Runway Growth Capital, a provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, hired Ted Cavan as managing director, technology.
Cavan will operate out of Boston and report directly to founder, CEO and chief investment officer, David Spreng. As a member of Runway’s origination team, Cavan will engage with a broad array of late and growth-stage technology companies, focusing on enterprise software. He brings to Runway a decade of experience helping businesses advance their goals using venture and growth debt.
“Ted is well connected in the technology and venture communities, particularly in the Northeast. His background working with banks and specialty finance lenders will be invaluable, as he aims to leverage his network to originate new deals among late and growth-stage companies,” Spreng said. “Ted has proven to be exceptional in Runway’s sweet spot, working with management teams from later-stage companies to strategically deploy capital.”
“I am very impressed with the Runway team and platform; the team is very thoughtful, collaborative, disciplined and highly professional. I look forward to joining such a terrific group and helping build out their already top-notch platform,” Cavan said. “With such a robust ecosystem of universities, research institutions and venture capital, the Northeast is an incredible market for the type of strategic capital Runway provides. Non-bank lenders can be an attractive alternative to traditional capital sources – offering borrowers flexible terms and larger loan amounts, without the governance strings associated with equity financing or the strict credit guidelines of a bank. Runway has the team, experience and approach to help late and growth-stage businesses achieve their most critical goals.”
Cavan most recently held the position of senior vice president at Stifel, where he led the Boston area technology practice of its venture banking and lending group. In his role, Cavan was responsible for sourcing promising investment opportunities, building relationships with management teams, crafting deal terms, and actively managing a portfolio of senior debt investments ranging from $1 – $50 million. He previously worked for TriplePoint Capital as a vice president, where he became principal and was part of a two-person team responsible for launching TriplePoint’s East Coast efforts in 2015. Prior to that, he was a vice president at Square 1 Bank, responsible for origination, due diligence, deal execution and portfolio management of more than $150 million of loans ranging from $250,000 – $20 million.
