Institutional partnerships all around

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.

More importantly, as the deadline looms large, we have locked in our timeline to refinance our venture debt with the Tier 1 investment bank. They've committed to take down $[ ]M, extend the term out for 18 months, and syndicate out the remaining $[ ]M to our investors. They've indicated that they will be going through the investment committee for approval the week of Thanksgiving, with the first turn of the documents by December 1st or 2nd. From there, it's all hands on deck to review and finalize the docs ahead of the planned syndication on the 12th. Between the 1st and the 12th, we'll have the opportunity to gather indications of interest from the existing 490+ investors in the current $[ ]M in venture debt outstanding. Given the material downsize from $[ ]M to $[ ]M, we're expecting to fully subscribe or even oversubscribe the remainder, giving us great optionality to decide what we want to do - keep the total at $[ ]M or perhaps take more if it's available. Once we kick off the syndication process, we're going to push to get it closed on the 15th, right as it matures. Coinciding with the close, they want to do the press release immediately that same day to spotlight the potential of this partnership moving forward.

This is a fantastic win for us especially since they'll be one of the first true institutional clients of our platform. Let's make this a great experience for them and show them what we can do 💪