October 3, 2022

As our Series B is slated to close soon, we have the question of our venture debt outstanding that we need to figure out what to do with. The terms on the $[ ] we raised via our platform stipulated that the debt would have to be refinanced either when we close our Series B or by December 15th, whichever one comes first. We have been actively looking towards institutional venture debt providers to take over the debt in order to extend the maturity out much longer and reduce the exposure our platform investors have in the deal.

September 26, 2022

As we approach year end and with the Series B closing process underway, it’s time to begin to map out what 2023 will look like for us. This upcoming year will be unlike the past as we have no more excuses, no more foundational work left to do. This is the year where we pull all the growth levers we have at our disposal to deliver on a lofty target for recurring technology revenue.

September 19, 2022

You may have heard this past week about one of the largest acquisitions ever made of a private company - Adobe buys Figma for $20B, about 50x their current year ARR. The media loves to highlight the final number but behind the scenes was a 12 year journey where the future was not always so bright or definitely not so certain. 

September 12, 2022

As we move the Series B towards a close, the next phase of our company's life becomes all the more exciting but also all the more critical. The strategic decisions and moves we make in the coming months will reverberate over the next few years, having material implications for our future success.

August 29, 2022

So much movement is happening on the third party underwriting side now that we've had ample time to demo the platform to numerous different groups. We just received a term sheet from a credit fund this past week to do co-underwriting with us and they are committing to deploy into deals that they are running lead on underwriting and structuring and using that capital to take down anywhere from 50-80% of the deal. Doing some quick math, this equates to [ ] in new recurring revenue but more importantly, it establishes a captive capital base when it's becoming harder to come by with just retail investors.

August 22, 2022

As we look to try and find a resolution for [ ], the deal we currently have in workout, I thought it was important to highlight the differences in how we're approaching this deal versus other defaults we've had prior.

Unlike [ ] where the primary recourse has to be by going through the court system, [ ] is in a situation where they are struggling to sell the assets themselves and as a result, defaulted on our note.

August 15, 2022

As we've made the strategic shift to opening up our platform for third party underwriters, it's allowed us to transition how we pitch the platform as well. Dozens of platform demos were made these past few weeks to VCs for our Series B, strategic partners, and prospective underwriters and the feedback has been resoundingly positive.

Our platforms have seen tremendous progress over these last few months and we're shipping new features at a pace we've never been able to do before.

August 8, 2022

It's been a whirlwind of a week as we had one meeting after another for the Series B. Topping it all off, we managed to squeeze in a board meeting in between it all to give them the full update on the state of our business.

To say they came away excited is an understatement. Hearing about what we were able to do with [ ] as the first third party underwritten deal and seeing the margins we are able to produce only serves to validate the future of our business.

August 1, 2022

It's a big week for Series B discussions as we have [ ] different groups actively looking into our materials and setting up meetings. We'll have a lot more clarity in the next few weeks for sure as we move this process forward.

July 25, 2022

As of last Friday, we officially reached an inflection point in the company. For the first time ever, we closed a third party underwritten transaction, one where we left the infrastructure that we've built do the talking. We couldn't have scripted a better story for how this first deal came to life and everything worked exactly as planned.

July 18, 2022

It's a big week this week and one of the first where we're splitting up the team to make a showing at two conferences at the same time. Underpinning it all though is our need to secure and expand our investor base, whether they're small, medium, or large. This is mission critical at this stage as we're not short of borrower interest, we're not lacking in underwriter interest, and we're more than capable of technologically supporting both sides in getting their deals to market.

July 11, 2022

There's been a reversion back to the mean when it comes to valuations as SaaS company valuations are back to 2019 levels. Fortunately, there's some back of the napkin math from VCs during that time that is coming back into the forefront. This is what that means when it comes to key metrics we're being measured against.

July 5, 2022

This has been one of the biggest things holding us back from achieving our objectives, especially on the revenue front. It's been a long time coming and over a year since we were able to book this kind of revenue but finally after weeks of going out to market with one of our most difficult institutional transactions, we are set for a first close of [ ] today, with the option to sell the remaining [ ] in the coming weeks ahead, which we'll gladly take especially as the team sets out for a few of the key industry conferences in July.

June 27, 2022

A company at its best is a well-oiled machine where each component part succeeds to contribute to the overall functionality and success. At companies like ours, the high level components are below:

June 21, 2022

One of the biggest releases these past few weeks has been the new syndication process that our Capital Markets team is now actively using and our third party underwriters will be starting to use very soon. The past few deals have been incredibly fascinating to watch as some have gone exactly according to plan and others have forced us to rethink how we market and attract investment into these opportunities.