Runway Growth Capital, a provider of growth loans to both venture-backed and non-venture-backed companies seeking alternatives to equity financing, has announced a $20 million commitment to Swing Education. This established online marketplace connects schools with qualified substitute teachers. This funding consists of a first lien term loan and a revolving credit facility.
Established in 2015 and headquartered in the San Francisco Bay Area, Swing Education partners with school districts in California, Arizona, Texas, Illinois, New York, New Jersey, and Washington, D.C. Leveraging advanced technology and support services, Swing Education streamlines the hiring and placement processes for substitute teachers, thereby addressing the critical shortage in K–12 education.
Runway Growth Capital’s investment exemplifies its commitment to supporting growth-stage enterprises with non-dilutive capital solutions that are closely aligned with long-term strategic objectives.
KEY QUOTES:
“Swing Education plays a critical role in addressing the persistent shortage of classroom educators by making it easier for schools to connect with high-quality substitute teachers. We’re proud to support a company that is not only scaling quickly but also delivering real impact across the education system. We worked hard to provide them with a flexible financing solution, via a first lien and a revolver, to ensure they have access to capital when needed, given the seasonal nature of the education sector.”
Greg Greifeld, Chief Investment Officer at Runway
“This new investment from Runway Growth Capital comes at a pivotal moment for Swing as we continue expanding our reach to address nationwide teacher shortages. We appreciate Runway’s support and confidence in our mission to ensure every classroom has a teacher and every student gets the opportunity to learn.”
Asha Visweswaran, CEO of Swing Education
