Runway Growth Capital Leads $75 Million Loan Facility as Part of $120 Million Financing for Piano

The funding will enable Piano to enhance its platform capabilities, expand its market presence, and support strategic initiatives aimed at driving growth and delivering innovative digital solutions to its clients

MENLO PARK, Calif., Feb. 6, 2025 /PRNewswire/ -- Runway Growth Capital LLC ("Runway"), a leading provider of growth loans to both venture and non-venture-backed companies seeking an alternative to raising equity, today announced its role as the lead lender in a $75 million senior secured term loan facility that is part of a $120 million financing to Piano, a global leader in digital experience management, customer journey orchestration, and advanced analytics. The financing also includes a $45 million Series D investment led by Updata Partners, a Washington, D.C.-based growth equity firm focused on technology. This capital will enable Piano to optimize its platform, expand its market presence, and support strategic growth initiatives.

Founded in 2010, Piano offers an end-to-end platform that allows enterprises to more quickly identify, understand, and serve their customers. The Piano platform leverages unique data architectures that operate at massive scale and at orders of magnitude faster than competing solutions. This product helps global, national, and local brands and publishers achieve revenue growth while empowering teams to launch relevant audience experiences seamlessly, at scale, and with complete privacy-compliance.

With its US-headquarters in Philadelphia, PA and a presence in over 15 offices worldwide, including Amsterdam, Paris, Singapore, Berlin, Buenos Aires, New York, and Tokyo, Piano serves a diverse client base across six continents. Piano has been recognized as one of the fastest-growing, innovative technology companies by organizations such as Red Herring, the World Economic Forum, and Deloitte.

"Piano's innovative approach to digital experience management and its market leadership position makes it an ideal partner for Runway," said Jeff Goldrich, Managing Director at Runway. "We are excited to support Piano's continued expansion and their commitment to delivering exceptional solutions to their clients."

"This financing from Runway Growth Capital provides us with the resources to further enhance our platform and accelerate our growth strategy," said Trevor Kaufman, CEO of Piano. "We appreciate Runway's confidence in our vision and look forward to advancing our mission to empower businesses with the tools they need to understand and influence customer behavior."

"The range of industries and business problems Piano is able to address with its technology is incredibly impressive," added Ted Cavan, Managing Director at Runway Growth Capital. "The Piano team has built a truly industry-leading technology and we are thrilled to be a part of their continued success."

About Runway Growth Capital LLC
Runway Growth Capital LLC is the investment adviser to investment funds, including Runway Growth Finance Corp. (Nasdaq: RWAY), a business development company, and other private funds, which are lenders of growth capital to companies seeking an alternative to raising equity. Led by industry veteran David Spreng, these funds provide senior term loans of a target of $30 million to $150 million to fast-growing companies based in the United States and Canada. For more information on Runway Growth Capital LLC and its platform, please visit www.runwaygrowth.com.

About Piano
Piano is a leading digital experience platform that empowers organizations to understand and influence customer behavior by putting the power of data and logic into the hands of their employees. Piano's end-to-end platform leverages data, artificial intelligence, and commerce features to help brands and publishers achieve revenue growth while enabling teams to launch relevant audience experiences. With a global presence and a diverse client base, Piano has been recognized as one of the fastest-growing, innovative technology companies worldwide. For more information, visit www.piano.io.

Forward-Looking Statements
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition, or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in Runway's filings with the Securities and Exchange Commission. Runway undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.

SOURCE Runway Growth Capital LLC