Rivonia Road Capital Provides $20M to Tech-Focused Court Reporting Agency Steno

Distributed by Business Wire
16th November 2021

LOS ANGELES–(BUSINESS WIRE)–Rivonia Road Capital LLC, a global alternative asset manager, focused on credit for high-growth companies, announced today that it has provided Steno Agency, Inc with $20 million in debt financing, alongside an equity investment in Steno’s most recent fundraise.

Steno is a court reporting agency built by an attorney that pairs innovative technology with a concierge level of service to solve problems attorneys face throughout the litigation process. Steno’s DelayPay product empowers attorneys to defer payment for services rendered until their case resolves.

“Rivonia Road is proud to provide Steno with capital to scale its business and expand services,” Rivonia Road Capital’s Co-Founder and Managing Partner, Brad Smiedt said. “Steno’s efforts to improve remote litigation technology have increased access to justice for individuals unable to appear in person for court proceedings due to health or safety concerns. We are excited to support Steno as they continue to develop a robust platform that improves the litigation process for attorneys across the country.”

Steno has seen exponential growth and more than tripled in size in the past year. The company works with attorneys in California, Florida, New York, Nevada, and Texas and plans to expand to new markets in the coming year.

“Brad and his team at Rivonia Road have experience as investors and business owners. Throughout the process, they served as educators and advisors as we collaborated on this transformational deal,” Steno’s Co-Founder and Chief Executive Officer Greg Hong said. “This investment will strengthen our business and aid in further development of our team, products, and services.”

About Rivonia Road Capital: Rivonia Road Capital is a global alternative asset manager that offers a unique combination of deep institutional investment experience with significant operating expertise in the alternative financing market to provide bespoke capital solutions to growing financial technology companies. Founded in 2017 and headquartered in Los Angeles, the firm has an active debt and equity investment portfolio in the consumer, commercial, and real estate lending markets. For more information, go to www.rivoniaroad.com.

About Steno: Steno was created in 2018 to revolutionize the court reporting industry. Steno developed a new style of deferred litigation financing called DelayPay. Attorneys no longer need to pay in advance for court reporting services, remote depositions, remote bench trials, arbitration, hearings, videography, interpreters, or any litigation support services. Their web-based videoconferencing platform Steno Connect is specifically designed for remote depositions and bench trials and includes everything from built-in exhibit sharing to white-glove technical support. Learn more at steno.com or on social media at @steno_reporters.