Brivo Receives $75M Credit Facility From Runway Growth Capital
The capital, which comes three months after Brivo terminated its merger with SPAC Crown PropTech, will help the company continue to develop its ecosystem of access control solutions.
WOODSIDE, Calif. — Runway Growth Capital, a provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, announces the closure of a long-term senior secured credit facility of $75 million to Brivo Systems.
Brivo will use the capital to continue developing its successful ecosystem of access control solutions that are foundational to PropTech and widely deployed via security integration partners around the world, according to the company.
“We are excited to support Brivo and its continued success delivering a comprehensive technology platform for commercial access and space management,” says 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.”
Brivo Access, the company’s SaaS-based enterprise platform, enables property owners and managers to view, control, and analyze security events and occupancy trends across all assets in their portfolio. It is also said to enhance 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 selected Runway because they were able to deliver a flexible, custom package that met all of our needs,” explains Steve Van Till, founder and CEO of Brivo, as well as an SSI Industry Hall of Famer. “We know from working with the team that Runway will be a great growth partner for us.”
The capital comes three months after Brivo terminated its merger with special purpose acquisition company Crown PropTech. The merger, which was announced in November 2021, would have saw Brivo become a public company.
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