1 min readWelcome to our Q4 and full year 2024 review of the venture debt market. The numbers are in and by “most” accounts, venture debt had a booming fourth quarter in 2024 and a record full year in terms of deal volume. While some of these record numbers were skewed higher by a handful of mega…
3 min readAfter two years of a relatively lackluster funding environment in the life sciences and biotech sectors, we were eager to kick off the new year with our annual visit to San Francisco for the 43rd Annual J.P. Morgan Healthcare Conference (#JPM2025). As a registered investment advisor and an advisor on venture debt financing for life…
1 min readAs we review the numbers for the venture debt market in Q3 2024, we see a bit of a mixed bag of data. On a positive note, the healthcare market reached heights in deal volume (capital deployed) that we haven’t seen in more than three years. However, the total deal count to reach these numbers…
4 min readIn recent times, venture debt market conditions have been challenging, and Q2 2024 was no exception. The level of activity in the venture debt market continued to decline in Q2 2024 as there were only 160 deals completed in the quarter. This represents a 25% decrease from the number of venture debt deals completed in…
4 min readHow to Position Your Company to Lenders in a Challenging Venture Debt Environment. If you are considering venture debt financing to strengthen your balance sheet, extend your cash runway, and minimize equity dilution, understanding the current challenging lending environment will be crucial to your success. In the past two years, higher interest rates, inflation, economic…
3 min readCommentary – Q1 2024 The venture debt markets have generally hovered around historical lows over the past 15 months, however, according to Pitchbook, venture debt deal value, as a percentage of total venture capital fundings, rose to 18.6% in the first quarter of 2024. Dating back to 2013, the average annual debt financings, as a…
2 min readCommentary – Full Year 2023 The venture debt markets got off to a historically tepid start in 2023 and continued its slow pace through Q2. According to Pitchbook, despite this slow start, the market rebounded significantly in the second half of 2023. Ultimately, total funding ended up at a four-year low while total deal count…
2 min readCommentary The venture debt markets got off to a historically tepid start in 2023 and continued to slow its pace through Q2. According to Pitchbook, total funding was down another 15% from the prior quarter and dropped more than 67% from the same period in 2022. As we review debt as a percentage of the…
3 min read Commentary The venture debt markets got off to a historically tepid start in 2023. According to Pitchbook, total funding was down more than 60% from the prior quarter and dropped more than 40% from the same period in 2022. As we review debt as a percentage of the venture equity markets, the Q1 2023…
5 min readCo-authored by Ryan McCartney Startups are seeking new sources of debt financing following the collapse of Silicon Valley’s biggest lender. The collapse of Silicon Valley Bank has spurred venture capital-funded growth companies to take a harder look than ever at their cash flows, burn rates, and how much runway they have to profitability. Many of…