December 12, 2022

I'm pleased to announce that we have officially locked in our plan for the $[ ] in venture debt that's coming due on Thursday. After much back and forth, [ ] has agreed to take down $[ ] of the position, with an additional ~$[ ] being syndicated back out to our investors.

December 5, 2022

Amidst all the work being done internally on 2023 strategic planning, there's been quite a bit happening overall in the industry and several good articles that have come out in the past few weeks that are worth reading through.

November 28, 2022

The last few years have been a portrait of excess without good governance. Startups raised at astronomical valuations, getting term sheets for fundraising rounds in days often times without even needing to provide a data room. If anyone ever tried to do real diligence, the company would push back and just go with the investor who didn't need it. After the rounds were done, the normal process of setting up a board, holding quarterly meetings, adhering to thresholds that required board approval, all went out the window. Founders felt empowered to do as they pleased because in their mind, investors needed them more than they needed investors. The downstream impact of these decisions have hit fairly close to home for us these last few weeks.

November 21, 2022

This past Wednesday we held our latest board meeting and it was our first real one in months given the amount of time dedicated to fundraising this year. It was also the first time we presented our plan for the upcoming year and the key workstreams we're going to be focusing on to help make that transformation into a pure play technology company.

November 14, 2022

It's been another productive week in the books for a multitude of reasons. First, we secured another commitment for the Series B from [ ]. They are keen to figure out ways to become not just investors but users of the platform as well to syndicate their club deals where they share deal flow with the counterparts.

November 7, 2022

We went into the weekend with another $[ ]M commitment into our Series B from a new fintech focused fund that has been incredibly impressed with what we've built and the impact the platform can have on this very analog industry. We are now over the 2 month mark since the term sheet was signed and we're slowly but surely chipping away at the $[ ]M total we're aiming for, with a target for firm commitments and a final order book to be locked in before Thanksgiving. This market has made it one of the most challenging fundraising markets ever as many VCs are simply not deploying capital, others are promising a commitment and then downsizing it materially, and others are even committing and then backing out.

October 31, 2022

A key part of our growth story in 2023 is going to have to come from increasing our total assets outstanding, regardless of whether we're underwriting the transaction or not. With our marketplace, we have the opportunity to generate revenue from borrowers, investors, and now underwriters as well.

October 24, 2022

It's been quite the hectic week and a half as we've managed to squeeze in 3 conferences back to back. ABS East, Opal's Family Office Conference, and Money 20/20. It's also a bit of a coming out party for us as this is the first stretch of conferences where we've had the chance to demo our platforms from end to end.

October 17, 2022

The senior leadership team has had several productive meetings this week around 2023 strategic planning. The outcome of this is several workstreams that are going to be further developed over the next few weeks and presented in detail at our next all hands in November.

October 11, 2022

It's been a good week on the Series B front. As the final docs were signed and we began to take in wires, we also had several new commitments come through as well. These commitments were years in the making, with both dating back to 2019 when they first diligenced us.

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.