Runway Growth Capital, a provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, closed on a senior secured term loan of $50 million to Interactions. The capital will be used to refinance existing debt and provide growth and working capital.
Interactions is in the enterprise conversational AI space with deep, best-in-class technology and a set of long-tenured, blue-chip customers that have grown with the business over time. The company has leveraged growth debt in the past, and by refinancing its existing debt with Runway, it will be able to further enhance its Intelligent Virtual Assistant product and service platform, increase customer satisfaction and reach the next phase of growth. Refinancing allows Interactions to avoid the burden of repaying existing debt at a time when the capital could be better spent on continued investment into research and development, operational infrastructure and growth.
“We are excited to add Interactions to our portfolio; they are a seasoned, scaled business with a high-quality customer base and strong management team,” Greg Greifeld, managing director and deputy chief investment officer at Runway, said. “Interactions is well-positioned to address the evolving and increasingly complex needs in customer sales, service and support. With a long operating history and strong backing from top-tier growth investors, Interactions’ product and service offering can be used to mitigate inflationary concerns and counter labor shortages that are impacting customer service and business process outsourcing industries.”
“Runway thoughtfully structured a loan that positions Interactions well for growth opportunities in the coming years that are being fueled by labor shortages and the market’s push to automate and enhance customer engagement and experience,” Mike Iacobucci, CEO at Interactions, said. “Runway’s willingness and ability to dive deep and work collaboratively with the management team to understand the business beyond the surface gave us assurance that we found the right partner.”
