Rivonia Road Capital, a global alternative asset manager, provided $20 million in debt financing alongside an equity investment to Steno Agency, a court reporting company.
“Rivonia Road is proud to provide Steno with capital to scale its business and expand services,” Brad Smiedt, co-founder and managing partner of Rivonia Road Capital, said. “Steno’s efforts to improve remote litigation technology have increased access to justice for individuals unable to appear in person for court proceedings due to health or safety concerns. We are excited to support Steno as they continue to develop a robust platform that improves the litigation process for attorneys across the country.”
Steno’s DelayPay product allows attorneys to defer payment for services rendered until their cases resolve. Steno has more than tripled in size in the past year. The company works with attorneys in California, Florida, New York, Nevada and Texas and plans to expand to new markets in the coming year.
“Brad and his team at Rivonia Road have experience as investors and business owners. Throughout the process, they served as educators and advisors as we collaborated on this transformational deal,” Greg Hong, CEO and co-founder of Steno Agency, said. “This investment will strengthen our business and aid in further development of our team, products and services.”
