The first of many institutional partnerships to come

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.

This was a combined effort by so many teams to get this over the finish line. Underwriting played a part in pulling together the materials and structure needed to support a new transaction with an investor like [ ] coming into the fold. Investor Relations and Syndicate had to start pulling together an order book on an extremely compressed timeline as documents and terms weren't locked in until last Friday. Banking supported the efforts with all the various different entity bank accounts we had to pledge to [ ]. Marketing has been preparing for the press push once the deal is completed. And Corporate led the charge in shepherding the process along across three sets of counsels, Katten (our securitization counsel), Goodwin (our corporate counsel), and Orrick ([ ]'s counsel), to get this to the finish line on the right terms.

All in all a huge win for us and the reason [ ] continued to push to get this done even despite the changing market landscape and dynamics internally with our Series B is because they want this partnership to succeed. Once we get this done on Thursday, we'll have our first true Tier 1 institutional client as an underwriter on the platform 💪