Financing will provide Linxup with working
capital to aid its growth as a supplier of GPS tracking,
telematics and various vehicle data points for commercial
vehicles.
MENLO
PARK, Calif., Nov. 22,
2023 /PRNewswire/ -- 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, announced today a $50 million
debt commitment to Linxup, a U.S.-based GPS tracking,
telematics and fleet management provider serving small and mid-size
businesses. Runway's debt investment will refinance existing debt
and provide additional working capital for Linxup.
Linxup provides easy to use and implement vehicle tracking,
asset tracking, and AI-enabled dash cams combined with software
solutions, such as reporting, alerting, and dashboards, to
customers that operate fleets of commercial vehicles. Customers use
Linxup's solutions to provide visibility into their fleet, reduce
fuel cost, increase efficiency, reduce risk, and improve driver
safety. Linxup's solutions are designed to drive significant and
rapid return on investment for its customers in both the field
service and transportation industries.
"We are excited to invest in Linxup as we believe the company is
uniquely positioned as a leading provider of IoT solutions that are
tailored to SMB-focused fleets," said Brian
Sapp, Managing Director at Runway. "Linxup is at the
forefront of GPS tracking and vehicle data, and we were attracted
by their seasoned senior management team."
"We selected Runway because of their flexible working capital
and non-dilutive terms to aid our business operations," explained
Drew Reynolds, CEO of Linxup. "We
will use this debt commitment to execute on our ambitious plan and
to accelerate our growth. Runway is the ideal partner to
collaborate with to set us up as a leader in fleet management and
asset tracking."
Linxup is headquartered in St. Louis,
MO, with an additional satellite office in Charlotte, NC and a remote workforce around
the US.
Armentum Partners acted as financial advisor to Linxup for the
debt transaction.
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.
About Linxup
Linxup, formerly Agilis Systems, is a
leading provider of vehicle and asset-tracking solutions for fleets
and service companies in a variety of industries. Linxup delivers
powerful but easy-to-use GPS solutions through a
software-as-a-service (SaaS) platform. Our data gives businesses
the tools they need to improve fleet management, increase mobile
worker productivity, and reduce operating costs. With the
introduction of lawn mower tracking and powerful dual-camera dash
cams, Linxup continues to be at the forefront of innovation in the
GPS field.
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's filings with the Securities and Exchange
Commission. Runway 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.
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SOURCE Runway Growth Capital LLC