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February 23, 2023

Chicago investment firm acquires arm of Horizon Technology Finance

HBJ PHOTO | STEVE LASCHEVER Gerald A. Michaud is the president of Farmington-based Horizon Technology Finance Corp., which provides debt financing to venture-backed growth startups.
By Andrew Larson

A Chicago-based company has acquired the investment advisory arm of Horizon Technology Finance, a venture capital lending firm headquartered in Farmington, the companies announced Thursday morning.

Monroe Capital LLC said it has entered into an agreement to acquire Horizon Technology Finance Management LLC. The deal is subject to customary closing conditions, including approval by Horizon’s stockholders.

Under the agreement, Horizon Technology Finance Management LLC would continue to serve as Horizon’s financial adviser.

Ted Koenig, chairman and CEO of Monroe, said there will be no impact on Horizon’s Farmington operations and that the company’s leadership will remain. 

“We are excited to welcome Horizon to the Monroe Capital family,” Koenig said. “We have studied the venture lending space with significant interest over the years. We view Horizon, together with its management and 32-person team, as an industry-leading platform with a track record spanning over 20 years.”

Horizon Technology Finance provides loans, including debt financing, to venture capital backed companies in the technology, life science, healthcare information and services, and sustainability industries.

In June, the Hartford Business Journal reported that Horizon’s portfolio increased from $300 million at the beginning of 2020 to roughly $700 million. Recently, Horizon has provided loans to organic foods, recyclable packaging and environmentally-friendly construction material companies.

In May 2020, Horizon made a $7.5 million debt investment in Soli Organic, which grows certified organic basil in a newly-upgraded, automated indoor farm in Elkwood, Virginia. In April, Horizon provided a $15 million venture loan to MyForest Foods Co., which produces sustainable meat alternative products using mushroom roots.

Horizon, which is headquartered at 312 Farmington Ave., has offices in California, Texas and Virginia.

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