David Spreng serves as the founder and CEO of Runway Growth Capital, where he has been a primary architect in institutionalizing growth lending as a disciplined asset class. With decades of experience, Spreng has navigated the industry’s transition from a niche, often misunderstood product into a sophisticated market defined by rigorous underwriting and public-market transparency.
Under his leadership, Runway took its flagship fund public as a business development company, reflecting his core belief that specialty finance should operate with the same accountability and governance expected in broader capital markets. He has watched the industry shift from offering rigid, single-product solutions to designing flexible capital structures — including venture debt and structured equity — tailored to a business’s specific lifecycle.
Spreng’s commitment to the industry extends beyond deal execution to the democratization of financial knowledge. He has made a lasting impact by bringing data and transparency to an area that has historically lacked consistent information. By authoring All Money Is Not Created Equal and producing the annual Runway Venture Debt Review in partnership with PitchBook, he has provided founders and investors alike with the tools to understand the true economics of capital structures. His work has helped clarify the vital role that non-dilutive capital plays in supporting innovative companies while allowing founders to preserve their hard-earned ownership.
His tactical advantage is a deep-seated commitment to disciplined risk selection, deliberate partnerships and protecting optionality. Spreng maintains that long-term outcomes depend not only on the character and consistency of partners, but also the strength and durability of the underlying business. He advocates for a rigorous underwriting approach, recognizing that in lending, avoiding the wrong risk is often as critical as identifying the right opportunity. By helping entrepreneurs navigate the complexities of dilution and control provisions, Spreng ensures that Runway’s partnerships foster healthier companies and a more resilient innovation ecosystem.
