Runway Growth Capital Announces $50 Million Senior Secured Term Loan to Interactions
WOODSIDE, Calif., June 29, 2022 /PRNewswire/ — Trail Growth Capital LLC (“Runway”), a leading provider of business growth loans backed by venture capitalists and not looking for an alternative to raising equity, today announced the closing a senior secured term loan of $50 million to interactions. The capital will be used to refinance existing debt and provide growth and working capital.
Interactions is a leader in the enterprise conversational AI space with deep, cutting-edge technology and a long-time set of top-notch customers who have grown with the company over time. The company has taken advantage of growth debt in the past, and by refinancing its existing debt with Runway, it will be able to further enhance its intelligent virtual assistant product and service platform, grow customer satisfaction and reach the next phase of growth.
“We are thrilled to add Interactions to our portfolio; they are a seasoned, large-scale company with a high-quality clientele and a strong management team,” said Greg Greifel, Managing Director and Deputy Chief Investment Officer at Runway. “Interactions is well positioned to meet the changing and increasingly complex sales, service and customer support needs. With a long operating history and strong backing from leading growth investors , Interactions’ product and service offerings can be used to alleviate inflationary concerns and counter labor shortages that are impacting the customer service and business process outsourcing industries. business.”
The refinancing allows Interactions to avoid the burden of repaying existing debt at a time when capital could be better spent on continued investments in research and development, operational infrastructure and growth. The current equity raising landscape is experiencing a high degree of volatility and uncertainty, making funding options such as Runway’s Growth Loans a prudent choice.
“Runway has thoughtfully structured a loan that positions Interactions well for growth opportunities in the coming years that are fueled by labor shortages and the market’s drive to automate and improve engagement and ‘customer experience’, explained Mike Iacobucci, CEO of Interactions. “Runway’s willingness and ability to dive deep and work collaboratively with the management team to understand the business beyond the surface gave us confidence that we had found the right partner.”
About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by an industry veteran David Sprengthese funds provide senior term loans $10 million at $75 million fast-growing companies based in United States and Canada. For more information about Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
Statements included in this press release may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and do not constitute are not guarantees of future performance, conditions or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements due to a number of factors, including those described from time to time in Runway Growth’s filings with the Securities and Exchange Commission. Runway Growth assumes no obligation to update any forward-looking statements made herein. All forward-looking statements speak only as of the date of this press release.
Interactions provides intelligent virtual assistants that seamlessly assimilate conversational AI and human understanding to enable businesses to engage with their customers in highly productive and satisfying conversations. With flexible products and solutions designed to meet the growing demand for unified, omnichannel customer service, Interactions delivers unprecedented improvements in customer experience and significant cost savings for some of the world’s leading brands. Founded in 2004, Interactions is headquartered in Franklin, Mass. with additional offices around the world. For more information, visit www.interactions.com.
SOURCE Runway Growth Capital LLC