Runway Growth Capital LLC, a 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 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. Extensiv 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 products, Extensiv states that its cloud-native platform enables merchants and brands to quickly, efficiently and reliably meet demand.
“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.”