Runway Growth Capital, LLC (“Runway”), a provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, announced a $40 million commitment to CarNow, a live-data automotive technology platform that helps dealers elevate the car-buying experience by transforming the way they connect with customers.
This strategic investment will support CarNow’s continued market expansion and accelerated product development that will enhance the car buying and selling experience.
“This investment from Runway Growth Capital is a testament to our team’s hard work and dedication, as well as the innovative solutions we’ve brought to the automotive market,” said Tim O’Toole, chief financial officer of CarNow. “With Runway’s support, we’re poised to accelerate our growth, enhance our product offerings and continue to disrupt the automotive retail industry. Our mission has always been to simplify the car buying process through technology, and this partnership allows us to further that mission on a larger scale.”
CarNow, known for its comprehensive suite of digital tools, including Digital Retail (Real-Time Retail), Digital Messaging (Real-Time Messaging), and Conversational CTAs (ConvertNow), has been at the forefront of revolutionizing the automotive retail sector. With this infusion of capital, CarNow will further develop its platform, expand its market reach and continue providing exceptional value to its dealership customers and their consumers.
“We are excited to include CarNow in Runway’s portfolio of innovative companies and support its effort to redefine the automotive buying experience for the digital age,” said Greg Greifeld, managing director and deputy chief investment officer at Runway. “This deal reflects our ongoing commitment to partner with the highest quality companies in the venture ecosystem. By providing CarNow with the growth capital needed to fuel its expansion, we are investing in the next evolution of this rapidly changing auto industry.”
Ted Cavan, managing director of technology at Runway, also expressed enthusiasm about the partnership.
“Our investment in CarNow is a testament to our belief in the company’s ability to modernize the car buying and selling process,” said Cavan. “With additional capital provided by Runway, CarNow is empowered to focus on what they do best – innovating and expanding its remarkable digital platform. The funding offers a significant advantage toward this end, and we’re excited to partner with CarNow and support its next phase of growth.”
CarNow is headquartered in Raleigh, NC.