{"id":544054,"date":"2022-02-06T13:51:19","date_gmt":"2022-02-06T13:51:19","guid":{"rendered":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/enterprise-explains-venture-debt\/"},"modified":"2022-02-06T13:51:19","modified_gmt":"2022-02-06T13:51:19","slug":"enterprise-explains-venture-debt","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/enterprise-explains-venture-debt\/","title":{"rendered":"Enterprise Explains: Venture debt"},"content":{"rendered":"

<\/a> Enterprise Explains: Venture debt. <\/strong>Venture capital \u2014 where investors provide funding to small businesses with long-term growth potential, in exchange for equity \u2014 has become a core component of startup financing. VC is actually a subset of private equity, although the two types of investment differ substantially<\/a>. And it\u2019s booming, with global VC investment exceeding<\/a> USD 675 bn in 2021. But venture debt \u2014 or, as Bloomberg<\/a> puts it, VC\u2019s lesser-known \u201cbaby cousin\u201d \u2014 is also seeing soaring growth.<\/p>\n

So what is venture debt, exactly?<\/strong> It\u2019s a kind of loan offered by banks and nonbank lenders that typically combines the traditional features of a loan with some aspects of VC financing. It\u2019s designed specifically for early-stage, high-growth companies that may not yet be in the black, but are performing well and generating strong revenues. It\u2019s not generally available to seed-stage companies, but is \u201cdesigned for companies that prioritize growth over profitability,\u201d a Silicon<\/a>Valley Bank explainer<\/a> notes.<\/p>\n

It\u2019s important to understand that venture debt doesn\u2019t replace VC investment. It complements it: <\/strong>\u201cVenture debt really piggybacks on venture capital,\u201d says Alex Baluta<\/a>, CEO of alternative asset investor Flow Capital<\/a>. It\u2019s debt that supports the equity and serves as a bridge for high-growth, venture funded companies \u2014 to their next funding round, IPO or sale, he adds. Companies without VC investors face significant difficulties in attracting any venture debt, says SVB. \u201cThe venture lender wants to follow in the shoes of investors they know and trust, rather than risk lending to a company without venture backing,\u201d it adds.<\/p>\n

What\u2019s the big advantage of this kind of financing? It\u2019s non-dilutive: <\/strong>For business founders, venture debt provides growth capital<\/a> with minimal equity dilution. Founders get relatively fast access to a predetermined amount of capital, without having to give up another big chunk of equity. This can fuel growth, so borrowing companies could achieve a higher valuation before their next VC funding round. Venture debt investors usually have a hands-off approach as well, and generally don\u2019t require board seats, says VC firm Emergence Capital<\/a>.<\/p>\n

Plus, venture debt <\/strong>is more flexible<\/a><\/strong> than traditional bank debt.<\/strong> And it\u2019s becoming more and more creative in the types of loans offered, says Baluta. \u201cSome [investors] will do it based on your ad spend; some offer short-term loans, or perpetual loans.\u201d Recurring revenue loans might be provided to companies with a regular, expected income; product-based loans often center around particular technology, which the borrowing company has developed and is trying to sell; and equipment financing is secured by the equipment owned by borrowers, Bloomberg notes.<\/p>\n

The size of loans can vary considerably: <\/strong>Industry leader Silicon Valley Bank<\/a> issues venture debt loans as big as USD 30-40 mn, while Flow Capital \u2014 a smaller operation \u2014 tends to stick within the USD 1-5 mn range, says Baluta. Loan types and sizes vary significantly based on the scale of the borrowing business, the quality and quantity of equity it\u2019s already raised, and its objective for raising venture debt, notes SVB. The principal amount of debt is often around 30% of the total funds raised in the last round of equity financing, according to an explainer<\/a> by online platform Corporate Finance Institute.<\/p>\n

How are they structured? <\/strong>Venture debt usually incorporates three elements, notes UK-based asset manager BOOST&Co<\/a>. These are a fee of 1-2% of the approved loan amount, an annual interest rate of 10-12%, and an equity kicker worth 10-20% of the loan. The equity kicker is usually structured as a warrant<\/a>, giving the lender the right \u2014 but no commitment \u2014 to purchase a relatively small amount of equity within the borrowing company at a fixed price within a specific period of time. The debt should usually be repaid within three-four years, CFI notes.<\/p>\n

The global venture debt market is booming: <\/strong>The market for potential venture debt investments based on VC investments stood at some USD 47 bn, as of March 2021, according to Bloomberg. Total venture debt activity grew to roughly USD 25 bn in 2019 from USD 5 bn in 2010, and the boom in special-purpose acquisition vehicles (SPACs) could speed its growth still further, it added. The largest proportion of venture debt is funneled into tech companies, which borrowed some USD 18 bn in 2020, according to data company Pitchbook<\/a>.<\/p>\n

And in MENA, appetite for the funding mechanism also appears high:<\/strong> Some 80% of investors and startups surveyed by Magnitt and Shuaa for their recently released MENA Venture Debt Sentiment Report (pdf)<\/a> plan to use venture debt as a funding tool in the near future. 74% of investors had at least one portfolio company that had previously raised venture debt. And some 31% of the startup founders surveyed had raised venture debt to finance their startups. 40 investors were interviewed for the survey \u2014 30% of whom were from the UAE, 20% from KSA, 23% from the rest of MENA, and 27% from other parts of the world. 70 startups were surveyed \u2014 52% in the UAE, 19% from KSA, 9% from Egypt, and 26% from the rest of MENA.<\/p>\n","protected":false},"excerpt":{"rendered":"

Enterprise Explains: Venture debt. Venture capital \u2014 where investors provide funding to small businesses with long-term growth potential, in exchange for equity \u2014 has become a core component of startup financing. VC is actually a subset of private equity, although the two types of investment differ substantially. And it\u2019s booming, with global VC investment exceeding […]<\/p>\n","protected":false},"author":1,"featured_media":544055,"comment_status":"closed","ping_status":"open","sticky":false,"template":"single-feature.php","format":"standard","meta":{"_acf_changed":false,"newspack_ads_suppress_ads":false,"newspack_popups_has_disabled_popups":false,"newspack_sponsor_sponsorship_scope":"","newspack_sponsor_native_byline_display":"inherit","newspack_sponsor_native_category_display":"inherit","newspack_sponsor_underwriter_style":"inherit","newspack_sponsor_underwriter_placement":"inherit","ep_exclude_from_search":false,"_primary_brand":0,"newspack_featured_image_position":"","newspack_post_subtitle":"","newspack_article_summary_title":"Overview:","newspack_article_summary":"","newspack_hide_updated_date":false,"newspack_show_updated_date":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[8794],"tags":[1115,695,633,699,1116,200,848],"brand":[],"newspack_spnsrs_tax":[],"class_list":["post-544054","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-enterprise-explains","tag-emergence-capital","tag-enterprise-explains","tag-enterprisepm","tag-magnitt","tag-shuaa-securities","tag-venture-capital","tag-venture-debt","wpautop","entry"],"acf":{"mongo_id":"ec45f349-7a10-476c-a0b9-2b54b894a44d","is_powered_by":true,"story_type":"1","photo_url":"https:\/\/ent.news\/2022\/2\/424.jpg","photo_position":"above","related_issue":[544045],"teaser":"","voice_url":""},"yoast_head":"\nEnterprise Explains: Venture debt - EnterpriseAM Egypt<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/enterpriseam.com\/egypt\/2022\/02\/06\/enterprise-explains-venture-debt\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Enterprise Explains: Venture debt\" \/>\n<meta property=\"og:description\" content=\"Enterprise Explains: Venture debt. 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The firm hit its fundraising target in just four weeks and Shorooq is planning to fully deploy it by the end of the year, partner Samir Yamani tells us, without disclosing the size\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2021\/10\/290.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":550269,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/10\/20\/trella-secures-usd-6-mn-in-venture-debt-backed-by-the-us-govt\/","url_meta":{"origin":544054,"position":2},"title":"Trella secures USD 6 mn in venture debt backed by the US gov\u2019t","author":"enterpriseam admin","date":"20 October 2022","format":false,"excerpt":"The good people at B2B logistics marketplace Trella have secured USD 6 mn in debt financing from global debt platform ALMA Sustainable Finance and the US government\u2019s USInternational Development Finance Corporation (DFC), according to a press release. ALMA got a USD 4.2 mn guarantee facility from DFC, allowing it to\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/10\/286.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":543955,"url":"https:\/\/enterpriseam.com\/egypt\/2022\/02\/27\/egypt-launches-new-world-bank-backed-usd-50-mn-vc-fund\/","url_meta":{"origin":544054,"position":3},"title":"Egypt launches new World Bank-backed USD 50 mn VC fund","author":"enterpriseam admin","date":"27 February 2022","format":false,"excerpt":"MSMEDA partners with World Bank to launch USD 50 mn VC fund: The Micro, Small and Medium Enterprise Development Agency (MSMEDA) has launched a venture capital fund with USD 50 mn from the World Bank, according to a press release. Trade Minister and MSMEDA Executive Director Nevine Gamea announced the\u2026","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2022\/2\/372.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]},{"id":559691,"url":"https:\/\/enterpriseam.com\/egypt\/2021\/02\/01\/big-plans-for-egypts-fintech-space\/","url_meta":{"origin":544054,"position":4},"title":"Big plans for Egypt\u2019s fintech space","author":"enterpriseam admin","date":"1 February 2021","format":false,"excerpt":"Digital Finance Holding (DFin) has launched a new platform that will invest in fintech startups, it said in a statement (pdf). The company, which just appeared on the scene, will offer crowdfunding services to budding entrepreneurs through portfolio company Shekra. It is also launching robo-advisory and digital wealth management through\u2026","rel":"","context":"In "Fintech"","block_context":{"text":"Fintech","link":"https:\/\/enterpriseam.com\/egypt\/category\/industries\/fintech\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/internal\/536550.png?resize=350%2C200&ssl=1","width":350,"height":200},"classes":[]},{"id":623540,"url":"https:\/\/enterpriseam.com\/egypt\/2024\/06\/06\/venture-debt-funding-for-local-startups-drop-86-in-2023\/","url_meta":{"origin":544054,"position":5},"title":"Venture debt funding for local startups drop 86% in 2023","author":"enterpriseam admin","date":"6 June 2024","format":false,"excerpt":"The country witnessed two venture debt transactions during the year","rel":"","context":"In "Startup watch"","block_context":{"text":"Startup watch","link":"https:\/\/enterpriseam.com\/egypt\/category\/companies\/startup-watch\/"},"img":{"alt_text":"","src":"https:\/\/i0.wp.com\/ent.news\/2024\/6\/564.jpg?fit=%2C&ssl=1&resize=350%2C200","width":350,"height":200},"classes":[]}],"_links":{"self":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544054","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/comments?post=544054"}],"version-history":[{"count":0,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/posts\/544054\/revisions"}],"acf:post":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/afternoon\/544045"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media\/544055"}],"wp:attachment":[{"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/media?parent=544054"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/categories?post=544054"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/tags?post=544054"},{"taxonomy":"brand","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/brand?post=544054"},{"taxonomy":"newspack_spnsrs_tax","embeddable":true,"href":"https:\/\/enterpriseam.com\/egypt\/wp-json\/wp\/v2\/newspack_spnsrs_tax?post=544054"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}