Horizon Technology Finance, a specialty finance company providing capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services and sustainability industries, closed a $30 million venture loan facility for Dropoff, of which Horizon Technology Finance funded $12.5 million of the initial $20 million draw and a private investment vehicle managed by Horizon Technology Finance Management, Horizon Technology’s advisor, funded $7.5 million.
Dropoff provides its customers with same-day delivery services, most notably to healthcare companies with critical blood and lab testing needs for expedient and safe delivery. Powered by its proprietary logistics software built, Dropoff provides real-time tracking, route optimization and the ability to customize and integrate within a customer’s logistics platform. Dropoff has received funding from growth sponsors Fulcrum Equity Partners, Greycroft Partners and Wild Basin Investments, and will use the loan proceeds for general working capital purposes and acquisitions.
“Dropoff is blazing a new trail with respect to same-day, local courier service,” Gerald A. Michaud, president of Horizon Technology Finance, said. “Utilizing its proven technology platform and a strict vetting process for its couriers, including HIPAA and OSHA certification, Dropoff has become the delivery service of choice for a rapidly expanding number of healthcare and other enterprise clients. We are excited to support Dropoff’s growth and development as it further adds to its innovative offerings and footprint.”
“We are excited to receive Horizon’s support, as they clearly recognize that Dropoff has become a one-stop source for critical business same-day logistics,” Sean Spector, co-founder and CEO of Dropoff, said. “By providing a comprehensive and custom first-mile and last-mile solution, we are able to meet our customers’ needs and assist them in ensuring their operations run more smoothly, thus creating efficiencies and real cost savings for our clients. Our future continues to be bright and we are eager to continue expanding our robust market share.”