– Runway to provide growth capital to fuel Allurion’s global expansion –
WOODSIDE, California, April 6, 2021 / PRNewswire / – Capital Growth Track LLC (“Runway”), a leading provider of growth loans to companies funded by venture capital and not looking for an alternative to equity raising, today announced the closing of a senior secured term loan of $ 25 million To Allurion Technologies, a pioneering leader in the development of innovative, scalable and reliable weight loss experiences. Growth capital is expected to be used to fuel Allurion’s global expansion.
The Allurion ™ Weight Loss Program Includes The Elipse® Balloon – the world’s first and only procedure-free medical device ™ for weight loss – plus the Allurion® Virtual Care Suite of wearable devices and AI-based software that deliver real-time information to patients and providers. In clinical trials, the Allurion program resulted in weight loss of about 30 pounds (15 kilograms) in just four months.
The Elipse balloon does not require endoscopy or anesthesia and is typically administered during a 15-minute outpatient visit. Allurion’s virtual care suite works hand in hand with the Elipse balloon to deliver a 360-degree experience by integrating various devices, including a smartwatch and body composition scale, into a digital experience that enables providers to deliver better care which ultimately led to better results.
“We look forward to partnering with the Runway team to further accelerate our growth and expand our global reach,” said Shantanu Gaur, MD, Co-Founder and CEO of Allurion Technologies, Inc. “We were drawn to the Runway’s proven history of supporting life science companies and their desire to deeply understand our business. With their support, we will be able to take our unique blend of innovative weight loss devices and services to the next level.
According to the International Journal of Obesity, 2 billion people worldwide are overweight, and that number is expected to reach 3 billion by 2030. The Allurion program is currently available in more than 40 countries and more than 40,000 patients have been processed to date. .
“We are proud to support Allurion with this $ 25 million ready, to help the company build on its global success and develop a path to US approval, enabling it to make further impact on the global obesity problem, ”said Rob Lake, Managing Director and Head of Life Sciences at Runway. “By partnering with Allurion, Runway adds a layer of diversity to the portfolio of rapidly growing innovative life sciences companies.
Armentum Partners acted as Allurion’s financial advisor in connection with this financing.
About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment advisor to investment funds, including Runway Growth Credit Fund Inc., which lend growth capital to companies seeking an alternative to fundraising. Led by an industry veteran David Spreng, these funds offer long-term loans of $ 10 million To $ 70 million to fast growing companies based in United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit our website at www.runwaygrowth.com.
About Allurion Technologies
Allurion Technologies is dedicated to helping people lead healthy lives through innovative, scalable and reliable weight loss experiences. The company’s flagship product, the Allurion Program, is a 360-degree weight loss experience with the Elipse Balloon, the first and only gastric balloon to swallow and without procedure for weight loss, nutritional change program and behavioral Allurion Honeymoon from Hunger, and the Allurion Virtual Care Suite including the Allurion connected scale, the Allurion Health Tracker smartwatch, the Allurion mobile app, the Allurion Clinic dashboard and the Allurion Insights portal. Learn more about Allurion online at www.allurion.com. Allurion and Elipse are trademarks of Allurion Technologies, Inc. in United States and countries around the world.
Statements included in this document may constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical fact included in this press release may constitute forward-looking statements and are not statements. guarantees future performance, condition or results and involve a number of risks and uncertainties, including the impact of COVID-19 and related changes in base interest rates and significant market volatility on our business , our portfolio companies, our industry and the global economy. Actual results may differ materially from forward-looking statements due to a number of factors, including those described from time to time in documents filed with the Securities and Exchange Commission by the funds managed by Runway. Runway does not undertake to update any forward-looking statements contained in this document. All forward-looking statements speak only as of the date of this press release.
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SOURCE Runway Growth Capital LLC