| A | B | C | D | E | F | G | H | I | J | K | L | M | N | O | P | Q | R | S | T | U | V | W | X | Y | Z | AA | AB | AC | AD | AE | |
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1 | Updated | Effective Cost of Capital | Name | Website | Focus | Latka Notes | Minimum Revenue | Max Loan Value (MRR multiple) | Max Debt Provider Can Go Into Any 1 Company | Equity Raised | They get money from | Type | Payback Over | Payback detail | Return | Example | SaaS focused? | 1 Pager | Fund Info | ||||||||||||
2 | x | 12-18% | Founderpath | Founderpath.com | SaaS | $100,000 | 6 | Raised from investors at 12% (lend at rate slightly higher and make a spread) | Term Loan | 3-4 years | Fixed interest rate | Phonewagon | Yes | ||||||||||||||||||
3 | 8/20/20 | 8.5-18% | Captec | https://www.captec.io/ | SaaS | As of 8/20/2020, $100m deployed. They sell their analytics services from The Capital Machine to other debt funds and syndicate lots of deals. Did big deal with food delivery company EatStreet. Focus on loans to CPG brands and on demand delivery companies currently. No SaaS examples on website. | 5,000,000 | 9x MRR | $50,000,000 | 5000000 | For deals $5m+ they have have private equity firm Credit Fund as "balance sheet partner" (PE firm uses Captec data/analysis to decide on doing loan or not). | Term Loan | 5 years | 24 months interest only, 36 months amortization after | Fixed interest rate (lower interest rate if warrants) | EatStreet | No | ||||||||||||||
4 | x | 20-35% | Stripe | Stripe.com | All | NA | Merchant Cash Advance | Months | Cash advance, if $20k advanced, pay $2k fee to use it | ||||||||||||||||||||||
5 | x | 15-30 | ClearBanc | Clearbanc.com | eCommerce | $1,000,000 | Merchant Cash Advance | Months | |||||||||||||||||||||||
6 | x | 5-10% | Triple Point Capital | https://www.triplepointcapital.com/ | $20,000,000 | Mezzanine Debt | MeMSQL | ||||||||||||||||||||||||
7 | x | 15-25% | SaaS Capital | https://www.saas-capital.com/ | SaaS | $3,000,000 | 7 | Mezzanine Debt | 20%+ effective interest | Yes | |||||||||||||||||||||
8 | x | 15-25% | Espresso Capital | https://espressocapital.com/ | SaaS | Started by helping canadian companies get SHRED credits (government kickback for R&D) before end of year. Expanded to US in 2020 now doing more traditional term loans against SaaS metrics. | $4,000,000 | Mezzanine Debt | Yes | ||||||||||||||||||||||
9 | 10-15% | CapChase | https://www.capchase.com/ | SaaS | 1-3x MRR | Factoring accounts recievable | 12 months | fixed monthly payback | Yes | ||||||||||||||||||||||
10 | 15-25% | Uncapped Finance | https://weareuncapped.com/ | Ecomm | |||||||||||||||||||||||||||
11 | x | 15-30% | LighterCapital | https://www.lightercapital.com/ | SaaS | $180,000 | 4 | $3,000,000 | Revenue Based Financing | 3-10% of gross monthly receipts | 1.3-1.8x | Yes | |||||||||||||||||||
12 | x | 15-25% | TIMIA Capital | https://timiacapital.com/ | SaaS | $3,000,000 | 8 | $4,000,000 | Term Loan, RBF | Min payment or 3-10% of gross, or fixed fee (whichever is greater) | 2x | Yes | |||||||||||||||||||
13 | x | 17-20% | BigFoot Capital | https://www.bigfootcap.com/ | SaaS | $3,000,000 | 3 | 1,000,000 | Term loan | 5-8% of gross monthly receipts | 1.5x | LeadFuze | Yes | https://docs.google.com/spreadsheets/d/1hovkZNDw8nBugtWt3ZqW3VEuJRm_PY_Y4M93KZygjGM/edit#gid=193583481 | https://www.bigfootcap.com/ | ||||||||||||||||
14 | x | 20-35% | FlowCap | https://flowcap.com/ | $1,000,000 | 6 | 4,000,000 | Revenue Based Financing | 4% gross receipts | 3x, 4-7 years | https://drive.google.com/open?id=17tIoHlJ8U8Q0zjKjKs0rw6zxPc2TTO38 | https://flowcap.com/financials/ | |||||||||||||||||||
15 | x | 17-30% | Element Finance | https://scaleworks.com/venture-finance/ | $1,000,000 | 6 | $2,000,000 | Revenue Based Financing | 5-15% of gross monthly receipts | 1.2-1.6x | Yes | 1.2x 1 yr, 1.3x 2 yr, 1.4x 3 year, 1.5x 4 year | |||||||||||||||||||
16 | x | Dreadnought | https://www.dreadnoughtcap.com/ | SaaS | Feeder fund for SaaS Capital. | Revenue Based Financing | https://www.bizjournals.com/columbus/news/2018/03/01/dreadnought-launches-second-fund-at-8m-for-saas.html | ||||||||||||||||||||||||
17 | 5-10% | Silicon Valley Bank | SVB.com | $3,000,000 | 6 | Bank Debt | Years | 3-6% but must have institutional backing | |||||||||||||||||||||||
18 | 5-10% | WTI | https://westerntech.com/ | Bank Debt | Years | ||||||||||||||||||||||||||
19 | 5-10% | Square 1 (Now PacWest) | https://www.pacwest.com/ | 20,000,000 | Bank Debt | Years | |||||||||||||||||||||||||
20 | 5-10% | CIBC (WellingtonFund previously) | https://www.cibc.com/en/commercial/areas-of-specialization/innovation-banking.html | $5,000,000 | Bank Debt | Years | Yes | ||||||||||||||||||||||||
21 | 20-35% | OnDeck Capital | https://www.ondeck.com | $100,000 | 500,000 | Merchant Cash Advance | Months | No | |||||||||||||||||||||||
22 | Uplift1 | https://www.uplift1.com/ | Merchant Cash Advance | Months | |||||||||||||||||||||||||||
23 | Escalate Capital | Escalatecapital.com | $10-$100m+ deals | Mezzanine Debt | |||||||||||||||||||||||||||
24 | 15-25% | BridgeBank | https://www.westernalliancebancorporation.com/bridge-bank-home/client-types/startups-and-technology | Mezzanine Debt | |||||||||||||||||||||||||||
25 | 15-25% | Orix | https://www.orix.com/capital-solution/mezzanine-and-private-equity/ | $20,000,000 | Mezzanine Debt | No | |||||||||||||||||||||||||
26 | 15-25% | SaaSFunding | https://www.saasfunding.com/ | $2,400,000 | 3000000 | Mezzanine Debt | Yes | ||||||||||||||||||||||||
27 | 15-25% | RevTek Capital | https://www.revtekcapital.com/ | $800,000 | 6 | 5,000,000 | Mezzanine Debt | 18%+ interest, covenants, warrants | Target 18% to LP's. $50m out across 23 deals (no SaaS focus) | ||||||||||||||||||||||
28 | 20-35% | GSD Capital | https://gsdcapital.vc/revenue-based-financing/ | $600,000 | Revenue Based Financing | 1.4-1.6x cap, 2% closing costs | |||||||||||||||||||||||||
29 | 20-35% | RevUp | https://www.revupfund.com/ | $1,000,000 | 500,000 | Revenue Based Financing | 3-10% of gross monthly receipts | .5-3x | MarketMuse | SaaS. Ecommerce, CPG, services, hardware. | |||||||||||||||||||||
30 | 20-35% | Recurring Capital Partners | https://www.recurring.capital/ | $4,000,000 | 7 | $10,000,000 | Revenue Based Financing | what % of Gross Monthly? | |||||||||||||||||||||||
31 | 20-35% | Decathalon Capital | https://decathloncapital.com/how-it-works/ | $4,000,000 | 5,000,000 | Revenue Based Financing | 4-5 year terms, 5% per month payback | 2x | Take warrants. 1/3 return of fund comes from equity upside right now. 2/3 from interest. | https://drive.google.com/open?id=1us5Wxv9uTUGgNpZchbEmu3X7-j5QrnjD | https://www.sec.gov/Archives/edgar/data/1653384/000114420416094971/v437023_10-12ga.htm | ||||||||||||||||||||
32 | 20-35% | Cypress Growth Capital | https://www.cypressgrowthcapital.com/royalty-based-growth-capital/ | 5,000,000 | Revenue Based Financing | Yes | |||||||||||||||||||||||||
33 | 20-35% | Corl | https://corl.io/ | 1,000,000 | Revenue Based Financing | 1-10% of gross monthly receipts | 2x | ||||||||||||||||||||||||
34 | 20-35% | Credibly | https://www.credibly.com | Revenue Based Financing | |||||||||||||||||||||||||||
35 | 20-35% | Novel Growth Partners | https://www.novelgp.com/ | 500,000 | Revenue Based Financing | 4-8%, 5 year term | |||||||||||||||||||||||||
36 | 20-35% | Kapitus | https://kapitus.com/products-services/revenue-based-financing/ | Revenue Based Financing | |||||||||||||||||||||||||||
37 | 20-35% | HustleFundVC | https://www.hustlefund.vc/ | Revenue Based Financing | 25% IRR | Yes | |||||||||||||||||||||||||
38 | 20-35% | Novus Capital Group | http://novuscapitalgroup.com/pre-qualify-online/ | Revenue Based Financing | |||||||||||||||||||||||||||
39 | 20-35% | TUV Investments | http://www.tuvinvestments.com/us/ | $120,000 | Revenue Based Financing | ||||||||||||||||||||||||||
40 | Liquidity Capital | https://liquidity-capital.com/ | 10,000,000 | Revenue Based Financing | |||||||||||||||||||||||||||
41 | Uncapped Finance | https://weareuncapped.com/ | Revenue Based Financing | % of revenue | |||||||||||||||||||||||||||
42 | 20-35% | River SaaS Capital | https://www.riversaascapital.com/ | $1,800,000 | 4 | $4,000,000 | Revenue Based Financing, Senior Debt | 3-10% of gross monthly receipts | 1.6x | Yes | https://drive.google.com/open?id=1JPD2Gl3UCXAqsie1X8dwA1YV4xqFRDu1 | ||||||||||||||||||||
43 | 5-10% | AKKR | https://www.accel-kkr.com/ | Senior Debt | https://www.linkedin.com/in/russhawkins/ | ||||||||||||||||||||||||||
44 | 5-10% | Armentum | https://armentumpartners.com/transactions | $10,000,000 | Senior Debt | https://www.linkedin.com/in/dave-otten-4a86905/ | |||||||||||||||||||||||||
45 | 5-10% | BoatHouse Capital | http://boathousecapital.com/ | $5,000,000 | Senior Debt | Tapclicks | No | ||||||||||||||||||||||||
46 | 5-10% | Comerica | https://kruzeconsulting.com/blog/post/venture-debt-scouting-report-comerica/ | $10,000,000 | Senior Debt | No | |||||||||||||||||||||||||
47 | 5-10% | CostellaKirsch | http://www.costellakirsch.com/recent-investments | Senior Debt | Snaplogic | Yes | |||||||||||||||||||||||||
48 | 5-10% | GoLubCapital | https://golubcapital.com/mmlending/#software-tech-services | $50,000,000 | Senior Debt | ||||||||||||||||||||||||||
49 | 5-10% | Horizon Tech Finance | https://horizontechfinance.com/ | Senior Debt | |||||||||||||||||||||||||||
50 | 5-10% | MidCap Financial | https://www.midcapfinancial.com/ | Senior Debt | |||||||||||||||||||||||||||
51 | 5-10% | Montage Capital | http://montagecapital.com/ | $2,000,000 | Senior Debt | Madwire | |||||||||||||||||||||||||
52 | 5-10% | PFGrowth | https://www.pfgrowth.com/ | $3,000,000 | Senior Debt | Madwire | |||||||||||||||||||||||||
53 | 5-10% | Resolve | https://www.resolvegrowth.com/ | Senior Debt | |||||||||||||||||||||||||||
54 | 5-10% | Runway Growth | https://runwaygrowth.com | $10,000,000 | Senior Debt | RedSeal | |||||||||||||||||||||||||
55 | 5-10% | SQN Venture Partners | https://www.sqnvp.com/what-we-do/ | Senior Debt | SureFire | ||||||||||||||||||||||||||
56 | 5-10% | Hercules | https://www.htgc.com/ | $6,000,000 | 36 | Senior Debt | |||||||||||||||||||||||||
57 | Bootstrap Europe | http://bootstrap-europe.com/ | Senior Debt | Flat interest rate | |||||||||||||||||||||||||||
58 | StifelBank | stifelbank.com | Senior Debt | ||||||||||||||||||||||||||||
59 | 5-10% Later Stage | Hercules | skuo@htgc.com | $1,000,000 | 3x ARR | $200,000,000 | Senior Debt | 490 deals, $10b deployed. | |||||||||||||||||||||||
60 | 40%+ if paid back | Earnest Capital | https://earnestcapital.com/blog/ | Shared Earnings | % of shared earnings up to cap | 3x repayment cap, 5% Equity. Can qualify as cap gains | Yes | https://docs.google.com/document/d/10KNj6HJpfF9EjssJzRaGIw2LBxEdawjWbtfLZCGLFl8/edit | |||||||||||||||||||||||
61 | 40%+ if paid back | IndieVC | https://www.indie.vc/ | Shared Earnings | % of revenue up to a cap | 3x repayment cap, 1-10% equity. Can qualify as cap gains | https://github.com/indievc/terms/blob/master/term_sheet_v3.md | ||||||||||||||||||||||||
62 | 40%+ if paid back | TinySeed | https://tinyseed.com/ | Shared Earnings | % of dividends forever | https://tinyseed.com/faq/ | |||||||||||||||||||||||||
63 | LagoInnovation | ||||||||||||||||||||||||||||||
64 | Payability | https://www.payability.com/ | MCA to Ecommerce Brands | ||||||||||||||||||||||||||||
65 | CloudCapital | http://www.cloudcapital.se/ | Term loans/Equity | ||||||||||||||||||||||||||||
66 | Round2Cap | https://www.round2cap.com/ | India | Revenue based financing | |||||||||||||||||||||||||||
67 | GetVantage | https://www.getvantage.co/ | India | Revenue based financing | 4-11% of gross MRR and 10-12% flat fee | ||||||||||||||||||||||||||
68 | FlyWheelFinancing | https://www.flywheelfinancing.com/faq | USA, Singapore | Revenue based financing | |||||||||||||||||||||||||||
69 | JenFi | https://jenfi.com/ | Singapore | ||||||||||||||||||||||||||||
70 | AltioTech | https://www.altiotech.com/ | London | 3-10x MRR | Term Loan | 3 years | 4% original fee. Warrants. 10%+ interest rate | https://nathanlatka.com/wp-content/uploads/2020/07/Altio-Debt-Presentation.pdf | |||||||||||||||||||||||
71 | ARRSquared | arrsquared.com | Singapore | factoring | |||||||||||||||||||||||||||
72 | Agility Capital | http://www.agilitycap.com/ | Nathan, we structure our deals in a variety of ways, most of them having significant (6 – 12 month) interest-only periods and amortization is light, thus there is a balloon payment due at maturity. We can lend on a multiple of MRR (3 – 5x), percentage of AR (75% - 90%+) or tranche the capital in based on milestones tied towards financing events (e.g., equity raises, bank financings or M&A transactions) or tied to revenue growth. Interest is in the 10% - 15% range depending on the collateral quality and if we are a senior lender or we are junior to a senior lender. We do get warrants (or success fee if warrants are not appropriate) that are struck at a price close to the next equity raise or a valuation we agree upon with the borrower… warrant coverage is 10% to 30% of the loan amount, again based on the collateral quality and if we are senior or junior to a senior lender. From term sheet to funding we tend to average 12 business days. | ||||||||||||||||||||||||||||
73 | MARSGrowth | https://www.marsgrowth.com/steps | 3000000 | $500m raised from Japans MUFG Bank | Factoring/Term Loans | 2-4 years | No | ||||||||||||||||||||||||
74 | 15-25% | Levv | https://levv.io/ | ||||||||||||||||||||||||||||
75 | RevUpFund | ||||||||||||||||||||||||||||||
76 | https://bowrivercapital.com/businesses/software-growth-equity/ | ||||||||||||||||||||||||||||||
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78 | If you're a debt provider and I missed you, just add a comment and ill get you added here. - @nathanlatka | ||||||||||||||||||||||||||||||
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