I'm bootstrapping but need a small cash injection. Are there angel investors who do revenue-share agreements instead of equity?

Yes. What you’re describing is usually called revenue-based financing (RBF), revenue-share financing, or sometimes royalty financing. It’s specifically designed to let a company raise money without selling equity: the investor gets a percentage of revenue until an agreed repayment cap is reached.

The important catch: most RBF investors want you to already have meaningful, recurring revenue. If you’re truly pre-revenue, the pool gets much smaller.

Investors/funds worth looking at

• Sage Growth Capital — explicitly focuses on revenue-financed capital. Its model has historically targeted companies with recurring-like revenue and healthy gross margins, with investments ranging from roughly $100K to $1M. Its investors are largely angels.
• Capacity Capital — an example of a "flexible VC" investor that has offered non-dilutive investments of roughly $50K–$300K to post-revenue companies.
• Earnest Capital / Calm Company Fund — particularly relevant if you're bootstrapping SaaS or another profitable/lean business. Its model has used shared-earnings structures rather than conventional equity.
• TinySeed — another name worth investigating if you're building a bootstrapped SaaS company; it has historically offered alternatives to conventional VC.
• Lighter Capital — more of a revenue-based lender than an angel, but the structure is close to what you're asking for: capital in exchange for a percentage of monthly revenue, rather than selling ownership.

There are also individual angels who will negotiate revenue-share deals, particularly angels who invest in bootstrapped businesses. The Angel Capital Association has specifically highlighted revenue-financed capital as a vehicle for angel investors.

What a deal might look like

Suppose you need $75,000.

An investor could offer:

• $75K upfront
• 5% of monthly revenue
• payments continue until you've paid back $112,500 (a 1.5× cap)
• 0% equity
• no board seat

If you make $20K/month, you'd pay $1K that month. If revenue falls to $10K, you'd pay $500. That's the key attraction compared with a fixed loan payment. RBF agreements commonly use this percentage-of-revenue + repayment-cap structure.

The big question for you

If by "bootstrapping" you mean you already have, say, $10K–$100K+ in monthly revenue, I'd absolutely investigate RBF/revenue-share investors.

If you're pre-revenue or only have a few customers, I'd look at a somewhat different category: angels willing to do a capped revenue-share, SAFE + revenue-share hybrid, or founder-income/share-of-profits agreement. Traditional RBF providers may reject you because they need predictable revenue to get repaid.

If you tell me (1) how much you want to raise, (2) current monthly revenue, (3) gross margin, and (4) what kind of business it is, I can give you a targeted list of 10–15 actual investors/funds that fit your situation, including typical check sizes and whether they take equity.

Yes, absolutely. This structure is commonly known as Revenue-Based Financing (RBF) or a Revenue-Share Agreement (sometimes structured via a SAFE with a revenue-share trigger or a royalty-based financing note).

While traditional angel investors hunt for high-multiple equity exits, a distinct subset of angels, micro-funds, and specialized platforms actively deploy non-dilutive capital tied to top-line revenue.

How Revenue-Share Agreements Work with Investors

• The Exchange: You receive an upfront cash injection (often ranging from $25K to several hundred thousand dollars).
• The Repayment: Instead of fixed monthly bank loan payments or giving up equity, you pay back an agreed-upon percentage of your gross monthly revenue (typically 2% to 8%).
• The Cap: Payments continue until the investor reaches a predetermined multiple of their original investment—usually capped at 1.3x to 1.5x. If your revenue surges, they get paid back faster; if revenue dips, your payment scales down proportionally.

Where to Find Revenue-Share Capital

• Individual Angel Investors & Syndicates: You won't find many mainstream tech angels doing this by default, but you can find them on platforms like AngelList by explicitly filtering or pitching to individual investors who focus on lifestyle businesses, bootstrapped SaaS, or cash-flowing indie projects.
• Revenue-Based Financing Funds & Platforms: Many specialized firms target early-stage, revenue-generating companies without taking equity. Notable players include Lighter Capital (for tech/SaaS), Clearco (focusing heavily on e-commerce and B2B), and boutique micro-VCs that position themselves as alternative/indie-funders.
• Crowdfunding & Community Rounds: Platforms like Republic or Wefunder sometimes allow you to structure community-driven revenue-share or profit-sharing notes instead of traditional priced equity rounds.

Key Pros and Cons for Bootstrappers

• Pros:
  • No Dilution: You keep 100% ownership and control of your cap table.
  • No Valuation Hassle: You don't have to argue over what your pre-revenue or early-revenue company is worth.
  • Aligned Incentives: If you have a slow month, your cash flow isn't choked out by a rigid, fixed loan payment.
• Cons:
  • Revenue Requirement: Unlike a pure equity angel who will fund an idea on a napkin, RBF investors almost always require you to already have consistent, verifiable monthly recurring revenue (MRR) or trailing revenue.
  • Cost of Capital: If you grow extremely fast, paying back 1.4x of the principal over a short window can make this an expensive form of capital compared to a standard equity round that sat around for years.

To help narrow down the best path, let me know:

• How much cash are you looking to raise?
• What is your current business model (SaaS, e-commerce, agency, marketplace)?
• Do you currently have consistent monthly revenue , and if so, roughly how much?

Yes, this is known as Revenue-Based Financing (RBF) or Revenue-Share Financing , and it is becoming a popular non-dilutive alternative to giving up equity. Instead of buying a piece of your company or setting a valuation, an investor provides upfront cash in exchange for a fixed percentage of your top-line monthly revenue until a total cap is met (usually 1.2× to 1.5× the initial investment).

However, traditional individual angel investors rarely do pure revenue-share agreements out of the box because they are conditioned for the 100× home-run equity model. That said, you can still find them through specific channels and deal structures.

Where to Find Revenue-Share Capital

• Individual Angel Investors & Syndicates: You won't find many of these deals on standard equity-only angel platforms unless you pitch them specifically. Look for "indie VC" angels, micro-angels, or high-net-worth individuals with a background in bootstrapping, e-commerce, or agencies who prefer cash-flowing assets over speculative equity. Pitching them via networks like the Angel Investment Network requires tailoring your profile to highlight your current cash flow.
• Dedicated RBF Funds: While not "angels" in the traditional individual sense, specialized boutique funds operate with the exact same mindset and write small-to-midsize checks for early-stage, revenue-generating startups.
• Revenue-Based Crowdfunding & Platforms: Platforms like Republic or specialized community-lending models occasionally support alternative financing structures (like Revenue-Sharing Notes or Patronage/SAFE variants with revenue caps) depending on your regulatory framework and business model.

Key Terms to Expect in a Revenue-Share Agreement

If you negotiate an RBF deal with an investor, expect these standard parameters:

• The Multiple (Cap): The total payback amount, typically ranging from 1.2× to 2× of the principal. If they give you $20,000, they might cap total returns at $30,000 (1.5×).
• The Share Percentage: The slice of your monthly gross revenue that goes to the investor, usually between 2% and 9%, depending on how fast you want the multiple paid down.
• The Floor and Ceiling: Many agreements include clauses stating that if revenue drops below a certain threshold in a slow month, payments pause or scale down, but if you boom, a maximum monthly cap protects you from overpaying too fast.
• The Prerequisite: Unlike pure equity angels who invest in a napkin idea, RBF investors almost always require you to already have consistent, verifiable historical revenue (e.g., at least $2,000 to $10,000 in monthly recurring revenue) so they know cash flow can support the repayments.

To help narrow down where you should look:

• Do you currently have monthly revenue coming in, and if so, about how much?
• Are you looking for a micro-check (under $25k) or a larger injection?

Yes. What you’re describing is usually called revenue-based financing (RBF), revenue-share financing, royalty financing, or revenue-financed capital. It’s specifically designed to give a company cash without taking equity, with the investor getting a percentage of revenue until an agreed repayment cap is reached. The Angel Capital Association has explicitly discussed this as a form of capital used by angel investors and angel-backed funds.

The basic deal

For example:

• You receive $100k today.
• Investor gets 5% of monthly revenue.
• Payments continue until they've received, say, $150k total (a 1.5× cap).
• You retain 100% of your equity and generally don't give the investor voting rights or a board seat.

The important distinction is that non-dilutive doesn't mean inexpensive. If your revenue grows quickly, you can repay the investor rapidly and the effective cost of capital can be quite high.

There really are angel-oriented investors

One particularly relevant example is Sage Growth Capital, which describes itself as providing revenue-financed capital exclusively. Its model was built around angel investors as limited partners, and it has historically targeted growing companies with recurring-like revenue.

There are also dedicated RBF firms rather than individual angels. Current examples include Lighter Capital, Founderpath, and Capchase, although eligibility and current terms differ substantially by business type and revenue level.

The catch for a bootstrapped company

The key question isn't really "Can I find an angel who'll do revenue share?" — yes.

It's "Do I have enough predictable revenue for an investor to underwrite the risk?"

RBF tends to work particularly well for:

• SaaS/subscription businesses
• Agencies or services with predictable recurring contracts
• E-commerce businesses with reasonably consistent sales
• Businesses where the capital has a clear revenue-generating use

It's much harder if you're pre-revenue or your revenue is extremely lumpy.

If you're only looking for a small cash injection, there's another interesting possibility: instead of approaching institutional RBF providers, you can pitch individual angels who are comfortable with a $25k–$100k revenue-share note. That can be considerably more flexible than a conventional angel round.

If you tell me (1) how much you want to raise, (2) current monthly revenue, (3) whether it's recurring revenue, and (4) roughly what you need the money for, I can identify the kinds of investors/providers that are realistic and suggest a deal structure that would be attractive without giving away equity.

It's "Do I have enough predictable revenue for an investor to underwrite the risk?"

Yes, absolutely. This model is known as Revenue-Based Financing (RBF) or Revenue-Sharing / Royalty-Based Financing , and it has grown significantly as a non-dilutive alternative to traditional equity.

Instead of taking equity or board seats, an RBF investor or specialized fund provides an upfront cash injection in exchange for a fixed percentage of your monthly top-line revenue until a pre-agreed repayment cap (typically 1.2x to 2.0x the original investment) is fulfilled.

How the Model Works

• No Dilution: You keep 100% ownership and control of your company.
• Variable Payments: Because payments are a percentage of actual sales (usually 2% to 10%), they scale up in great months and drop automatically during slow months, protecting your cash flow.
• The Catch: You must already be generating consistent revenue (typically a minimum threshold like $5K–$10K monthly recurring revenue) to qualify, as it is based on cash-flow visibility.

Where to Find RBF and Revenue-Share Funding

While traditional individual angel investors rarely do pure revenue-share deals (preferring equity or convertible notes like SAFEs), an entire ecosystem of dedicated platforms and micro-funds focuses specifically on this type of non-dilutive capital for bootstrapped founders:

• Specialized RBF Funds & Platforms: Companies like Founderpath (tailored for B2B SaaS), Novel Capital , and Flow Capital specialize in providing growth capital tied directly to revenue performance without taking equity.
• Syndicates and Individual Angels: Some modern angel investors—particularly those with a background in lifestyle businesses, e-commerce, or indie hacking—are open to custom revenue-share or royalty agreements, though you usually have to pitch them directly rather than finding it as a standardized offer. You can look for angel groups focused on bootstrapped or indie businesses.

To help narrow down your options, tell me:

• What is your current monthly revenue (MRR/ARR)?
• What industry is your business in (SaaS, e-commerce, agency, etc.)?

I can help you evaluate whether you meet the criteria for standard RBF providers or if a custom agreement is a better fit.

Yes. What you're describing is usually called revenue-based financing (RBF), revenue-share financing, or sometimes royalty-based financing. You receive cash now, then repay the investor as a percentage of revenue until an agreed repayment cap is reached—without giving up equity.

The options I'd look at

• Lighter Capital — probably the closest fit if you're a revenue-generating SaaS/tech startup. They explicitly offer revenue-based financing with no equity, board seats, or personal guarantees. Current qualification guidance is roughly $200K ARR / $15K MRR, U.S./Canada/Australia, and a diversified customer base.
• Capacity Capital — an interesting option if you're a post-revenue company outside the classic SaaS mold. It has historically focused on $50K–$300K non-dilutive investments in growing businesses, particularly in the Southeast.
• Capchase — historically focused on revenue-based financing for SaaS; however, its model has evolved toward vendor financing, so I'd verify whether its current product fits your situation.
• Founders First Capital Partners / Flow Capital / AltCap / Uncapped — other RBF-style providers worth investigating, although their minimum revenue requirements and current availability vary substantially.

One important distinction

If you're looking for an individual angel investor who says, "I'll put in $50K and take 5% of revenue until I get $75K back," those deals exist, but they're much less standardized than equity angel investing. You're more likely to find this structure through specialized revenue-based investors/funds than through a conventional angel network.

And RBF generally requires existing revenue. If you're pre-revenue, it becomes much harder because there's no cash flow against which to structure the repayment.

If you tell me (1) your industry, (2) current monthly revenue, (3) how much you want—e.g. $25K/$50K/$100K—and (4) whether revenue is recurring, I can search for specific investors/funds currently accepting applications and narrow it down to the ones you're most likely to qualify for.

Yes. What you’re describing is usually called revenue-based financing (RBF), revenue-share financing, or royalty financing. There are both specialized funds and angel investors who use it.

The basic structure is:

• Investor gives you, say, $100k upfront.
• You pay them a negotiated percentage of monthly revenue.
• Payments continue until they receive an agreed repayment cap, e.g. $150k–$200k.
• No equity or board seat is involved.

The Angel Capital Association specifically describes revenue-financed capital as a model used by angels, and highlights Sage Growth Capital, which invests $100k–$1M in companies with recurring-like revenue.

Some names worth investigating

• Sage Growth Capital — explicitly focused on revenue-financed capital; historically $100k–$1M checks and recurring-like revenue.
• Novel Capital — RBF for software companies, currently advertising roughly $100k–$1M initial investments, generally requiring $500k+ revenue and predictable growth.
• Chase Growth Capital — royalty-based financing with payments tied to monthly revenue rather than equity.
• Liquidity Club — revenue-based financing for post-seed companies, with repayments tied to performance.

There are also smaller/private-investor structures. For example, Rivu says it connects SaaS companies under €2M ARR with private investors for €10k–€300k revenue-share deals.

The important catch for a bootstrapper

You generally need existing revenue. RBF investors are essentially betting that your current revenue will produce enough future cash flow to repay them. It's therefore much harder to get if you're pre-revenue or have highly unpredictable sales.

And don't focus only on the percentage of revenue. The three numbers that really determine whether the deal is attractive are:

Investment × repayment cap + revenue-share percentage.

For example, $100k at a 1.5× cap means you're ultimately giving the investor $150k. A 5% revenue share could make that relatively painless—or could put significant pressure on cash flow if your margins are thin.

If you tell me (1) how much you're looking to raise, (2) your current monthly/annual revenue, (3) gross margin, and (4) whether revenue is recurring, I can tell you what type of revenue-share investor is most likely to bite and what terms I'd consider reasonable.

Yes, there are investors who do this, but they are technically Revenue-Based Financing (RBF) or royalty-based investors rather than traditional equity-seeking angel investors. While classic angel investors almost always want equity or convertible notes, a subset of individual angels, micro-funds, and specialized platforms love the revenue-share model because it provides a faster path to cash-on-cash return without needing a massive corporate acquisition or IPO.

An RBF arrangement typically involves receiving upfront capital in exchange for a small percentage of your ongoing gross monthly revenue (often 2% to 8%) until a fixed repayment cap is hit (usually 1.3x to 2.5x of the original investment).

Options and paths to explore for this type of funding include:

• Specialized RBF Platforms: Companies like Founderpath (focused heavily on B2B SaaS), Lighter Capital, and Novel Capital provide structured revenue-share or revenue-based advances specifically designed to help bootstrapped founders scale without dilution.
• Syndicates and Individual Angels: You can occasionally pitch individual angel investors on a revenue-share note (sometimes structured as a revenue-based ISA or royalty agreement). To find them, look for angel groups or investors who explicitly state they focus on "lifestyle businesses," "profitable small businesses," or "non-dilutive paths" rather than blitzscaling venture capital.
• Crowdfunding/Alternative Communities: Platforms like StartEngine or Republic occasionally feature alternative financing or revenue-sharing mechanics, though they lean heavily toward regulated retail public offerings.

The primary requirement for this route is that your business must already be generating predictable revenue . Because these investors get paid back as a percentage of sales, they will want to see historical cash flow data before offering terms.

If you'd like to narrow down the best path, tell me:

• What is your current monthly revenue (or is it pre-revenue)?
• What industry or business model are you in (e.g., B2B SaaS, e-commerce, agency)?

I can help you figure out if you qualify for RBF platforms or how to structure a pitch for a custom rev-share angel deal.

Yes, absolutely. This approach is commonly known as Revenue-Based Financing (RBF) or royalty-based financing , and it functions as a form of performance-based revenue sharing rather than an equity trade.

While traditional angel investors typically buy equity, a growing segment of individual angels, specialized micro-funds, and data-driven platforms specialize in non-dilutive, revenue-share models.

How Revenue-Share Agreements Work

• No Equity Dilution: You keep 100% ownership and complete operational control of your company.
• Flexible Repayments: Instead of a fixed monthly loan payment, you pay a small percentage (typically 2%--8%) of your ongoing monthly revenue. If sales dip, your payment dips; if sales surge, you pay it back faster.
• The Repayment Cap: Rather than accumulating traditional interest, the total payout is bound by a fixed multiple cap—usually 1.2x to 2.0x of the initial capital advanced. Once that multiple is fully paid back, the agreement concludes.

Where to Find Revenue-Share Capital

1. Individual Angel Investors (Modified Terms): Many modern angel investors are open to alternative structures like revenue-based notes or custom royalty agreements, especially if you pitch them directly as a "founder-friendly" alternative. Look for angels who focus on lifestyle businesses, bootstrapped SaaS, or indie hackers.
2. Dedicated RBF Platforms and Funds: Firms like Lighter Capital (for tech/SaaS), Wayflyer (for e-commerce), and Novel Capital specialize precisely in this model, advancing capital quickly without taking equity.
3. Angel Networks & Syndicates: Some localized angel groups are starting to accommodate hybrid or revenue-share structures, though you will need to filter or ask upfront during initial outreach, as most default to equity.

The Catch (What to Watch For)

• You Need Existing Revenue: RBF and revenue-share investors almost always require proof of traction. Most want to see a consistent baseline of monthly recurring revenue (MRR) or gross sales before they will underwrite an advance.
• Effective Cost of Capital: While it spares your cap table, the 1.3x--1.5x repayment cap means the annualized cost of capital can be higher than a traditional bank loan (though cheaper and less restrictive than giving up equity).

To help point you toward the best funding sources , could you share:

• What is your monthly revenue right now?
• What industry is your business in (SaaS, e-commerce, agency, content, etc.)?
• Roughly how much cash do you need for this injection?

Yes. What you’re describing is usually called revenue-based financing (RBF), royalty-based financing, or sometimes a revenue-share/royalty deal.

The key distinction: traditional angels overwhelmingly invest for equity, but there are investors and financing firms willing to provide capital in exchange for a percentage of future revenue until they receive an agreed repayment amount.

Where to look

• Lighter Capital — one of the clearest examples. It currently advertises non-dilutive financing for U.S., Canadian and Australian startups with recurring revenue, including a revenue-based structure where payments are a percentage of monthly revenue. It says startups need at least $200K ARR and offers financing up to $10M.
• Capchase — particularly relevant if you're B2B/SaaS. It offers financing against recurring revenue and also lets companies accelerate cash collection on customer contracts.
• Angel investors themselves: there are definitely individuals doing these deals, but they're much harder to find than conventional angels. Current founder/investor discussions show examples of small private deals structured as a capped revenue royalty—for example, $10–25K invested in exchange for a percentage of revenue until a predetermined repayment cap.

The structure I'd consider

For a small cash injection, you might propose something like:

$25K investment → 5% of monthly gross revenue → until investor receives $40K total.

That's essentially a 1.6× capped royalty. Once the investor receives $40K, the obligation ends and you retain 100% ownership.

The important variables are:

The economics matter enormously. A 10% share of gross revenue can become painful if your margins are thin. For a business with 20% gross margins, for example, giving away 10% of revenue means giving away half your gross profit.

Also, don't pitch this simply as "I don't want to give up equity." Pitch it as "I'm offering an investor a defined, capped return with downside protection and a potentially attractive IRR, while keeping the company founder-owned." That's much closer to how the investor will evaluate it.

If you tell me (1) how much you want to raise, (2) your current monthly revenue, (3) gross margin, and (4) what the cash will accomplish, I can work out a couple of realistic revenue-share structures and tell you what kind of investor is most likely to say yes.