Runway Growth Capital Provides a $40 Million Growth Investment to CarNow
Summary
The funding will enable CarNow to accelerate product development and enhance its suite of digital retailing solutions to drive innovation in the car industry.MENLO PARK, Calif., April 16, 2024 /PRNewswire/ -- ("Runway"), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, announced today a $40 million commitment to 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 CarNows 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 teams hard work and dedication, as well as the innovative solutions weve brought to the automotive market," said Tim OToole, CFO of CarNow. "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 companys ability to modernize the car buying and selling process. For more information on Runway Growth Capital LLC and its platform, please visit our website at .About CarNowCarNow is the leading dealer retailing system in the automotive industry. CarNows solutions empower dealers to seamlessly manage the entire car-buying journey and provide shoppers with elevated digital retailing, messaging, and virtual showroom services.