Horizon Technology Finance leads $ 30 million subprime loan facility to be abandoned
FARMINGTON, Connecticut., September 27, 2021 / PRNewswire / – Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon”), a leading specialty finance company that provides capital in the form of secured loans to venture-backed companies in the areas of technology, life sciences, information and health services, and sustainable development industries, today announced the closing of a $ 30 million subprime loan facility to Dropoff, Inc. (“Dropoff”), which Horizon funded $ 12.5 million from the initial $ 20 million drawdown, and a private investment vehicle managed by Horizon Technology Finance Management LLC, advisor to Horizon, funded $ 7.5 million.
Dropoff provides same-day delivery services to its customers, including healthcare companies with critical blood and lab testing needs for fast and safe delivery. Powered by its proprietary logistics software built from the ground up, Dropoff offers real-time tracking, route optimization, and the ability to customize and integrate a customer’s logistics platform, allowing them to manage more easily its global operations. Dropoff has received funding from major growth sponsors Fulcrum Equity Partners, Greycroft Partners and Wild Basin Investments, and will use the loan proceeds for general working capital and acquisition purposes.
“Dropoff is breaking new ground in local same day messaging service,” said Gerald A. Michaud, President of Horizon. “Using its proven technology platform and a strict screening process for its couriers, including HIPAA and OSHA certifications, Dropoff has become the delivery service of choice for a growing number of healthcare and other business customers. . We are delighted to support the growth and development of Dropoff as it further adds to its innovative offerings and its footprint. ”
“We are delighted to receive Horizon’s support as they clearly recognize that Dropoff has become a one-stop source for critical same-day trade logistics,” said Sean Specter, co-founder and CEO of Dropoff. “By providing a complete and personalized solution, first and last mile, we are able to meet the needs of our customers and help them keep their operations running smoothly, creating efficiencies and real benefits. savings for our customers. Our future continues to be bright and we look forward to continuing to expand our strong market share. “
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company providing capital in the form of secured loans to venture-backed companies in the technology, life sciences, health information and services and sustainable development. Horizon’s investment objective is to maximize the return on its investment portfolio by generating current income from the debt investments it makes and capital appreciation from the warrants it receives. during these debt investments. Horizon is headquartered at Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. For more information, please visit www.horizontechfinance.com.
About the deposit
Dropoff offers reliable same-day delivery to help businesses meet growing customer expectations. Present in more than 40 cities in more than 20 states and growing, our sophisticated logistics platform allows companies to have visibility into their deliveries, equipping them to improve the customer experience and streamline their operations. Leading companies in healthcare, retail / e-commerce and industry partner with Dropoff to meet customer needs with the help of our highly vetted professional drivers and proactive customer service. Dropoff is committed to meeting the demands of your evolving business. For more information on how Dropoff is shaping the future of same-day delivery, visit www.dropoff.com.
Statements included in this document may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact included in this press release may constitute forward-looking statements and are not statements. guarantees future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from forward-looking statements due to a number of factors, including those described from time to time in documents filed by the Company with the Securities and Exchange Commission. Horizon assumes no obligation to update any forward-looking statements contained in this document. All forward-looking statements speak only as of the date of this press release.
SOURCE Horizon Technology Finance Corporation