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Runway Growth Capital Provides $25MM Senior Secured Term Loan to Allurion Technologies

April 07, 2021, 08:00 AM
Filed Under: Consumer Products

Runway Growth Capital closed a senior secured term loan of $25 million to Allurion Technologies, a pioneering leader in the development of innovative, scalable and trusted weight loss experiences. The growth capital is expected to be used to fuel Allurion's global expansion.

The Allurion™ Weight Loss Program features the Elipse® Balloon -- the world's first and only procedureless™ medical device for weight loss -- as well as the Allurion® Virtual Care Suite of wearables and AI-powered software that provide real-time insights to both patients and providers. In clinical trials, the Allurion Program has led to approximately 30 pounds (15 kilograms) of weight loss in just four months.

The Elipse Balloon does not require endoscopy or anesthesia and is typically administered in a 15-minute outpatient visit. Allurion's Virtual Care Suite works hand-in-hand with the Elipse Balloon to provide a 360-degree experience by integrating various devices—including a smart watch and body composition scale—into a digital experience that enables providers to deliver better care that has ultimately led to better outcomes.

"We are looking forward to partnering with the Runway team to further accelerate our growth and expand our global reach," said Shantanu Gaur, M.D., Co-Founder and CEO of Allurion Technologies, Inc. "We were attracted to Runway's proven history of supporting life sciences 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, there are 2 billion people globally who are overweight, with the number projected to grow to 3 billion by 2030. The Allurion Program is currently available in over 40 countries, and over 40,000 patients have been treated to date.

"We are proud to support Allurion with this $25 million loan, to help the company build on their global success and develop a pathway to US approval, enabling them to further impact the global problem of obesity," said Rob Lake, Managing Director and Head of Life Sciences at Runway. "By teaming with Allurion, Runway adds a layer of diversity to the firm's rapidly growing life sciences portfolio of innovative companies."

Armentum Partners served as the financial adviser to Allurion in connection with this financing.

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