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
