Runway Growth Capital LLC, a leading provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, has closed a long-term senior secured credit facility of $75 million to Brivo Systems LLC, a leading provider of cloud-based access control and smart building technologies. The company states that it will use the capital to continue developing Brivo’s successful ecosystem of access control solutions that are foundational to Proptech and widely deployed via security integration partners around the world.
Brivo Access, the company’s SaaS-based enterprise platform, enables property owners and managers to view, control, and analyse security events and occupancy trends across all assets in their portfolio. It also enhances the experience of building occupants, vendors, and guests with touch-free opening of doors using wirelessly distributed mobile phone-based digital credentials. Full platform capabilities include access control, data analytics, AI-based anomaly detection, mobile credentials, identity management, workflow automation APIs, video surveillance, and visitor and delivery management.
“We are excited to support Brivo and its continued success delivering a comprehensive technology platform for commercial access and space management,” said Jeff Goldrich, Managing Director, Technology at Runway. “Brivo has demonstrated remarkably consistent organic growth, which is a testament to both its product and leadership team. This deal represents an opportunity for Runway to partner with an innovative, industry-leading company in the growing Proptech sector.”
“We selected Runway because they were able to deliver a flexible, custom package that met all of our needs,” explained Steve Van Till, Founder and CEO of Brivo. “We know from working with the team that Runway will be a great growth partner for us.”