Building on a previous commitment of
$40 million provided by Runway in
2023, the funding will enable Elevate's continued growth and
innovation in legal software and services.
MENLO
PARK, Calif., July 25,
2024 /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 $20 million
growth capital commitment to Elevate, a leading provider of
consulting, technology, and services for law departments and law
firms. The investment upsizes the previous $40 million senior secured term loan provided by
Runway in 2023.
"We are thrilled to continue our partnership with Elevate, a
market leader in legal software and services," said Brad Pritchard, Managing Director at Runway.
"This additional funding underscores our commitment to supporting
the long-term growth of Runway's portfolio companies."
Elevate is a fast-growing innovation leader in the legal
industry. Its success aligns with Runway's aim to partner with
high-quality, late-stage companies poised for significant
growth.
"We appreciate Runway's partnership and belief in our vision,"
said Liam Brown, Chairman and CEO of
Elevate. "This investment is a strong vote of confidence in our
strategy, execution, and team and will enable us to pursue
inorganic growth opportunities."
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.
About Elevate
Elevate is an expert-led,
software-powered law company. Elevate provides software and
services for the intersection of business and law. Elevate's legal,
business, and technology professionals offer practical ways for
global law departments and law firms to improve efficiency,
quality, and business outcomes. For more information on Elevate,
please visit their website at www.elevate.law.
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