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Horizon Technology Finance Leads $30MM Venture Loan Facility to Dropoff

September 28, 2021, 07:50 AM
Filed Under: Distribution

Horizon Technology Finance closed a $30 million venture loan facility to Dropoff, Inc. of which Horizon funded $12.5 million of the initial $20 million draw, and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's advisor, funded $7.5 million.

Dropoff provides its customers with same-day delivery services, most notably to healthcare companies which have critical blood and lab testing needs for expedient and safe delivery.  Powered by their proprietary logistics software built from the ground-up, Dropoff provides real-time tracking, route optimization and the ability to customize and integrate within a customer's logistics platform, enabling them to more smoothly run their overall operations. Dropoff has received funding from prominent growth sponsors Fulcrum Equity Partners, Greycroft Partners and Wild Basin Investments, and will use the loan proceeds for general working capital purposes and acquisitions.

"Dropoff is blazing a new trail with respect to same-day, local courier service," said Gerald A. Michaud, President of Horizon. "Utilizing its proven technology platform and a strict vetting process for its couriers, including HIPAA and OSHA certification, Dropoff has become the delivery service of choice for a rapidly expanding number of healthcare and other enterprise clients.  We are excited to support Dropoff's growth and development as it further adds to its innovative offerings and footprint."

"We are excited to receive Horizon's support, as they clearly recognize that Dropoff has become a one-stop source for critical business same-day logistics," said Sean Spector, co-founder and Chief Executive Officer of Dropoff.  "By providing a comprehensive and custom, first-mile and last-mile solution, we are able to meet our customers' needs and assist them in ensuring their operations run more smoothly, thus creating efficiencies and real cost savings for our clients.  Our future continues to be bright and we are eager to continue expanding our robust market share."

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