Runway Growth Capital announced a $50 million debt commitment to Linxup, a U.S.-based GPS tracking, telematics and fleet management provider serving small and mid-size businesses. Runway’s debt investment will refinance existing debt and provide additional working capital for Linxup.
Linxup provides easy to use and implement vehicle tracking, asset tracking, and AI-enabled dash cams combined with software solutions, such as reporting, alerting, and dashboards, to customers that operate fleets of commercial vehicles. Customers use Linxup’s solutions to provide visibility into their fleet, reduce fuel cost, increase efficiency, reduce risk, and improve driver safety. Linxup’s solutions are designed to drive significant and rapid return on investment for its customers in both the field service and transportation industries.
“We are excited to invest in Linxup as we believe the company is uniquely positioned as a leading provider of IoT solutions that are tailored to SMB-focused fleets,” said Brian Sapp, Managing Director at Runway. “Linxup is at the forefront of GPS tracking and vehicle data, and we were attracted by their seasoned senior management team.”
“We selected Runway because of their flexible working capital and non-dilutive terms to aid our business operations,” explained Drew Reynolds, CEO of Linxup. “We will use this debt commitment to execute on our ambitious plan and to accelerate our growth. Runway is the ideal partner to collaborate with to set us up as a leader in fleet management and asset tracking.”
Linxup is headquartered in St. Louis, MO, with an additional satellite office in Charlotte, NC and a remote workforce around the US.
Armentum Partners acted as financial advisor to Linxup for the debt transaction.