• $27.3 million Series B funding co-led by Kibo Invest and Openspace, continued participation from MTR Lab, Taronga Ventures and 2150
• Ampd Energy has deployed +300 smart battery units – primarily in construction – in seven countries, abating over 69,000 tons of CO₂, the equivalent of 88,000 cars
• In 2025 expansion is planned into new markets (mining and manufacturing) and geographies (Europe, the Middle East, Southeast Asia and the USA)

SINGAPORE, Nov. 5, 2024 — Ampd Energy, a global energy industry innovator and manufacturer of the Enertainer and Ampd Silo™ battery energy storage systems (ESS) for heavy industries, today announced that it has raised $27.3 million in an oversubscribed Series B funding. The round was co-led by Kibo Invest and Openspace, the largest investor in this round, with notable participation from existing investors MTR Lab, Taronga Ventures and 2150, confirming their support and belief in Ampd Energy by participating above pro-rata. The funds will be used to further expand decarbonization across new verticals and regions.

According to the IEA, the combined building and construction sector is responsible for 30% of total global final energy consumption and 27% of total emissions in the overall energy sector. Compared to fossil fuel generators, Ampd Energy’s Ampd Silo and Enertainer energy storage products reduce carbon footprints by up to 90%, are significantly quieter, emit zero air pollutants and eliminate diesel handling and usage risks.

Focusing on technical innovation and commercial viability, the company to date has deployed more than 300 units among seven countries, primarily in construction and abated over 69,000 tons of CO₂, which is equivalent to removing over 88,000 cars from the road. The 2022 Earthshot Prize finalist plans to leverage this recent funding – secured in a challenging fundraising environment – to expand into new markets such as mining and manufacturing in 2025. Proceeds will also go toward targeting new geographies including the Middle East, Europe, United States and Southeast Asia, supported by their new partnership with Kibo Invest and Openspace.

“This new funding is a testament to the hard work of our team, our focus on being a commercially viable cleaner solution for businesses around the world, and the commitment from our investors in creating an emission-free future for industries,” said Anthony Stewart, CFO at Ampd Energy. ‘We’re looking ahead to accelerating our growth, entering new verticals and delivering even more innovative solutions to our customers globally.”

“We are particularly impressed by Ampd Energy’s visionary leadership and their sharp focus on executing a clear strategic roadmap,” said James Marshall, CEO of Kibo Invest. “Their commitment to excellence resonates with our own investment philosophy. We’re excited to support Ampd Energy’s expansion into new markets and industries, driving further growth and amplifying their positive impact on the global energy landscape. At Kibo Invest, we are dedicated to investing in forward-thinking companies that are shaping the future, and Ampd Energy is a prime example of that vision in action.”

Jessica Huang Pouleur, Partner at Openspace, agrees. “We’re pleased to back Ampd Energy, which has demonstrated impressive current traction to date and are, even now, just starting to realize the full potential of their energy storage solutions in Southeast Asia and globally. The backbone of the business is a committed and strong management team, who have shown time after time what it takes to build in a commercially viable yet impactful way. We’re looking forward to partnering with Ampd Energy to deliver the significantly reduced reliance on diesel that their innovations make possible.”

Ampd Energy’s Enertainer and Ampd Silo ESS provides clean, affordable, stable and emissions-free futures for industries all over the world, along with valuable data-driven insights, providing 24/7 real-time monitoring and problem diagnostics, thanks to their robust proprietary software.

For more information on Ampd Energy and its Enertainer and Ampd Silo ESS, go to https://www.ampd.energy.

About Ampd Energy
Ampd Energy is driving the global energy transition on construction sites and heavy industries through the creation of state-of-the-art energy storage systems (ESS), connectivity software and data science to electrify, connect and optimize the industrial and construction sectors. Brandon Ng co-founded Ampd Energy in 2014. The company enables smart, fully automated, emission-free and connected construction sites of the future with highly efficient and scalable energy management. For more information, go to https://www.ampd.energy.

About Kibo Invest
Kibo Invest is an investment office focused on driving innovation and sustainable returns. Through its climate tech fund, it invests in companies that are revolutionizing industries and addressing urgent climate challenges. Based in Singapore, and investing across continents, it leverages its global network to identify and support high-potential ventures. www.kiboinvest.com

About Openspace
Openspace is a Southeast Asia focused investment firm, backing transformative companies where tech meets life. It now manages over US$800 million across four early-stage and one growth fund, with offices in Indonesia, Singapore, Vietnam, Thailand, Philippines and Malaysia. It invests across sectors, but has a growing focus on climate-tech. Its portfolio includes GoTo, Kredivo, Love, Bonito, Igloo, Finnomena, Sarisuki and Fano. www.openspace.vc

SOURCE Ampd Energy

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

SHENZHEN, China, Nov. 5, 2024 — DeepRoute.ai, the leading artificial intelligence company specializing in developing smart driving solutions, announced a strategic Series C1 funding round, raising US$100 million from prestigious Chinese automotive OEM. The funding will enhance research and development in frontier end-to-end model DeepRoute IO, help scale global automakers’ collaboration and explore future Robotaxi business, and support the recruitment of more AI-native talents.

Since August, approximately 20,000 vehicles integrated with DeepRoute IO have been delivered to customers. The company plans to release more than 10 additional series models in collaboration with selective OEM clients next year and develop the next generation DeepRoute IO, utilizing visual-language-action model, set to launch next year. DeepRoute.ai’s extensive experience in mass-production within domestic market will enhance its collaboration with global automakers.

“The strategic investment from the automaker is a significant recognition for our technology maturity and mass production capabilities. We are eager to leverage this momentum to expand our reach in global markets.” Maxwell Zhou, CEO at DeepRoute.ai says “I firmly believe autonomous driving is the most promising pathway to achieving physical AI and we will be a major player in the next AI era. We look forward to cooperating with more partners on this journey.”

As current human-supervised smart driving cars continue to gather data, DeepRoute IO will continue to iterate towards achieving full autonomy capability without human oversight. This will enable the company to explore unsupervised Robotaxis business in the future through partnerships with mobility platforms. Unlike traditional Robotaxis, which rely on pre-mapped data and restricted to specific areas, DeepRoute.ai’s Robotaxi will be more scalable and more cost-effective to deploy thanks to its end-to-end technology. This will allow people in various countries to enjoy the convenience of the latest smart driving technology.

Founded in 2019, DeepRoute.ai has made major progress with a clear technological vision and a proven record. The company initiated research and development of mapfree technology in 2020, which debuted in 2023 as the first of its kind in China, enabling vehicles to navigate from address to address on urban and highway without high-definition maps. DeepRoute.ai began road testing its end-to-end model last August and officially deployed it in mass-produced cars this year. With its deep technological insight, engineering expertise, and strong team cohesion, DeepRoute.ai is well-positioned to drive substantial advancements in the ongoing AI revolution.

About DeepRoute.ai
DeepRoute.ai is an artificial intelligence company dedicated to the research, development and application of smart driving solutions. Being the first to develop production-ready smart driving solutions and a pioneer in deploying end-to-end architecture, DeepRotue.ai aims to create artificial general intelligence in robotics through mass-produced passenger vehicles.

DeepRoute.ai is headquartered in Shenzhen, with offices in Beijing and Fremont, California. For more information, visit deeproute.ai, follow DeepRoute.ai on LinkedIn, and X, and subscribe to DeepRoute.ai on YouTube.

Media Contacts:
Corine Chen
PR Manager of DeepRoute.ai
[email protected]

Photo – https://mma.prnewswire.com/media/2548046/Series_models_integrated_DeepRoute_IO_set_release_2024.jpg 

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

BRIARCLIFF MANOR, N.Y., Nov. 4, 2024 — Saw Mill Capital, a middle-market private equity firm focused on partnering with North American industrial services, professional services, and engineered products companies, is pleased to announce the final close of its $435 million Saw Mill Capital Partners III, LP. Fund III’s diverse and high-quality investor base includes insurance companies, consultants, public pensions, endowments, family offices, sovereign wealth funds, wealth managers and funds-of-funds across North America, Europe and around the globe. Demonstrating its commitment to aligning incentives with investors and management teams, Saw Mill’s investment team committed $50 million to Fund III.

Howard Unger, Founder and Managing Partner, remarked, “We are honored by the trust of our longstanding and new investors, who recognize the value that our differentiated approach brings to the lower middle-market space. Our tenured partnership and expanded team will continue to focus on investing in transformative, high-growth opportunities.”

Saw Mill’s oversubscribed Fund III is more than 25% deployed to date in three portfolio companies: RAFTRx, a residential roofing provider; Southern Aluminum, a manufacturer of specialty hospitality furniture; and Pro Max Fence Systems, a commercial fencing contractor. Fund III will continue to leverage Saw Mill’s partnership-driven model, focused value creation strategy, and industry research.

Scott Rivard and Tim Nelson, Partners and Investment Committee members, added, “Our investment process is powered by deep, industry-focused research, enabling us to identify high-potential businesses and create tailored strategies for growth. With Fund III, we’re excited to continue leveraging our research capabilities to support and scale businesses.”

Harris Williams served as Fund III’s placement agent. Latham & Watkins served as fund counsel for Fund III.

About Saw Mill Capital

Saw Mill Capital is a private equity firm that partners with founders and management teams of successful, entrepreneurial industrial services, professional services, and engineered products businesses with enterprise values up to $200 million. We are growth-focused partners with a long-term mindset to build enduring value and preserve legacy in the businesses in which we invest. Leveraging our dedicated investment research team and curated operational approach, we invest aggressively in our portfolio companies to accelerate growth and build market-leading businesses. For more information, visit www.sawmillcapital.com.

Media Contact: Saw Mill Capital, [email protected]

SOURCE Saw Mill Capital

CHICAGO, Nov. 4, 2024 — Moderne Ventures, a strategic venture capital and growth equity firm investing in technology companies in and around the industries of real estate, finance, insurance and sustainability, announced its 2024 Fall Moderne Passport Class. The Moderne Passport Program is an intensive six-month industry immersion program providing its participants with education, exposure, insight, and relationships to drive customer growth.

“At Moderne, we take a generalist approach to vertical investing, looking outside of our core industries to find technologies that can be applicable within them,” said Constance Freedman, Founder and Managing Partner at Moderne Ventures. “This latest Passport class includes everything from energy storage and affordable housing systems to a suite of technology tools and applications for property owners to increase productivity and boost revenue.”

The Moderne Passport program hosts companies of all stages – in this cohort, companies range from seed to Series B and have raised over $50M+ in aggregate of funding with collective valuations of $243M and $13M in revenue to date. The companies are:

• Amptricity (amptricity.com) – (Dallas, TX): An all-in-one energy storage system and solid-state battery offering unparalleled safety and performance for residential and commercial use.
• Break Sports (breaksports.com) – (New York, NY): A booking platform to increase revenue from properties’ underutilized sports, fitness, and wellness amenities.
• Darabase (darabase.com) – (Toronto, CA): A registry and marketplace for property owners to protect, control, and monetize how their properties are used in augmented and virtual reality.
• Nestment (nestment.com) – (San Francisco, CA): An ecosystem of tools, processes, and partners supporting alternative homeownership models.
• V7 (v7labs.com) – (London, UK):  AI training platform enables companies to build intelligent products that automate knowledge work through no-code workflows using their own data.

“We celebrate this class as our 20th Moderne Passport cohort, having guided over 150 startups through our program. Our program unlocks new distribution channels by leveraging our extensive network of industry partners who are excited to work with these innovative startups,” notes Carolyn Kwon, Moderne Ventures’ Head of Platform.

Moderne Ventures accepts Passport applications on a rolling basis with the next class launching in January.

About Moderne Ventures

Moderne Ventures is a strategic venture capital and growth equity firm with more than $500M assets under management and a 16-year track record generating top-tier returns across multiple funds. Moderne is a generalist investor with a vertical approach focused on technology companies in and around the multi-trillion-dollar industries like real estate, finance, insurance, and sustainability – which make up ~20% of the US GDP and are ripe for innovation and disruption. The Fund focuses on companies that pertain both to these verticals and that can also expand beyond these industries to capture larger markets and top-tier venture returns.

Moderne differentiates itself by bringing customers to its portfolio companies. Moderne has both a Fund and an Industry Immersion Program, the Moderne Passport, designed to foster innovation, partnership and growth between industry partners and emerging technology companies. Moderne has built an extraordinary network of over 1,500 executives and corporations within its core industries and programmatically connects its portfolio to the industry network to help generate growth for the portfolio. Moderne has invested in over 150 companies across three funds and built a stellar track record through investing in companies like DocuSign, Caribou, Homesnap, ICON, Measurabl, Proof, Porch, Qloo, and Xeal.

Media contact: Carolyn Kwon, [email protected] 

SOURCE Moderne Ventures

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

NEW YORK, Nov. 4, 2024 — Evolution Equity Partners, is pleased to announce its investment in the Series B Round of Augment Inc., a pioneering AI coding assistance startup. Augment Inc. emerged from stealth earlier this year and announced its $227 million Series B round with investments from Sutter Hill Ventures, Index Ventures, Innovation Endeavors, Lightspeed Venture Partners and Meritech Capital. Augment will use the capital infusion to accelerate product development and build out its product, engineering and go-to-market functions as the company gears up for rapid growth.

The company is founded by Igor Ostrovsky, former chief architect at Pure Storage and software engineer at Microsoft, and Guy Gur-Ari, an AI researcher who hails from Google. It is led by industry veterans Scott Dietzen, whose previous leadership experience includes Pure Storage, Yahoo! and WebLogic / BEA Systems. Augment’s engineering team boasts deep AI and systems expertise, with alumni from Google, Meta, NVIDIA, Microsoft, Databricks, Snowflake, VMware and Pure Storage.

“We are excited about Evolution Equity Partners’ investment in Augment. We value their cybersecurity expertise, especially looking forward to collaborating with Michal Pechoucek, Partner at Evolution and former CTO of cybersecurity giants Gen Digital Inc. and Avast PLC.”, said Scott Dietzen, CEO of Augment.

About Augment Inc.

Founded in 2022, Augment Inc. emerged from stealth in 2024 to bring AI coding assistance innovations to developers and software teams. The company is backed by Sutter Hill Ventures, Index Ventures, Lightspeed Venture Partners, Evolution Equity Partners, Innovation Endeavors and Meritech Capital. Augment’s expert understanding of each codebase and dependencies removes the toil in developers’ workdays, so teams can once again experience the joy of coding.

About Evolution Equity Partners

Evolution Equity Partners, headquartered in New York City, partners with rapidly growing cybersecurity and enterprise software companies that safeguard our digital world. The firm was founded by investor and technology entrepreneurs Richard Seewald and Dennis Smith, who manage and lead the firm, and its partners have been involved as founders, investors and as senior operating executives in leading software companies around the world. Evolution has invested in over fifty cybersecurity and enterprise software companies, building a growing portfolio of market leaders. Learn more at www.evolutionequity.com and follow us on LinkedIn and Twitter.

SOURCE Evolution Equity Partners

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

SAN FRANCISCO, Nov. 1, 2024 — Puloli, Inc., an IoT solutions provider specializing in affordable methane monitoring at scale, announced its second round of funding today.  A group of new investors are joining existing investors in this round of financing. The initial closing in August was followed by an additional closing in October.

“We welcome our new investors to Puloli,” said Kethees Ketheesan, CEO of Puloli.  “It is exciting to see the high level of interest in the investment community on what we are doing here at Puloli.  With the company accelerating its growth plan, the timing of this new round of financing is perfect for us.”

The company is launching additional basins this year. Last year’s commercial launch in Eagle Ford was followed by extensive real-world testing, which is generating demand for the Paradigm M-Series across many regions. The capital raise will allow the company to expand its industry lead in delivering affordable end-to-end monitoring solutions at scale, including the analytics and algorithms that quantify methane mass flow rate. That is the single most critical metric the industry is seeking today, and Paradigm is the only option in the market that offers this as a subscription service.

The fresh influx of capital will be strategically deployed to accelerate Puloli’s growth trajectory. The key focus areas include:

1. Expanding research and development initiatives to enhance the capabilities of the Paradigm M-Series™ offerings.
2. Strengthening operational capacities to support rapid scaling across major energy-producing regions.
3. Investing in talent acquisition to bolster the company’s expertise and technology lead.
4. Securing the supply chain of critical components of the solution for anticipated rapid growth next year.
5. Enhancing the test and measurement facilities to conduct expanded testing that will underwrite the Service Level Agreement (SLA) terms of methane quantification.

Paradigm M-Series by Puloli™ is the only true Solution-as-a-Service (SaaS) available for affordable methane monitoring at scale. It is also the only solution underwritten with an SLA, where the quantification data is validated through long-duration in-situ testing in production-like settings.

About Puloli, Inc.
Puloli provides affordable, validated, and attestable methane quantification data as a subscription service.  The basin-wide, non-disruptive service operates 24×7 delivering real-time data via industry-standard APIs.  The services are delivered under the Paradigm by Puloli™ brand utilizing 5G-IoT wireless communications, including Puloli’s own private 5G-IoT network where needed.  As an IoT solutions provider for Critical Infrastructure Industries (CII), Puloli is committed to empowering its clients with cutting-edge technology that ensures reliable and efficient monitoring of methane emissions, enabling them to focus on their core business operations.  For more information, visit puloli.com or email [email protected].

SOURCE Puloli, Inc.

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

Founded in 2021 by Laurie Black and Lucas Heron; the pioneering whisky app innovator has transformed the way whisky lovers connect, discover, and appreciate the world of whisky, attracting users from more than 70 countries. The latest ‘stretch’ round also received further 6-figure backing from a notable U.S.-based investor, known for his influence in the sports and whisky investment space. Bevvy’s cap table now boasts some of the biggest names in global whisky, from sporting stars through to F1 bosses and C-suite whisky executives.

The new investment will support Bevvy’s ambitious roadmap, focusing on enhanced user experience and feature expansion to engage its growing user base of whisky enthusiasts. With the new capital, Bevvy aims to deepen its position as the leading global platform in the whisky community, providing users with enriched resources, exclusive content, and personalised tools to elevate their whisky journey. During the course of 2024, Bevvy’s YouTube channel has emerged as the biggest in the global whisky space, with over 1 million subscribers. The company expects to open a Series A round in the latter part of 2025.

“We are thrilled to welcome this group of investors, whose enthusiasm for whisky and commitment to our vision to own this space globally, will help us build Bevvy into a truly unique, worldwide platform,” said Laurie Black, co-founder and Head of Whisky at Bevvy. “This funding marks a pivotal moment for Bevvy as we scale our efforts to meet the needs of the ever-growing whisky community.”

With a mission to blend digital innovation with whisky heritage, Bevvy’s latest app updates featured exclusive tasting guides, interactive experiences, and community features that allow users to explore, rate, and discuss their favourite whiskies. A social element is gaining significant traction too, facilitating greater in-app connections between whisky consumers. As Bevvy continues to expand, it remains committed to being the go-to resource for whisky discovery and culture, appealing to everyone from seasoned aficionados to curious newcomers.

Photo: https://mma.prnewswire.com/media/2545282/Bevvy.jpg

SOURCE Bevvy

• BC Partners’ credit arm to acquire Runway Growth Capital as a long-term, strategic investment, complementing BC’s existing platform across private lending, opportunistic credit and specialty finance
• Runway Growth Capital will continue to operate independently and serve as the external investment adviser to Runway Growth Finance, a publicly traded business development company, with the current leadership and investment teams remaining in place
• Transaction will expand origination channels, enhance investment solutions, and accelerate capital formation and fundraising capabilities as Runway Growth Capital seeks to strengthen the venture ecosystem

MENLO PARK, Calif. and NEW YORK, Oct. 31, 2024 — 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, and BC Partners Credit, the $8 billion credit arm of BC Partners, an approximately $40 billion AUM alternative investment firm, today announced a definitive agreement whereby BC Partners Credit will acquire Runway.

Following the closing of the transaction, Runway will remain the investment adviser to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY) (“Runway Growth Finance”), a business development company, and other private funds. Runway’s current management team and investment personnel are expected to continue to serve as officers and senior management. Runway Growth Finance will be well positioned to capitalize on a broader range of investment and value creation opportunities with access to BC Partners’ origination capabilities and expansive platform.

Runway Founder and Chief Executive Officer David Spreng commented, “This transaction is expected to deliver increased value for both investors and borrowers in the near- and long-term as we join the BC Partners Credit platform. Our strategic partnership positions Runway to accelerate originations within our ideal investment range of $30-150 million and expand our offerings to both target companies and sponsors. The combination will enhance our capabilities by introducing structured equity preferred investments, asset-based lending, and the ability to operate in new strategies such as equipment leasing, while strengthening our sponsor relationships through fund finance and other fund-level offerings. By combining BC Partners’ resources and scale with our network, expertise and differentiated presence in the market, we believe Runway will deliver more comprehensive financing solutions for a wider range of companies. Moving forward, we expect that our investors will benefit from increased exposure and access to a greater number of investment opportunities, additional diversification and the potential for attractive risk-adjusted returns.”

Ted Goldthorpe, Head of BC Partners Credit, said, “David and the team at Runway have built one of the most well-respected platforms across growth and venture lending. Their solutions are sought after by fast growing companies, and we look forward to building on their momentum. As a virtue of being part of the BC Partners Credit platform, we see many compelling opportunities for Runway to generate additional origination activities, optimize its capital structure and create value for investors and borrowers. Likewise, the acquisition is quite strategic for BC Partners Credit, as we expand our offerings through a robust suite of financing solutions to all stakeholders. We will continue to accelerate our growth trajectory, establishing BC Partners Credit as a best-in-class, fully diversified credit manager, serving a multi-trillion-dollar market with strong tailwinds.”

Transaction Timing

The closing of the transaction, which is expected to occur in the fourth quarter of 2024, is subject to customary closing conditions, including approval of a new investment advisory agreement with Runway, by Runway Growth Finance’s stockholders, the terms of which are expected to remain the same as the existing investment advisory agreement. The Runway Growth Finance Board of Directors unanimously recommends that stockholders approve the new investment advisory agreement, under which Runway will continue in its capacity as the company’s investment adviser. Senior management of Runway Growth Capital LLC has agreed to vote their shares in favor of the transaction.

Advisors

Oppenheimer & Co. Inc. is acting as exclusive financial advisor to Runway Growth Capital LLC. Wachtell, Lipton, Rosen & Katz is acting as legal counsel to Runway Growth Capital LLC and Eversheds Sutherland (US) LLP is acting as legal counsel to the independent directors of Runway Growth Finance. Simpson Thacher & Bartlett LLP is acting as legal counsel to BC Partners.

About Runway Growth Capital LLC

Runway Growth Capital LLC is the investment adviser 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 a target of $30 million to $150 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 www.runwaygrowth.com.

About Runway Growth Finance Corp.

Runway Growth Finance is a growing specialty finance company focused on providing flexible capital solutions to late- and growth-stage companies seeking an alternative to raising equity. Runway Growth Finance is a closed-end investment fund that has elected to be regulated as a business development company under the Investment Company Act of 1940. Runway Growth Finance is externally managed by Runway Growth Capital LLC, an established registered investment adviser that was formed in 2015 and led by industry veteran David Spreng. For more information, please visit www.runwaygrowth.com.

About BC Partners & BC Partners Credit

BC Partners is a leading international investment firm in private equity, private debt, and real estate strategies. BC Partners Credit was launched in February 2017, with a focus on identifying attractive credit opportunities in any market environment, often in complex market segments. The platform leverages the broader firm’s deep industry and operating resources to provide flexible financing solutions to middle-market companies across Business Services, Industrials, Healthcare and other select sectors. For further information, visit www.bcpartners.com/credit-strategy.

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, which change over time. 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.

Additional Information and Where to Find It

In connection with the proposed transaction, Runway Growth Finance Corp. intends to file relevant materials with the SEC, including a preliminary and definitive proxy statement on Schedule 14A (“Proxy Statement”) that will provide additional information about the proposed transaction. INVESTORS AND STOCKHOLDERS ARE URGED TO READ THE PROXY STATEMENT WHEN IT BECOMES AVAILABLE, AND ANY OTHER RELEVANT DOCUMENTS FILED WITH THE SEC, AND ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION, AMONG OTHER THINGS, ABOUT RUNWAY GROWTH FINANCE CORP., RUNWAY GROWTH CAPITAL LLC, BC PARTNERS, BC PARTNERS CREDIT, AND THE PROPOSED NEW INVESTMENT ADVISORY AGREEMENT. Investors and stockholders may obtain these documents (and any other documents filed by the Company with the SEC) free of charge at the SEC’s website at http://www.sec.gov and from Runway Growth Finance Corp.’s website (www.investors.runwaygrowth.com). Investors and stockholders may also obtain free copies of the proxy statement (when it becomes available) and other documents filed with the SEC by Runway Growth Finance Corp. free of charge by contacting Investor Relations at [email protected]. Investors and stockholders are urged to read the Proxy Statement and the other relevant materials when they become available before making any voting or investment decision with respect to the proposed new investment advisory agreement.

Participants in the Solicitation

Runway Growth Finance Corp., Runway Growth Capital LLC, BC Partners, and BC Partners Credit may be deemed to be participants in the anticipated solicitation of proxies from Runway Growth Finance Corp.’s stockholders in connection with the transaction. Information regarding Runway Growth Finance Corp.’s directors and executive officers is available in its definitive proxy statement for its 2024 annual meeting of stockholders filed with the SEC on July 3, 2024, and subsequent filings which the company has made with the SEC. Information regarding Runway Growth Capital LLC’s directors and officers is available on its Form ADV currently on file with the SEC. More detailed information regarding the identity of potential participants, and their direct or indirect interests, by security holdings or otherwise, which may be different than those of the Runway Growth Finance Corp.’s stockholders generally, will be set forth in the Proxy Statement when it becomes available and in other relevant materials to be filed with the SEC. These documents may be obtained free of charge from the sources indicated above.

IR Contacts:
Alex Jorgensen, Prosek Partners, [email protected] 
Thomas B. Raterman, Chief Financial Officer and Chief Operating Officer, [email protected]

Media Contact:
Josh Clarkson, Prosek Partners, [email protected]

Media Contact for BC Partners:
Daniel Yunger / Shea Vilardi
[email protected] / [email protected]

SOURCE Runway Growth Capital LLC

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

Funding will enable faster expansion to other States and development of new products.

SAN FRANCISCO, Oct. 31, 2024 — Property insurance MGA, Delos Insurance Solutions, which uses wildfire science and satellite imagery expertise to solve homeowners’ wildfire insurance availability issues, has raised $9 million through a Series A funding round. The round was led by HSBC Asset Management and included IA Capital Group, Blue Bear Capital and Generation Space along with several angel investors.

Delos provides insurance solutions to homeowners in wildfire-stressed areas and currently writes $40bn in total insurance value. Its proprietary technology pinpoints properties that do not pose a high risk of loss. At the same time, traditional insurance carriers are continuing to abandon or increase rates for homeowners living in areas potentially exposed to wildfire.

Wildfires continue to challenge many parts of the country. Delos is committed to applying its technology and expertise to broaden access to insurance in a way that people can afford. The funding will help support this aim.

“We are enjoying working with a great, supportive group of investment partners, as we embark on the next phase of the Delos journey. We are looking to provide insurance outside California and develop new products to help people obtain the affordable insurance they deserve,” said Kevin Stein, CEO Delos Insurance Solutions. “We scaled back our funding requirements for this round, despite being oversubscribed. This is due to our better-than-planned growth, market leading loss ratios, and the positive response from California homeowners.”

The investment partners focus on financial sector solutions, insurance, climate change, and space, highlighting the breadth of expertise required to provide real, sustainable solutions to the impacts of climate change on our society.

“We are excited to support Delos by leading their latest funding round. Its proprietary wildfire forecasting, driven by AI, is improving access to property insurance coverage in California, a market that’s under stress from growing climate catastrophes. We look forward to working with the team as they expand across the US,” stated Mike D’Aurizio, Investment Director, Climate Growth Partners, HSBC Asset Management.

“Kevin and Shanna are exceptional founders who have assembled a fantastic team to tackle an immense challenge in enabling property insurance in wildfire-exposed areas. Having led the previous two funding rounds, we have seen them overcome every obstacle along the way to gain unparalleled success and credibility with homeowners, distributors, carriers and capital markets. They have proved out their cutting edge risk selection and pricing capabilities and are poised to continue to provide solutions to dislocated insurance markets in California and beyond,” commented Matt Perlman, Partner IA Capital Group.

“Since partnering with Delos in 2019, we’ve been captivated by their innovative tech-driven approach to tackling the persistent wildfire crisis. Their integration of data and machine learning is revolutionizing the insurance landscape, allowing them to swiftly create and sell policies. Delos is on the fast track to becoming a profitable leader, empowering people to live safely in their desired locations.,” said Vaughn Blake, Partner Blue Bear Capital.

“We are thrilled to continue supporting Delos through this next stage. The business has demonstrated the efficacy of its models with a significant portfolio and is now poised for substantial, scalable growth. With this team, technology, and product, they are well-positioned to expand their geographic footprint and product offerings, bringing wildfire insurance solutions to the masses,” added Lewis Jones, Vice President of Investment, Generation Space.

Last month, Delos was awarded MGA/MGU of the Year by Insurance Insider US and has just been named one of CB Insights’ Top 100 Global Fintech Companies for 2024.

About Delos Insurance Solutions

Delos Insurance Solutions uses cutting-edge technology to offer insurance protection to homeowners in communities abandoned by other insurers because of wildfire risk. Founded in San Francisco in 2017 by aerospace engineers, Delos uses satellite imagery and artificial intelligence to identify insurable homes within territories deemed too risky by the rest of the insurance market. Delos is a Managing General Agent (MGA) offering policies on behalf of insurance carriers rated ‘A’ by AM Best.

About HSBC Asset Management
HSBC Asset Management, the investment management business of the HSBC Group, invests on behalf of HSBC’s worldwide customer base of retail and private clients, intermediaries, corporates and institutions through both segregated accounts and pooled funds. HSBC Asset Management connects HSBC’s clients with investment opportunities around the world through an international network of offices in 22 countries and territories, delivering global capabilities with local market insight. As at 30 June 2024, HSBC Asset Management managed assets totalling US$713bn on behalf of its clients. For more information see http://www.global.assetmanagement.hsbc.com/ HSBC Asset Management is the brand name for the asset management businesses of HSBC Holdings plc

About IA Capital Group
IA Capital Group is the leading venture capital firm focusing primarily on insurtech, making strategic venture capital investments on behalf of 20+ carriers, with a more than two-decade track record of successfully partnering with early-stage insurtech and fintech companies.

About Blue Bear Capital
Blue Bear is a venture capital and early growth equity firm driving digital technologies and machine intelligence into multibillion-dollar verticals across the energy, infrastructure, and climate industries. The team comes from leading energy private equity firms, startups, and large industrial technology developers. Blue Bear typically leads Seed through Series B rounds, with a portfolio covering operational AI, IoT, and cybersecurity technologies, all deployed with enterprise customers to drive connectivity and intelligence across the world’s most critical industries.

About Generation Space LLC
Generation Space LLC is the US arm of Seraphim Space Manager LLP and is responsible for all its US activities and delivery of the US Generation Space Accelerator. Seraphim Space is the world’s leading investment group focused on the space sector’s $trillion investment opportunity.  Outside the US, Seraphim Space Manager LLP has pioneered ‘SpaceTech’ as an investment category, having launched the world’s first private and first public SpaceTech focused VC funds as well as the world’s first dedicated SpaceTech Accelerator, positioning it as the world’s leading investment group focused on the space sector’s $trillion investment opportunity.

SOURCE Delos Insurance Solutions

WANT YOUR COMPANY’S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In