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Hercules Capital Closes $15MM Secured Credit Facility for RumbleOn

April 30, 2018, 07:05 AM
Filed Under: e-Commerce

RumbleOn, Inc., a disruptive e-commerce platform facilitating, in one online location, the ability of consumers and dealers to buy, sell, trade, and finance pre-owned vehicles with an emphasis on motorcycles and other powersports, announced it has entered into a $15 million Senior Secured Credit Facility with Hercules Capital, Inc., a leader in customized debt financing for companies in technology and life sciences related markets. Under the terms of the facility, $5.0 million will be funded at closing with the balance available in two additional tranches over the term of the facility, subject to certain operating targets. The facility has an initial 36-month maturity and initial 10.5% interest rate. Pursuant to the loan agreement, RumbleOn issued to Hercules at closing a warrant to purchase 81,818 shares of RumbleOn Class B common stock at an exercise price of $5.50 per share.

Marshall Chesrown, Chief Executive Officer of RumbleOn stated, “We are excited to be working with Hercules, a leader in the industry with a long history of supporting innovative technology companies. We are pleased that we were able to work together to design a flexible credit facility structured to handle our growth capital needs for the foreseeable future. This financing underscores   confidence that both RumbleOn and Hercules have in our business plan and provides RumbleOn additional flexibility to fund our accelerated growth while creating the most trusted brand and efficient online marketplace in the powersports market.”

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