Runway Growth Capital, a provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, closed a senior secured term loan commitment of $65 million for Snagajob.com, a marketplace for hourly jobs and shifts.
“Snagajob is well positioned to address employment challenges and the most dynamic workforce the job market has ever seen,” Mark Donnelly, managing director and head of origination at Runway Growth Capital, said. “We developed a multi-year relationship with the Snagajob team to fully understand the marketplace and their business in order to structure a loan that is ideal for their needs. As a growth-stage company, it was an appropriate time for a $65 million commitment that would enable Snagajob to invest and capitalize on a unique market opportunity.”
“Runway thoughtfully structured our loan, taking time to understand our business and the unique opportunity we had to capture market share,” Mathieu Stevenson, CEO of Snagajob, said. “Runway is an engaged, longstanding partner who helped us refinance existing facilities and infuse incremental capital to help us scale to meet this once-in-a-generation opportunity.”
The loan will enable Snagajob to continue investing in its technology and drive growth on the tailwinds of an evolving hourly jobs market.
“We understand the job market and wanted to invest in technology that is helping society get back to work, especially for the hourly employees who make up a large portion of the frontline workers,” Donnelly said. “For the foreseeable future, it will be a challenge to find the best hourly wage talent, making it essential to improve the systems candidates and companies need to quickly and reliably fill these roles.”
