Runway Growth Capital, a provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, committed $20 million to Swing Education, an online marketplace that connects schools with qualified substitute teachers. The commitment is comprised of a first lien term loan and a revolving credit line.
“Swing Education plays a critical role in addressing the persistent shortage of classroom educators by making it easier for schools to connect with high-quality substitute teachers,” Greg Greifeld, chief investment officer at Runway, said. “We’re proud to support a company that is not only scaling quickly but also delivering real impact across the education system. We worked hard to provide them with a flexible financing solution, via a first lien and a revolver, to ensure they have access to capital when needed, given the seasonal nature of the education sector.”
“This new investment from Runway Growth Capital comes at a pivotal moment for Swing as we continue expanding our reach to address nationwide teacher shortages,” Asha Visweswaran, CEO of Swing Education, said. “We appreciate Runway’s support and confidence in our mission to ensure every classroom has a teacher and every student gets the opportunity to learn.”
