Horizon Technology Finance Provides Fourth Quarter 2020 Portfolio Update
"We are pleased to have accomplished a very strong quarter of portfolio growth, originating
Fourth Quarter 2020 Portfolio Update
Horizon funded nine loans during the fourth quarter of 2020 totaling
$18.0 millionto a new portfolio company, Getaround, Inc., a peer-to-peer car sharing platform. $13.0 millionto a new portfolio company, Alula, Inc., a designer and manufacturer of security systems sold exclusively to professional distributors and dealers. $10.0 millionto a new portfolio company, a developer of a software-defined composable infrastructure platform. $10.0 millionto a new portfolio company, a developer of technology that can identify any microbe in order to accelerate treatment and improve public health. $10.0 millionto an existing portfolio company, Magnolia Medical Technologies, Inc., a developer of an FDA-cleared high-precision blood culture collection medical device. $7.5 millionto a new portfolio company, Sonex Health, Inc., a developer of technology, education and training programs for ultrasound guided procedures. $5.0 millionto a new portfolio company, Corinth Medtech, Inc., a developer of an FDA-cleared device for treating symptoms related to Benign Prostatic Hyperplasia (BPH). $2.5 millionto a new portfolio company, Canary Medical, Inc., a medical data company improving healthcare outcomes with its proprietary smart medical devices. $0.6 millionto an existing Horizon portfolio company.
Horizon experienced liquidity events from three portfolio companies in the fourth quarter of 2020, including principal prepayments of
- In November, Horizon received proceeds and equity totaling
$1.3 millionupon the exercise and sale of warrants, as well as the recognition of a success fee totaling $0.1 million, in ShopKeep, Inc.("ShopKeep"). Horizon continues to hold warrants in ShopKeep.
- In December,
Mohawk Group Holdings("Mohawk") (NASDAQ: MWK) prepaid its outstanding principal balance of $13.0 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon continues to hold warrants in Mohawk.
- In December,
Vero Biotech, LLC("Vero") prepaid its outstanding principal balance of $4.3 millionon its venture loan, plus interest, end-of-term payment and prepayment fee. Horizon continues to hold warrants in Vero.
Principal Payments Received
During the fourth quarter of 2020, Horizon received regularly scheduled principal payments on investments totaling
During the fourth quarter ended
Capital Markets Activity – Warrant and Equity Portfolio
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 Horizon's filings with the