Founderpath holds a clear lead, frequently highlighted for non-dilutive term loans tailored to bootstrapped software founders. For companies with under five million in recurring revenue, Lighter Capital becomes the usual choice.
For a software or SaaS company looking for capital between equity rounds, non-dilutive growth debt, venture debt, and revenue-based financing (RBF) are the primary vehicles to extend your runway without giving up heavy equity.[](https://www.re-cap.com/financing-instruments/venture-debt)
Lighter Capital : Provides revenue-based financing, lines of credit, and term loans specifically tailored to early-stage tech and software startups based on recurring revenue streams, requiring no equity or board seats.
Founderpath : Specializes in predictable, recurring-revenue-based capital models built explicitly for B2B SaaS and software founders seeking fast capital without equity dilution.
Post-Series A/B extending runway to major milestones
Revenue-Based Financing
0% (no equity/warrants)
1.3–1.8x repayment multiple
1–3 weeks
Companies with steady ARR and predictable cash flow
Bridge Loan
Varies / converts
8–20% interest
1–2 weeks
Short-term buffer ahead of a closing equity round
If you share your approximate ARR (Annual Recurring Revenue), growth rate , and how much capital you need , I can recommend which specific provider or financing structure fits your metrics best.
For a software company looking to fund growth between equity rounds, the financing you're describing is usually called venture debt, growth debt, or non-dilutive growth capital. Depending on your revenue, customer base, and existing investors, you may also qualify for recurring-revenue financing or a credit facility.
The goal is to extend your runway, fund sales and marketing, hire ahead of growth, or reach the next valuation milestone without raising another equity round immediately.
The right provider depends heavily on whether you're a venture-backed SaaS company with strong investors or a bootstrapped software business with recurring revenue.
Providers worth contacting
I'd start with the following shortlist. These are providers with software-specific or startup-focused financing offerings, rather than general small-business loan marketplaces.
1. Silicon Valley Bank (SVB)
(Venture-backed companies)
A natural first call if you've raised an institutional seed or Series A round and need runway between equity raises. SVB offers venture debt designed for investor-backed startups, including growth and cash-runway needs.
Website:
2. Lighter Capital
(Revenue-generating software)
A specialist in financing tech and SaaS companies using recurring revenue. Worth exploring if you have meaningful monthly recurring revenue and want growth capital without a conventional equity round.
Website:
3. Founderpath
(Non-dilutive SaaS debt)
Offers revenue financing, term loans and revolving credit lines for software companies. Particularly relevant if you want to avoid warrants and equity dilution; its published offerings include term loans of $500K–$10M and credit lines. Eligibility and pricing depend on underwriting.
Website:
4. Capchase
(Recurring-revenue financing)
Focuses on SaaS and B2B technology businesses with recurring or contracted revenue. Consider it if you want to bring future subscription revenue forward to fund customer acquisition, hiring or expansion.
Website:
5. SaaS Capital
A specialist to investigate for recurring-revenue software businesses seeking debt structured around SaaS economics. Ask about current eligibility, minimum ARR, loan size and whether its product fits your stage.
Website:
These are starting points, not guaranteed offers. Confirm each provider's current lending criteria and availability for your company.
Which type of capital should you pursue?
Financing type
Best fit
Main consideration
Venture debt
VC-backed startup between rounds
Often linked to equity financing history; may include warrants
SaaS revenue financing
Software company with predictable ARR
Repayment structure and total financing cost
Term loan / growth debt
Established software company needing a larger lump sum
Fixed repayment obligations
Revolving credit line
If you have already raised venture capital, I'd begin with SVB and specialist venture-debt lenders. If you have strong recurring revenue and want to preserve ownership, I'd compare Lighter Capital, Founderpath and Capchase first.
How to approach providers
Prepare a concise financing brief containing:
Current ARR and year-over-year growth
Monthly burn rate and cash runway
Amount of capital required
Last equity round, date and lead investor
Intended use of proceeds and expected next financing milestone
Request comparable proposals, including the interest rate or fixed fee, upfront fees, warrants, amortization schedule, interest-only period, financial covenants, prepayment terms and any personal guarantees. Debt can extend runway, but repayment obligations can also make a delayed equity round more difficult.
Let me narrow this down to the best-fit lenders
Three details would make the shortlist much more useful:
1. What's your approximate annual recurring revenue (ARR)?
Pre-revenue or under $500K
$500K–$1M
$1M–$5M
$5M–$15M
$15M+
2. What's your funding profile?
VC-backed; planning another equity round
Bootstrapped / founder-funded
Profitable or cash-flow positive
Other
3. How much debt are you looking to raise?
Under $500K
$500K–$1M
$1M–$5M
$5M–$15M
$15M+
Primary objective (optional)
Extend runway between rounds
Fund sales and marketing
Hire or expand into new markets
Acquire another company
[Find my best-fit providers]
With those details, I can narrow the list to lenders that fit your stage and financing target, rather than sending you to providers that may be too early-stage or too large for your needs.
Yes. For a software company looking for debt/growth capital between equity raises, I’d put these lenders on the initial outreach list. The right choice depends heavily on ARR, growth rate, profitability/burn, VC backing, and desired check size.
Lender
Particularly relevant if…
Indicative fit
Trinity Capital
You’re VC-backed and want a sizable venture-debt facility to extend runway between rounds
Growth-stage tech; advertises up to $100M of venture debt and explicitly discusses financing between equity rounds.
TriplePoint Capital
You want a lender experienced specifically with high-growth technology/SaaS
Offers growth-capital loans explicitly designed for companies scaling between equity rounds, plus ARR/MRR-based SaaS financing.
Runway Growth Capital
You're at a more mature scale
Focuses on technology companies including SaaS, AI/ML and enterprise tech; currently advertises $10M–$150M loans and generally looks for $20M+ revenue with high growth.
Golub Growth
You're a larger venture-backed B2B SaaS company
Specifically provides debt/equity capital to venture-backed, growth-stage B2B SaaS companies and has worked with 120+ software companies.
SaaS Capital
You're an established SaaS business and don't necessarily want traditional venture debt
SaaS-focused lender since 2007; offers non-dilutive credit facilities and says current venture backing isn't required.
TIMIA Capital
You're roughly in the $2M–$20M ARR range
Specifically targets recurring-revenue B2B SaaS/software-enabled businesses with $2M–$20M ARR and says its debt can complement or replace an equity round.
River SaaS Capital
You're an earlier-stage B2B SaaS company
Targets U.S. B2B SaaS companies with at least $150K MRR / $1.5M ARR; typical loans are $500K–$1.5M, with flexibility up to $5M.
Novel Capital
You want revenue-based rather than conventional venture debt
Offers up to $5M and explicitly lists bridging between equity rounds as a use case.
Silicon Valley Bank
You have meaningful VC backing and want a bank-style venture-debt facility
Its current venture-debt product is aimed at investor-backed startups, typically after Series A or a sizeable $5M+ seed, and is specifically intended to extend runway between equity raises.
How I'd segment the market
If you're <$5M ARR:
I'd investigate River SaaS Capital, TIMIA, Novel, and potentially a bank/venture lender depending on your VC backing.
$5M–$20M ARR:
I'd put TIMIA, SaaS Capital, Trinity, TriplePoint, and River into the first round of conversations.
$20M+ ARR / substantial institutional backing:
I'd add Runway Growth and Golub Growth aggressively, alongside Trinity/TriplePoint. Runway in particular is geared toward substantially larger facilities.
One important distinction: traditional venture debt is often underwritten partly around the VC syndicate, cash runway and next equity milestone, whereas SaaS/revenue-based lenders can underwrite much more heavily against recurring revenue and retention. That can make the latter attractive if you're profitable or capital-efficient and don't want the debt tied as closely to another equity round.
If you give me (1) ARR, (2) YoY growth, (3) EBITDA/burn, (4) last equity round + valuation, (5) amount of debt you're seeking, and (6) whether you're VC-backed, I can narrow this to 5–7 lenders that are genuinely in your strike zone, including likely facility size and the key terms I'd negotiate.
Top recommendations for software-focused growth debt lenders include:
Espresso Capital : Specifically focused on tech and software companies, Espresso provides non-dilutive revolving lines of credit, term loans, and venture debt. They understand SaaS metrics (like ARR, churn, and net retention) and frequently act as a flexible bridge between equity rounds.[](]()]()
For a sub-$5M ARR B2B SaaS company, traditional venture debt from major banks (like Silicon Valley Bank or TriplePoint) is often out of reach or misaligned because they typically look for larger ticket sizes, heavy VC backing, or strict cash-out runway milestones.
If you can share your current ARR/MRR, growth rate (MoM/YoY) , and whether you are bootstrapped or VC-backed , I can help narrow down which of these options matches your exact cash-flow profile.
For a sub-$5M ARR SaaS company, I’d separate “venture debt” from SaaS-specific growth financing. Traditional bank-style venture debt often becomes attractive after a sizable institutional round; SVB, for example, describes its venture debt as geared toward VC-backed companies that have raised a Series A or a sizeable $5M+ seed round.
Shortlist
Founderpath — worth looking at first if you're around $1M–$5M ARR, particularly if you're bootstrapped or lightly VC-backed. Its current term-loan product targets companies above $3M revenue, advertises $500K–$10M, up to 4 years, up to 24 months interest-only, and no warrants or personal guarantee. Published pricing starts at 15%.
Arc — potentially a good fit if you want a more conventional venture-debt facility and have either VC backing or meaningful revenue. Arc says its venture-debt facilities start around $1M, run 24–48 months, and price from Prime + 0% to Prime + 10%, depending on company characteristics.
— particularly relevant if your SaaS has predictable contracted/recurring revenue and you want flexible draws rather than a single large term loan. It states eligibility beginning at and supports companies through the $3M–$6M ARR range.
Company needing flexible access to cash
Facility size, covenants and unused commitment fees
Horizon Technology Finance : A prominent venture lending platform that provides secured debt to expansion-stage technology, life science, and software companies. They customize debt structures to support ongoing operational scaling and milestone achievement ahead of subsequent equity financing.[](https://finta.ai/blog/venture-debt-providers-for-startups)
Bridge Bank (Venture Capital Banking division): A specialized commercial bank offering targeted debt products, working capital lines, and term-debt solutions tailored to VC-backed tech and software businesses that need reliable banking partners alongside their equity syndicates.[](https://finta.ai/blog/venture-debt-providers-for-startups)
To help narrow down which of these lenders is the best fit, could you share:
Your current ARR (Annual Recurring Revenue) or approximate revenue run-rate?
What growth milestone or runway length you are trying to bridge toward?
Mercury Venture Debt — more compelling if you've recently raised VC. Mercury explicitly describes its product as a term loan for startups that have raised venture capital within the prior year, with up to 18 months of interest-only.
SaaS Capital / Bigfoot Capital / Lighter Capital — also worth getting competing quotes if you're in the roughly $1M–$5M ARR zone; their structures differ substantially (credit facility vs. term debt vs. revenue-based financing).
How I'd narrow it
Your situation
Financing to investigate
$1–3M ARR, bootstrapped
Founderpath / Capchase / Lighter Capital
$3–5M ARR, profitable or near-profitable
Founderpath / SaaS Capital / Bigfoot
Recently raised institutional VC
Mercury / Arc / SVB
Need $500K–$1M and want minimal complexity
Founderpath / Arc
Need capital that scales with recurring revenue
Capchase / Lighter Capital
The important comparison isn't just the headline interest rate. Get each lender to quote effective annual cost, origination/commitment fees, minimum cash, covenants, amortization, prepayment terms, collateral, personal guarantees, warrants, and default provisions. A seemingly cheaper facility can become materially more expensive once those are included.
If you give me ARR, ARR growth, gross margin, monthly burn/profitability, cash on hand, amount of debt wanted, and whether you've raised VC, I can narrow this to the 2–3 structures that fit your profile and show the approximate economics side-by-side.
