Financing will provide Linxup with working capital to aid its growth as a supplier of GPS tracking, telematics and various vehicle data points for commercial vehicles.
MENLO PARK, Calif., Nov. 22, 2023 — 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 $50 million debt commitment to Linxup, a U.S.-based GPS tracking, telematics and fleet management provider serving small and mid-size businesses. Runway’s debt investment will refinance existing debt and provide additional working capital for Linxup.
Linxup provides easy to use and implement vehicle tracking, asset tracking, and AI-enabled dash cams combined with software solutions, such as reporting, alerting, and dashboards, to customers that operate fleets of commercial vehicles. Customers use Linxup’s solutions to provide visibility into their fleet, reduce fuel cost, increase efficiency, reduce risk, and improve driver safety. Linxup’s solutions are designed to drive significant and rapid return on investment for its customers in both the field service and transportation industries.
“We are excited to invest in Linxup as we believe the company is uniquely positioned as a leading provider of IoT solutions that are tailored to SMB-focused fleets,” said Brian Sapp, Managing Director at Runway. “Linxup is at the forefront of GPS tracking and vehicle data, and we were attracted by their seasoned senior management team.”
“We selected Runway because of their flexible working capital and non-dilutive terms to aid our business operations,” explained Drew Reynolds, CEO of Linxup. “We will use this debt commitment to execute on our ambitious plan and to accelerate our growth. Runway is the ideal partner to collaborate with to set us up as a leader in fleet management and asset tracking.”
Linxup is headquartered in St. Louis, MO, with an additional satellite office in Charlotte, NC and a remote workforce around the US.
Armentum Partners acted as financial advisor to Linxup for the debt transaction.
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 $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.
About Linxup
Linxup, formerly Agilis Systems, is a leading provider of vehicle and asset-tracking solutions for fleets and service companies in a variety of industries. Linxup delivers powerful but easy-to-use GPS solutions through a software-as-a-service (SaaS) platform. Our data gives businesses the tools they need to improve fleet management, increase mobile worker productivity, and reduce operating costs. With the introduction of lawn mower tracking and powerful dual-camera dash cams, Linxup continues to be at the forefront of innovation in the GPS field.
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.
SOURCE Runway Growth Capital LLC
