Runway Growth Capital, a provider of growth loans to both venture and non-venture backed companies seeking an alternative to raising equity, today announced the close of a senior secured term loan commitment of $65 million to Snagajob.com, the marketplace for hourly jobs and shifts.
Partnering with 24 of the top 25 hourly-work employers and thousands of small businesses, Snagajob connects 6 million job seekers a month with well-matched job opportunities. Snagajob’s mission is to help hourly workers fulfill life goals, gaining flexibility and control over how, when, and where they work.
The Snagajob deal marks another investment for the expanding Runway venture debt portfolio, which seeks to capitalize on a growing market opportunity in which larger, more established businesses are seeking debt financing in order to avoid dilution and additional equity rounds.
“Snagajob is well positioned to address employment challenges and the most dynamic workforce the job market has ever seen,” said Mark Donnelly, Managing Director, Head of Origination at Runway. “We developed a multi-year relationship with the Snagajob team to fully understand the marketplace and their business, in order to structure a loan that is ideal for their needs. As a growth-stage company, it was an appropriate time for a $65 million commitment that would enable Snagajob to invest and capitalize on a unique market opportunity.”
“Runway thoughtfully structured our loan, taking time to understand our business and the unique opportunity we had to capture market share,” said Mathieu Stevenson, CEO of Snagajob. “Runway is an engaged, long-standing partner who helped us refinance existing facilities and infuse incremental capital, to help us scale to meet this once-in-a-generation opportunity.”
The loan enables Snagajob to continue investing in its next-generation technology and drive growth on the tailwinds of an evolving hourly jobs market.
“We understand the job market and wanted to invest in technology that is helping society get back to work; especially for the hourly employees who make up a large portion of the frontline workers,” explained Donnelly. “For the foreseeable future it will be a challenge to find the best hourly wage talent, making it essential to improve the systems candidates’ and companies’ need to quickly and reliably fill these roles.”