Thursday, Aug. 11, 2022, 02:24 PM
RunBuggy gained more financial horsepower this week, as the technology platform that connects car shippers and transporters announced 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.
In January, RunBuggy secured a Series A investment by a syndicate including the Larry H. Miller Co., Porsche Ventures and Hearst Ventures to accelerate market adoption.
To date, RunBuggy said it has signed up more than 17,000 drivers to its platform, delivered to more than 100,000 unique addresses and has reduced the average time to deliver a vehicle by more than 50%.
“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,” RunBuggy vice president finance Jacob Patterson said in a news release.
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’s technology team. “We are excited to expand our relationship with RunBuggy and support their continued growth.”
RunBuggy chief executive officer Kevin Malik added his perspectives, too.
“We are grateful for the expert strategic financial support Silicon Valley Bank is able to offer RunBuggy,” Malik said. “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.”
To learn more, visit runbuggy.com.