Capchase secures $400M debt round to expand nondilutive financing for SaaS startups

Before 2023, Capchase had already raised an $80 million Series B and a $280 million debt‑equity round led by i80 Group, building a platform that lets SaaS companies turn future recurring revenue into upfront cash. However, a broader venture‑capital slowdown made traditional equity funding harder to obtain, increasing demand for nondilutive alternatives.

In response, Capchase’s leadership decided to pursue a $400 million debt facility, again with i80 Group as lead investor and an international banking group participating. The round closed in mid‑2023, pushing the company’s total committed capital past $1 billion and enabling it to fund more startups while keeping founder ownership intact.

Secured $400 million debt, boosting available capital over $1 billion and enabling nondilutive funding for thousands of SaaS startups without founder dilution.

Venture‑capital markets were contracting, limiting equity options for startups.

Capchase’s model of turning recurring revenue into upfront cash addressed a clear founder need for nondilutive capital.

i80 Group’s expertise in specialty finance made it a natural partner for a large debt round.

When venture capital tightens, revenue‑based debt offers startups growth capital while preserving equity, but lenders require clear revenue visibility and disciplined underwriting to manage risk.

Since the debt round, Capchase reports a 50 % rise in demand from April to May 2023 and says it has worked with nearly 3,000 companies in the U.S. and Europe, making over $2 billion in funding available since its 2020 launch. The firm continues to expand its analytics tools and credit offerings, positioning itself as a key alternative‑finance provider for SaaS founders.