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
