Revolving line of credit will be used to fund growth programs aimed at expanding RunBuggy's open transportation marketplace.
PHOENIX, Aug. 9, 2022 /PRNewswire-PRWeb/ -- RunBuggy OMI Inc., the leading technology platform that connects car shippers and transporters, announced today it secured a line of credit with Silicon Valley Bank providing the Company with access to funds that will fuel the growth and retention of its open transportation marketplace.
"This line of credit will allow us to better manage our growing portfolio of receivables and provide additional financial flexibility for a variety of initiatives we have underway to strengthen and expand our marketplace," said Jacob Patterson, Vice President, Finance at RunBuggy."
RunBuggy launched in 2018 with a mission to simplify car shipping. Since then, the company has built one of the world's largest digitally enabled carrier networks and transformed automotive transportation logistics management for thousands of shippers and haulers.
"RunBuggy has been a leader in transforming automotive transportation logistics management for thousands of shippers and haulers," said Shane Ballew, Director with Silicon Valley Bank Technology team. "We are excited to expand our relationship with RunBuggy and support their continued growth."
"We are grateful for the expert strategic financial support Silicon Valley Bank is able to offer RunBuggy," said Kevin Malik, CEO of RunBuggy. "We wanted to work with a firm that has a proven history of working alongside innovators to help build smarter and scale faster. Silicon Valley Bank is a perfect fit."
RunBuggy recently announced the Company had secured a Series A investment by a syndicate including the Larry H. Miller Company, Porsche Ventures and Hearst Ventures to accelerate market adoption. To date, Runbuggy has signed up more than 17,000 drivers to its platform, delivered to 100,000+ unique addresses, and has reduced the average time to deliver a vehicle by more than 50%.
About RunBuggy
RunBuggy is a technology platform that connects car shippers and haulers. RunBuggy allows shippers to seamlessly integrate car transportation services, reducing cost and improving time to deliver. For transporters, RunBuggy offers an alternative to expensive load boards and custom software solutions to better find and manage transportation loads. To learn more, please visit runbuggy.com
About Silicon Valley Bank
Silicon Valley Bank, the bank of the world's most innovative companies and investors, provides commercial banking services, expertise and insights to the technology, life science and healthcare, private equity, venture capital and premium wine industries. Silicon Valley Bank operates in centers of innovation around the world and is one of SVB's core businesses with SVB Capital, SVB Private and SVB Securities. With global commercial banking services, Silicon Valley Bank helps address the unique needs of its dynamic, fast-growing, innovative clients. Learn more at svb.com.
RunBuggy Media Contact
Jason Ferrara – [email protected]
Silicon Valley Bank Media Contact
Katie Fredlund – [email protected]
Media Contact
JASON FERRARA, RunBuggy OMI, Inc., 1 4802063848, [email protected]
SOURCE RunBuggy OMI, Inc.
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