Financing will fuel Elevate's continuing
growth as an expert-led, software-powered law
company
MENLO
PARK, Calif., July 19,
2023 /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, today announced the close of a senior secured term loan of
$40 million to Elevate Services, Inc.
("Elevate"), a global law company providing software and services
to law departments of over ten percent of the Global 1000 and more
than half of the Global 100 law firms.
Runway's term loan will refinance existing debt and provide
additional working capital for Elevate's expert-led,
software-powered solutions, which include legal operations
software, strategy, operational, and technology consulting,
flexible legal staffing and practicing lawyers, contract
management, compliance, e-discovery and document review, data
breach response, medical economic damages litigation support, and
legal spend management and invoice review.
"We are thrilled to join forces with such a dynamic company at
the intersection of business and law," said Brad Pritchard, Managing Director of Technology
at Runway. "Elevate is modernizing the legal sector with powerful
and practical tools that improve efficiency, work output, and
ultimately customer outcomes. We are excited to partner with them
on their next phase of growth."
"We selected Runway because of their track record partnering
with management teams to build great companies," said Liam Brown, Elevate's Founder, Chairman, and
CEO. "That showed up in the way their team worked to understand our
business to deliver ideal terms for capital to execute on the next
stage of our strategy."
Founded in 2012, Elevate's global workforce of almost 2,000
professionals provide multi-language services from the US, the UK,
India, the Philippines, Poland, Australia, Switzerland, Singapore, and Hong
Kong.
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
Growth's filings with the Securities and Exchange Commission.
Runway Growth 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.
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 Elevate
Elevate is an expert-led,
software-powered law company. Elevate provides software and
services for the intersection of business and law. Elevate's legal,
business, and technology professionals offer practical ways for
global law departments and law firms to improve efficiency,
quality, and business outcomes. For more information on Elevate,
please visit their website at www.elevateservices.com.
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SOURCE Runway Growth Capital LLC