FARMINGTON, Conn., June 30, 2021 /PRNewswire/ -- Horizon Technology Finance Corporation (NASDAQ: HRZN) ("Horizon"), a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries, announced today it led a $8 million venture loan facility to LiquiGlide, Inc. ("LiquiGlide"), of which Horizon funded $2 million of the initial $4 million draw and a private investment vehicle managed by Horizon Technology Finance Management LLC, Horizon's advisor, funded $2 million.
LiquiGlide's breakthrough, frictionless technology enables new packages, products and ultimately a new consumer experience through no-waste packaging, more efficient, sustainable manufacturing, and medical devices that will not clog or cause infection. LiquiGlide has gained significant traction in the multi-billion dollar consumer product goods industry, as well as in the manufacturing and biomedical industries, and the company recently announced a new partnership with Colgate. LiquiGlide will use the loan proceeds for growth and general working capital purposes.
"LiquiGlide's patented technology eliminates product and packaging waste, providing an environmentally-conscious solution and paving the way for revolutionary advancements in packaging, manufacturing and medical devices," said Gerald A. Michaud, President of Horizon. "We are eager to support LiquiGlide's mission of providing sustainable and frictionless product and packaging alternatives that create a completely different and improved experience for the end-user."
"We appreciate Horizon's confidence in our technology and belief in our vision," said Dave Smith, Co-founder and Chief Executive Officer of LiquiGlide. "We are expanding our market presence across industries by partnering with major, global brands such as Colgate and the Mibelle Group. As more businesses realize the value, sustainability, and innovation our technology makes possible, we are excited about LiquiGlide's long-term prospects and our ability to grow for years to come."
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN) is a leading specialty finance company that provides capital in the form of secured loans to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries. The investment objective of Horizon is to maximize its investment portfolio's return by generating current income from the debt investments it makes and capital appreciation from the warrants it receives when making such debt investments. Horizon is headquartered in Farmington, Connecticut, with a regional office in Pleasanton, California, and investment professionals located in Portland, Maine, Austin, Texas, and Reston, Virginia. To learn more, please visit www.horizontechfinance.com.
LiquiGlide is the inventor of a revolutionary technology that eliminates the friction between liquids and solids to allow liquids to flow with ease. Invented at MIT by Dave Smith and Professor Kripa Varanasi, its technology eliminates a fundamental design constraint and enables real, powerful breakthroughs across industries, and transforms the way we manufacture, package and consume viscous products. LiquiGlide also improves quality of life and patient care by enabling medical devices that won't clog or cause infections and new drugs and biologics that were previously too viscous to be made or administered. LiquiGlide's first launch--a transformational, clear, recyclable toothpaste package that Colgate introduced to the European market this spring--has been featured on The Daily Show with Trevor Noah and in publications around the world, including The Economist, CNN and The Daily Mail. To learn more about LiquiGlide, please visit: https://liquiglide.com/.
Statements included herein may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Statements other than statements of historical facts included in this press release may constitute forward-looking statements and are not guarantees of future performance, condition or results and involve a number of risks and uncertainties. Actual results may differ materially from those in the forward-looking statements as a result of a number of factors, including those described from time to time in the Company's filings with the Securities and Exchange Commission. Horizon undertakes no duty to update any forward-looking statement made herein. All forward-looking statements speak only as of the date of this press release.
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SOURCE Horizon Technology Finance Corporation