Startup Spotlight: Runway Growth Capital and Snap! Mobile

For this deep dive, we spoke to David Spreng, Founder/CEO of Runway Growth Capital and Cole Morgan, Founder/CEO of Snap! Mobile.

Give us some background on your firm: How did the firm start, what is your mission and how does the firm strive to meet its goals?

Runway Growth Capital was founded in 2015 by industry veteran and four-time ‘Forbes Midas List’ honoree David Spreng, to be the investment adviser to Runway Growth Finance Corp. , a private BDC that is now publicly traded under the ticker RWAY. In January 2025, Runway Growth Capital (the Adviser to RWAY) was acquired by BC Partners Credit, a $10B AUM credit platform within BC Partners, a $40B alternative investment firm. Runway continues to operate independently with its full team intact and remains the investment adviser to Runway Growth Finance Corp.

Our mission is to support passionate entrepreneurs in building great businesses. We lend capital to companies looking to fund growth with minimal dilution in technology, healthcare, and select consumer industries. In turn, we aim to produce superior risk-adjusted returns. We do this through our public BDC and our LP/GP funds operating from office locations in Menlo Park, Chicago, New York, and Boston.

What does your firm look for in a partner when choosing to invest in a portfolio company? What does the firm value? What do you especially value in the Snap! Mobile team?

At Runway Growth Capital, we provide minimally dilutive venture debt ranging from $10M to $150M to VC-backed and non-VC-backed companies in technology, healthcare, and select consumer industries.

We invest in companies with proven business models, clear product-market fit, and stable, diverse customer bases, typically targeting those with $10M+ in annual revenue to ensure financial viability and operational maturity.

Our focus is on high-growth businesses (15-20%+ annually) with meaningful intellectual property or soft assets that create competitive advantages and drive sustainable growth. We seek companies with strong market potential, revenue traction, and scalability.

We partner with entrepreneurial management teams who are passionate about their mission, driven by curiosity, and aligned with our values. We believe great leadership is visionary, inspiring, and grounded in integrity and kindness.

How does Runway Growth support its portfolio companies? How does it help entrepreneurs grow and advance the VC industry?

At Runway, we do more than provide capital—we are a strategic partner dedicated to helping entrepreneurs scale efficiently while maintaining control. Our flexible, minimally dilutive venture debt is tailored to each company’s growth objectives to ensure founders can access the capital they need without unnecessary dilution. Beyond financing, we offer industry expertise, strategic guidance, and an extensive network to support market expansion, operational scaling, and financial optimization. Unlike rigid lenders, we remain a steady and patient partner through both opportunities and challenges, helping companies navigate uncertainty and achieve long-term success in the venture ecosystem.

Here are the questions for your portfolio company — Snap! Mobile:

What is the mission of your company and how did you start?

Snap! Mobile was founded in 2014. The goal was to remove any barriers that could cause a kid or coach to not participate in the sport or activity they loved. Snap believed the way to ensure they had the access they wanted was to make sure they had access to funding. Snap wanted to remove any barriers where cash changed hands and addressed the biggest need first, fundraising. We are committed to our mission of removing cash transactions in youth athletics and activities and have expanded the product into financial management, budgeting, registration and DTC e-commerce.

Where and how is your company looking to grow in the next 5 years?

Recently, Snap! Mobile launched Snap! Mobile One. The future of athletics and activities management, Snap! Mobile One delivers everything coaches, administrators, and students need to grow, manage, and support their teams and programs, all in one easy-to-use app.

What problem is your company trying to solve?

Unfortunately, many schools and youth programs operate on shoestring budgets and face frequent cuts at the State and Local levels. Snap! fills the gap by supersizing support from communities, while also providing new avenues for broader revenue generation via corporate support. Snap! does all of this with an ironclad commitment to data privacy and protection.

How has Runway Growth impacted your company’s future for the better?

Runway Growth has provided critical funding to help Snap! with its continued innovation, business growth, and overall mission. Runway sees the vision of Snap!, understands its value and importance, and has been a fantastic and supportive partner.