Runway Growth Finance provides Q3 portfolio update

Runway Growth Finance provided an operational and portfolio update for the third quarter ended September 30, 2023. “Runway Growth’s focus on partnership with its portfolio companies continues to generate investment opportunities that will aid in realizing the full earnings potential of its credit-first portfolio,” said Greg Greifeld, acting CEO of Runway Growth, Deputy CIO and Head of Credit of Runway Growth Capital. “Third quarter prepayments have further strengthened our balance sheet and positioned Runway Growth with ample capital to re-deploy in attractive deals as the market becomes more lender friendly. Our team remains patient, as seen through our high-conviction originations activity, which is in line with Runway Growth’s strategy to mitigate losses and drive consistent returns. Our robust pipeline gives us confidence that Runway Growth will participate in strong financing solutions with appropriate structuring and covenant packages. Runway Growth has dry powder and remains confident in its ability to offer non-dilutive growth capital to companies seeking to fuel future growth.” In the third quarter of 2023, Runway Growth funded six investments: one investment in a new portfolio company and five investments in existing portfolio companies. These include: Completion of a $20.0 million investment to Elevate Services; Completion of a $11.1 million follow-on investment to Kin Insurance; Completion of a $5.0 million follow-on investment to an existing portfolio company that is an online learning platform offering educational videos; Completion of a $3.0 million follow-on investment to Route 92 Medical; Completion of a $1.2 million follow-on investment to Madison Reed; and Completion of a $0.5 million follow-on investment to Extensiv.