WOODSIDE, Calif., AUGUST 16, 2022 – Runway Growth Capital LLC (“Runway” or the “Company”), a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, announced today that it has hired Ted Cavan as Managing Director, Technology.
Cavan will operate out of Boston and report directly to Founder, Chief Executive Officer, and Chief Investment Officer, David Spreng. As a member of Runway’s origination team, Cavan will engage with a broad array of late and growth-stage technology companies, focusing on enterprise software. He brings to Runway a decade of experience helping businesses advance their goals using venture and growth debt.
“Ted is well connected in the technology and venture communities, particularly in the Northeast. His background working with banks and specialty finance lenders will be invaluable, as he aims to leverage his network to originate new deals among late and growth-stage companies,” said Spreng. “Ted has proven to be exceptional in Runway’s sweet spot, working with management teams from later-stage companies to strategically deploy capital.”
“I am very impressed with the Runway team and platform; the team is very thoughtful, collaborative, disciplined, and highly professional. I look forward to joining such a terrific group and helping build out their already top-notch platform,” explained Cavan. “With such a robust ecosystem of universities, research institutions, and venture capital, the Northeast is an incredible market for the type of strategic capital Runway provides. Non-bank lenders can be an attractive alternative to traditional capital sources – offering borrowers flexible terms and larger loan amounts, without the governance strings associated with equity financing or the strict credit guidelines of a bank. Runway has the team, experience, and approach to help late and growth-stage businesses achieve their most critical goals.”
Cavan most recently held the position of Senior Vice President at Stifel, where he led the Boston area technology practice of its Venture Banking and Lending Group. In his role, Cavan was responsible for sourcing promising investment opportunities, building relationships with management teams, crafting deal terms, and actively managing a portfolio of senior debt investments ranging from $1M – $50M. He previously worked for TriplePoint Capital as a Vice President, where he became Principal and was part of a two-person team responsible for launching TriplePoint’s East Coast efforts in 2015. Prior to that, he was a Vice President at Square 1 Bank, responsible for origination, due diligence, deal execution, and portfolio management of more than $150M of loans ranging from $250K – $20M.
Cavan completed his undergraduate degree at Skidmore College, before receiving his Master of Business Administration from the University of Virginia Darden Graduate School of Business Administration.
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 $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.