The funding will enable CarNow to accelerate
product development and enhance its suite of digital retailing
solutions to drive innovation in the car industry.
MENLO
PARK, Calif., April 16,
2024 /PRNewswire/ -- 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, announced today a $40 million
commitment to CarNow, a live-data automotive technology platform
that helps dealers elevate the car-buying experience by
transforming the way they connect with customers.
This strategic investment will support CarNow's continued market
expansion and accelerated product development that will enhance the
car buying and selling experience.
"This investment from Runway Growth Capital is a testament to
our team's hard work and dedication, as well as the innovative
solutions we've brought to the automotive market," said
Tim O'Toole, CFO of CarNow. "With
Runway's support, we're poised to accelerate our growth, enhance
our product offerings, and continue to disrupt the automotive
retail industry. Our mission has always been to simplify the car
buying process through technology, and this partnership allows us
to further that mission on a larger scale."
CarNow, known for its comprehensive suite of digital tools,
including Digital Retail (Real-Time Retail), Digital Messaging
(Real-Time Messaging), and Conversational CTAs (ConvertNow), has
been at the forefront of revolutionizing the automotive retail
sector. With this infusion of capital, CarNow will further develop
its platform, expand its market reach, and continue providing
exceptional value to its dealership customers and their
consumers.
"We are excited to include CarNow in Runway's portfolio of
innovative companies and support its effort to redefine the
automotive buying experience for the digital age," said
Greg Greifeld, Managing Director and
Deputy Chief Investment Officer at Runway. "This deal reflects our
ongoing commitment to partner with the highest quality companies in
the venture ecosystem. By providing CarNow with the growth capital
needed to fuel its expansion, we are investing in the next
evolution of this rapidly changing auto industry."
Ted Cavan, Managing Director of
Technology at Runway, also expressed enthusiasm about the
partnership: "Our investment in CarNow is a testament to our belief
in the company's ability to modernize the car buying and selling
process. With additional capital provided by Runway, CarNow is
empowered to focus on what they do best – innovating and expanding
its remarkable digital platform. The funding offers a significant
advantage toward this end, and we're excited to partner with CarNow
and support its next phase of growth."
CarNow is headquartered in Raleigh,
NC.
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 industry veteran David Spreng,
these funds provide senior term loans of $10
million to $75 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.
About CarNow
CarNow is the leading dealer retailing
system in the automotive industry. Providing frictionless,
real-time enterprise software solutions, CarNow enhances online
engagement and streamlines communication between dealers and
consumers. CarNow's solutions empower dealers to seamlessly manage
the entire car-buying journey and provide shoppers with elevated
digital retailing, messaging, and virtual showroom services. With
5,000 dealership customers and more than twenty manufacturer
certifications, CarNow is one of the fastest-growing companies in
automotive. CarNow is headquartered in Atlanta, Georgia. Learn more at
www.carnow.com.
Forward-Looking Statements
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's filings with the Securities and Exchange
Commission. Runway 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.
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SOURCE Runway Growth Capital LLC