RunBuggy gained extra monetary horsepower this week, because the expertise platform that connects automobile shippers and transporters introduced it secured a line of credit score with Silicon Valley Financial institution, offering the corporate with entry to funds that may gasoline the expansion and retention of its open transportation market.

In January, RunBuggy secured a Collection A funding by a syndicate together with the Larry H. Miller Co., Porsche Ventures and Hearst Ventures to speed up market adoption.

To this point, RunBuggy mentioned it has signed up greater than 17,000 drivers to its platform, delivered to greater than 100,000 distinctive addresses and has diminished the common time to ship a car by greater than 50%.

“This line of credit score will permit us to raised handle our rising portfolio of receivables and supply further monetary flexibility for a wide range of initiatives now we have underway to strengthen and increase our market,” RunBuggy vp finance Jacob Patterson mentioned in a information launch.

RunBuggy launched in 2018 with a mission to simplify automobile transport. Since then, the corporate has constructed one of many world’s largest digitally enabled service networks and remodeled automotive transportation logistics administration for hundreds of shippers and haulers.

“RunBuggy has been a frontrunner in reworking automotive transportation logistics administration for hundreds of shippers and haulers,” mentioned Shane Ballew, director with Silicon Valley Financial institution’s expertise staff. “We’re excited to increase our relationship with RunBuggy and assist their continued progress.”

RunBuggy chief government officer Kevin Malik added his views, too.

“We’re grateful for the knowledgeable strategic monetary assist Silicon Valley Financial institution is ready to provide RunBuggy,” Malik mentioned. “We needed to work with a agency that has a confirmed historical past of working alongside innovators to assist construct smarter and scale sooner. Silicon Valley Financial institution is an ideal match.”

To study extra, go to runbuggy.com.