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 of $80 million to Extensiv, a provider of omnichannel fulfillment solutions.
The funding will be used to refinance existing debt and provide additional working capital, while also enhancing Extensiv’s product suite and organic / inorganic growth strategies. Runway’s ability to structure the loan to support Extensiv’s growth, as well as its willingness and desire to work closely with the management team to understand the industry and business made the firm an ideal partner.
“We are excited to support a forward-thinking company like Extensiv. It is a scaled business with a long operating history and track record of growth that maintains a diverse, high-quality customer base. In addition, it has a strong management team and support from a top-tier growth investor,” Brad Pritchard, managing director at Runway, said. “Extensiv is well-positioned to address the increasingly complex needs of third-party logistics providers and brands arising from the explosive growth of DTC and eCommerce industries. The company’s product suite enables customers to significantly improve their process automation and efficiency, which is particularly top of mind in the current inflationary and labor environment.”
“We’re thrilled to begin working with Runway. We chose to work with the team because they took the time to understand our business and provide us with ideal terms to execute on our strategy,” Andy Lloyd, CEO and board member at Extensiv, said. “The non-dilutive capital provides us with more firepower for our multiple new product launches and continued acquisition strategy.”
