Runway Growth Capital closed a senior secured term loan of $25 million to Revelle Aesthetics, a developer of novel medical devices for aesthetic needs.
The capital will be used to support Revelle’s manufacturing, operations and commercialization of Avéli, Revelle’s first launched product for the reduction of cellulite in a single in-office procedure. In particular, the funds will support robust sales and marketing campaigns to launch Avéli and raise consumer awareness and demand for Revelle’s disruptive cellulite technology in Medical Aesthetics, a very competitive, yet recession-resilient marketplace.
“Revelle Aesthetics is an exciting growth company led by a highly experienced team with an FDA-cleared device and compelling clinical data that really stood out in the market,” Igor DaCruz, managing director of life sciences at Runway Growth Capital, said. “Revelle presents a unique and attractive partnership for Runway, because it is a ‘cash pay’ business targeting a very large global cellulite treatment market. We are thrilled to be able to provide the capital that will support the commercial launch of Revelle’s current and future products.”
Coming off a record year of venture investment, more life sciences companies are seeking debt to complement their equity raises. Properly structured, flexible and manageable venture debt can help companies like Revelle enhance its balance sheet, extend runway and avoid having to give up additional equity.
“This is Revelle’s first time using debt; we view the use of non-dilutive financing to drive adoption of Avéli in the cellulite market as a key component of our capital structure while providing us with long-term optionality,” Caroline Van Hove, president and CEO of Revelle Aesthetics, said. “Runway’s expertise in Medical Aesthetics and life sciences, flexible terms, and a team of seasoned investors with a proven track record of working with Revelle management created the perfect partnership opportunity.”
