Runway’s Flexible Growth Capital to Aid in Expansion of the Leading Technology Company’s Focus on Creating the Future of Omnichannel Fulfillment
WOODSIDE, Calif., December 6, 2022 - Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, today announced the closing of a senior secured term loan of $80 million to Extensiv, a leader in 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.
Extensiv is at the forefront of supply chain and eCommerce technology, providing fulfillment tools across numerous sectors. The company partners with entrepreneurial brands and third-party logistics providers to optimize supply chain operations. With a network of 2,000 third-party logistics warehouses and a suite of integrated warehouse, order management, and inventory management SaaS products, Extensiv’s cloud-native platform enables merchants and brands to quickly, efficiently and reliably meet demand in a dynamic direct-to-consumer (“DTC”) and business-to-business (“B2B”) environment.
“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," said Brad Pritchard, Managing Director at Runway. “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,” said Andy Lloyd, CEO and Board Member at Extensiv. “The non-dilutive capital provides us with more firepower for our multiple new product launches and continued acquisition strategy.”
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 industry veteran David Spreng, these funds provide senior term loans of $10 million to $100 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
Statements included herein 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 are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway Growth's filings with the Securities and Exchange Commission. Runway Growth undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
Extensiv, formerly 3PL Central, is a visionary technology leader focused on creating the future of omnichannel fulfillment. We partner with warehouse professionals and entrepreneurial brands to transform their fulfillment operations in the radically changing world of commerce and consumer expectations. Through our unrivaled network of more than 1,500 connected 3PLs and a suite of integrated, cloud-native warehouse management (WMS), order management (OMS), inventory management (IMS), and integration management software, we enable modern merchants and brands to fulfill demand anywhere with superior flexibility and scale without painful platform migrations as they grow. More than 25,000 logistics professionals and thousands of brands trust Extensiv every day to drive commerce at the pace that modern consumers expect. For more information, go to www.extensiv.com.