Revolving line of credit will be used to fund growth programs aimed at expanding RunBuggy’s open transportation marketplace.
PHOENIX, AZ – RunBuggy 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%.