Find Venture Debt helps technology and growth companies find $1 million to $10 million of non-dilutive capital to facilitate growth and other goals.
We help technology and growth companies:
Barry A. Baker, CFA, ASA - LinkedIn Profile
Barry co-founded Find Venture Debt in 2017. Since 2010, he has been a member/partner of CapVal-American Business Appraisers LLC and specializes in the valuation of technology and growth companies. His practice includes valuations for corporate transactions, litigation support, and financial reporting and tax compliance.
Prior to joining CapVal, Barry founded The Cobble Hill Group LLC, which provides provides research-driven, outsourced acquisition search services to middle market companies and private equity investment groups. He also co-founded American Home Centers Corporation, a $75 million in revenue, private-equity backed consolidator/roll-up of manufactured home dealerships. Prior to relocating to North Carolina in 1999, Barry was an investment banker based in New York. He began his career with Dillon, Read Co. Inc. (now part of UBS), where he provided M&A, corporate finance and financial advisory services to a client base of multinational corporations. He left Dillon Read to join a brokerage firm where he co-founded a corporate finance department that served emerging growth and middle market companies.
Barry received a B. S. in economics from the University of Pennsylvania, Wharton School of Business. He is a member of the CFA Institute, the American Society of Appraisers, the Association for Corporate Growth, and the Alliance of Merger & Acquisition Advisors.
What do Google, Facebook, Uber, Airbnb and Dropbox have in common? In addition to their tremendous success, all have utilized venture debt to help fund their growth. Although most of the debt was raised when these companies were in the late-stage of development, at least some of them raised debt in their early stages. Western Technology Investment (WTI) provided debt to Google in conjunction with its Series A equity round. In addition, WTI provided venture debt to Facebook so that it could purchase some of its first servers, in addition to providing debt in conjunction with Facebook's Series A equity round.
Estimates of the size of the venture debt market vary widely, ranging from $2 billion to $9 billion funded annually. Regardless of their size estimates, almost all observers agree that the venture debt market has grown rapidly in recent years, becoming a major source of non-dilutive or minimally dilutive funding.
The biggest surprise to us is that, despite the prevalence of venture debt, estimates of market size differ by more than 4x. The venture capital (equity) market is chronicled and measured in minute detail yet, despite billions of dollars invested each year, the venture debt market remains a relative backwater or an afterthought.
This realization piqued our curiosity and many subsequent nights and weekends were consumed with research, followed by email exchanges and telephone calls with lenders, CEOs and CFOs. All evidence led to the same conclusion:
“The venture debt market is hugely inefficient. There’s a need for more transparency”
– Partner at Venture Debt Fund
Shortly thereafter, we decided to launch Find Venture Debt.
The lack of complete and reliable information regarding the venture debt market leads to the following scenarios:
The first and second scenarios suggest that there’s potential for significant growth in the market. In the second and third scenarios, it’s likely the search process was unnecessarily time-consuming, or expensive if an advisor was hired.