminate chargebacks and other forms of digital fraud in real time. Vesta delivers 100% liability-free transaction and revenue protection, allowing merchants to focus on growing their business. The company is headquartered in Portland, OR, with offices in Atlanta, Miami, Ireland, Mexico, and Singapore. For more information visit www.vesta.io