March 31, 2023

8:00 AM - 8:45 AM

Breakfast

8:50 AM - 9:00 AM

Opening Remarks

9:00 AM - 9:25 AM

Presentation

A Technical Breakdown of Venture Debt Underwriting Models

  • Underwriting models – Sponsor-driven vs. company fundamentals-driven vs. structured deals
  • Similarities and differences / Pros and cons
  • The benefits of properly structured venture debt to companies, management teams, investors, and lenders
  • Use cases of different venture debt models for win/win/win results

speaker-1

Dan Devorsetz

Chief Operating Officer and Chief Investment Officer
Horizon Technology Finance

Speaker

9:25 AM - 9:50 AM

Presentation

The State of the Venture Debt Market

  • Current trends including what recent bank failures mean for the venture debt market
  • Discussion of sector-by-sector loan performance
  • Understanding the headwinds in the industry for both lenders and borrowers
  • Sizing up current market sentiment, especially among equity investors
  • How are things different today than they were only one year ago?

speaker-1

John Markell

Managing Partner
Armentum Partners

Speaker

9:50 AM - 10:25 AM

Presentation

Exploring Revenue-Based Funding for Recurring Revenue Business Models

  • Overview of how the "RBF" strategy works
  • Understanding the offer: funding amount, share %, average monthly revenue, repayment period
  • Flat fee vs. variable collection
  • Examples: revenue-based funding in action

speaker-1

John Borchers

Managing Director
Decathlon Capital

Speaker

10:25 AM - 10:55 AM

Networking Break

10:55 AM - 11:25 AM

Fireside

Exploring the Latest Trends and Opportunities in Venture Debt Financing

  • Are we now in a lender friendly market?
  • Are FinTech’s a threat?
  • Post SVB landscape?
  • Early stage vs late stage?
  • Are big platforms like Black Stone, KKR, etc. serious about participating?
  • Impact on fund raising?
  • Is ESG is a factor?

speaker-1

David Spreng

Chairman, Founder, CEO, and CIO
Runway Growth Capital

Speaker

speaker-2

Troy Zander

Partner
Barnes & Thornburg

Speaker

11:25 AM - 11:55 AM

Fireside

Highlighting the Differences Between Venture Debt Use in Banks vs. Funds

  • Banks may have lower cost of capital
  • Funds may not be as constrained by banks in the amount they can invest
  • Who is typically more supportive – banks or funds?
  • Understanding financial covenants
  • Due diligence: just as important for investors as companies

speaker-1

Catherine Jhung

Senior Managing Director
Hercules Capital

Speaker

speaker-2

David Lapter

CFO
Dashlane

Speaker

11:55 AM - 12:30 PM

Panel

Fundraising For Venture Debt Funds

  • Explaining the value of your strategy to prospective investors
  • Working with pension fund managers
  • Promoting private credit venture debt funds as an attractive but separate asset class
  • Focusing the fund on a specific market sector to attract savvy investors
  • Partnering with VC firms: pros and cons
  • Biggest concerns that equity investors and companies have when raising venture debt

speaker-1

Brian Henley

Managing Partner
Recurring Capital Partners

Moderator

speaker-2

David Teten

Founder
Versatile Venture Capital

Panelist

speaker-3

Kai Tse

Managing Partner
Structural Capital

Panelist

speaker-4

Steve Brotman

Founder and Managing Partner
Alpha Partners

Panelist

12:30 PM - 1:30 PM

Lunch

1:30 PM - 2:05 PM

Panel

How the Collapse of Silicon Valley Bank will Impact Venture Debt Moving Forward

  • Strategies SVB used to dominate the VC ecosystem for venture loans
  • Sizing up the competitive landscape of non-bank lenders aiming to fill the void
  • How venture debt investments will change in the wake of SVB’s failure
  • Discussion of the logical buyers of SVB’s venture loan portfolio
  • Analysis of why the current banking crisis will likely drive down private valuations

speaker-1

Brent Bertino

Principal
Trilogy/ESW Capital

Moderator

speaker-2

Mark Solovy

Co-Head, Technology Finance Group
Monroe Capital

Panelist

speaker-3

Zack Ellison

Founder, Managing General Partner & Chief Investment Officer
Applied Real Intelligence

Panelist

speaker-4

Mike Ryan

Co-Founder and CEO
Bullet Point Network

Panelist

2:05 PM - 2:35 PM

Fireside

Venture Debt From the Borrower’s Perspective: Winning a Deal

  • Why professionals with a PE lending background are flooding into the market as “new lenders.”
  • Is their familiarity with certain terms and structures (penny warrants, liens on IP) putting them at a disadvantage?

speaker-1

Dolph Hellman

Partner, Mergers & Acquisitions, Banking & Finance
Orrick

Speaker

speaker-2

Katya Baron

VP of Capital
Wisetack

Speaker

2:35 PM - 3:05 PM

Fireside

Alternative Financing for Venture Debt

  • Overview: Slowdown in VC capital opens path to alternative financing
  • Best practices and capital strategies for financing venture debt businesses
  • Operating and institutional capital perspectives on obstacles & opportunities
  • Why lending decisions should be data-driven to increase speed to funding
  • Managing rising risk in a rising rate environment

speaker-1

Melissa Widner

CEO
Lighter Capital

Speaker

speaker-2

Peter Frank

Managing Director
i80 Group

Speaker

3:05 PM - 3:35 PM

Networking Break

3:35 PM - 4:00 PM

Presentation

How to Avoid Big Venture Debt Financing Mistakes

  • Planning for a successful close in advance of a venture debt deal
  • What’s different about venture debt diligence vs. venture capital diligence
  • When and how to set up your data room

speaker-1

Alidad Vakili

Of Counsel
Foley & Lardner LLP

Speaker

4:00 PM - 4:25 PM

Presentation

Lender Landscape: The Current State of Small Business Lending by FinTechs

  • Why FinTechs are typically faster to fund
  • How your company builds credit when other scoring models are taken into account
  • Streamlined operating structure removes many pain points for SMBs
  • Blockchain systems and other tech enhancing security
  • How FinTechs offer greater flexibility and customization to the small business customer

speaker-1

Thomas Ritchie

Senior VP of Capital Markets Exec. of Investor Relations
Biz2Credit

Speaker

4:25 PM - 4:50 PM

Presentation

Why Late-Stage Venture Lending is Still the Domain of Banks and Business Development Companies

  • VC Firms still more likely to invest at expansion stage
  • Biz dev firms and banks attracted to companies nearing a liquidity event (sale, IPO)
  • Bank and biz dev solutions won’t cause dilution
  • Understanding the role warrants play in late-stage venture lending

speaker-1

Spring Hollis

Founder and Managing Partner
Star Strong Capital

Speaker

4:50 PM - 5:15 PM

Presentation

Understanding the Targeted Marketing of Business Credit Cards to VC-Backed Startups

  • How to define the addressable market for targeting business credit cards to startups
  • What’s the best channel strategy to reach the target
  • What are the key differentiators in the value proposition to attract this unique segment
  • How to develop brand advocates to support social media marketing
  • How to make credit decisions when your target market customers are pre-revenue

speaker-1

Dawn Zappetti

Chief Marketing Officer
Zap Advisory

Speaker

5:15 PM - 5:25 PM

Closing Remarks

5:25 PM - 6:25 PM

Cocktail Reception (Sponsored by Barnes & Thornburg)

Timely Topics and Innovative Programming

Here are some of the unique presentations and panel discussions we’re developing for The Venture Debt Conference:

  • Industry dynamics: The size and shape of the venture debt market, historical performance and future growth projections
  • Understanding the venture debt underwriting process: Creditworthiness and assessment of equity sponsors
  • Understanding debt structures for working capital vs. growth capital
  • Timing considerations: Raising debt alongside equity, raising between equity rounds, raising to fund an acquisition and the unique considerations of each approach
  • Typical financing terms of venture debt and how they differ from traditional bank loans
  • Common venture debt options including equipment financing, accounts receivable financing, and term loans
  • How companies are using venture debt to extend their cash runway and minimize equity dilution
  • The lender landscape: Commercial banks, specialty finance firms, alternative lenders, business development companies
  • Exploring revenue-based funding for recurring revenue business models
  • Senior venture loans vs. subordinated debt structures
  • Royalty-based funding for life sciences companies
  • Why late-stage venture lending is still the domain of banks and business development companies 
  • Using hybrid securities including convertible bonds, preferred stock, and debt with warrant kickers
  • Understanding the use of convertible debt at both early and late-stage private companies
  • Alternative lending structures including lines of credit, bridge loans, factoring, and merchant cash advances
  • Understanding the targeted marketing of business credit cards to VC-backed startups
  • How macro credit conditions and economic indicators impact the venture debt market
  • Market participants: Lenders, underwriting and credit companies, loan servicers, and loan brokers
  • Understanding possible headwinds in lending to startups including rising interest rates, increasing defaults, and reduced equity funding
  • Evaluating the growth of the venture debt market by sector

The Venture Debt Conference program is currently in development.
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Call us at (516) 876-8006 or email team@dealflowevents.com.

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