FARMINGTON, Conn.--(BUSINESS WIRE)--Horizon Technology Finance Corporation (NASDAQ: HRZN) (“Horizon” or the “Company”), an affiliate of Monroe Capital, and 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, today announced that on July 30, 2024 it provided a $35 million venture loan facility to Vesta Healthcare (aka Hometeam Technologies, Inc.), of which $25 million has been initially funded.
Vesta Healthcare is a tech-enabled clinical services company that integrates caregivers, patients, and the healthcare delivery system to monitor chronic conditions of high-risk patients, enhance their quality of life and improve their health outcomes. By reducing hospital admissions and emergency visits via 24/7 clinical support and advanced analytics, Vesta Healthcare ultimately helps minimize unnecessary care utilization, which leads to significant cost savings. Vesta Healthcare is backed by premier investors including RA Capital Management, Oak HC/FT, Chrysalis Ventures, Kaiser Permanente Ventures, Lux Capital and Deerfield Management. The company will use the loan proceeds for general growth and working capital purposes.
"Vesta Healthcare empowers tireless caregivers across the country with proprietary technology and around-the-clock telehealth support,” said Gerald A. Michaud, President of Horizon. “Through its health solutions, at-risk seniors receive personalized, proactive care comfortably at home, thereby reducing avoidable hospital visits and enhancing their overall quality of life. We are pleased to support Vesta Healthcare in its ongoing efforts to deliver value-based health programs and keep high-risk, high-need patients safely in their homes.”
“We are excited to have Horizon’s support, which further enhances our growth strategy and underscores our commitment to bettering the lives of seniors and their caregivers,” said Randy Klein, Chief Executive Officer of Vesta Healthcare. “By connecting support teams with critical caregiver insights and technology, we are transforming home-based healthcare and ensuring that our patients receive timely and personalized assistance.”
About Horizon Technology Finance
Horizon Technology Finance Corporation (NASDAQ: HRZN), externally managed by Horizon Technology Finance Management LLC, an affiliate of Monroe Capital, 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 throughout the U.S. Monroe Capital is a $19.5 billion asset management firm specializing in private credit markets across various strategies, including direct lending, technology finance, venture debt, opportunistic, structured credit, real estate and equity. To learn more, please visit horizontechfinance.com.
About Vesta Healthcare
Vesta Healthcare is a leader in providing innovative, home-based healthcare solutions. Vesta Healthcare partners with healthcare and community-based organizations to deliver comprehensive support and real-time interventions for elderly patients and those with significant healthcare needs, using proprietary technology to enhance care delivery and patient outcomes. To learn more, visit vestahealthcare.com.
Forward-Looking Statements
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.