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February 2, 2024
Lesedauer: 7 Minuten

SaaS-Funding: Der Guide für Startups

Alles, was du über SaaS-Funding wissen musst.

Wiederkehrende Umsätze, eigene Metriken, maßgeschneiderte Finanzierungen: Das SaaS-Funding von Startups funktioniert nach anderen Kriterien als herkömmliche Finanzierung. Worauf müssen Unternehmen achten?

Was ist ein SaaS-Funding?

SaaS-Funding oder SaaS-Finanzierungen richten sich an Unternehmen, die ein Software-as-a-Service oder subscription-based Geschäftsmodell anbieten.

SaaS-Unternehmen haben ein einzigartiges Business Model. Sie erzielen regelmäßige Umsätze aus wiederkehrenden Einnahmen. Die Umsätze treten in Form von Annual Recurring Revenue (ARR) oder Monthly Recurring Revenue (MRR) auf. Das erhöht die Planbarkeit. Um sie kontinuierlich zu steigern, muss der Kundenstamm wachsen. Dafür benötigt ein SaaS-Business entsprechendes Kapital.

Durch diese planbaren Umsätze haben SaaS-Unternehmen Zugang zu Finanzierungsmodellen, die genau auf ihre Bedürfnisse zugeschnitten sind. Dank der regelmäßigen Umsätze können Investor:innen bei einer Finanzierung besser einschätzen, wie hoch das Risiko ist und wie sich das Unternehmen künftig entwickeln wird.

re:cap_SaaS-Funding
Eine kurze Übersicht zum Thema SaaS-Funding.

Die Phasen eines SaaS-Unternehmens

Ein SaaS-Startup durchläuft verschiedene Unternehmens- und Finanzierungsphasen. In jeder gibt es bestimmte Kapitalbedürfnisse und Investitionsentscheidungen. Insbesondere die Phasen zwei und drei können kapitalintensiv sein.

Phase 1

Die Software des Unternehmens ist noch nicht live. Der Fokus liegt auf der Entwicklung und den ersten Tests einer Beta-Version, die ausgewählten Nutzer:innen zur Verfügung gestellt wird.

In dieser Phase des SaaS-Fundings kommt in der Regel das eigene Kapital der Gründenden, Business Angels oder Investitionen von Friends & Family in Frage.

Phase 2

Die Markteinführung des Produkts steht an. Die Software wird einem größeren Markt zugänglich gemacht und weiterentwickelt. Das Unternehmen fügt Features hinzu oder erweitert bestehende Funktionen. Es befindet sich zwischen Pre-Seed- und Seed-Phase.

Durch Sales-Maßnahmen gewinnt das SaaS-Unternehmen seine ersten Kund:innen. Es erhält erstmals Feedback von einem größeren Publikum zu seinem Angebot. Damit beginnt auch die Suche nach dem richtigen Product-Market-Fit.

Das ist die erste kapitalintensive Phase eines SaaS-Startups. Je nach Fall kann sich das Unternehmen für Venture Capital oder Business Angels öffnen. Es geht dabei um ein erstes Seed-Funding.

Phase 3

Das SaaS-Startup konnte bereits viele Kund:innen gewinnen und es wurde, zumindest temporär, Product-Market-Fit erreicht. Nun geht es darum, das weitere Wachstum auf Basis des bestehenden Kundenstamms voranzutreiben und das SaaS-Geschäftsmodell zu skalieren. Die Effizienz steht im Fokus.

Um das Geschäftsmodell zu skalieren, ist frisches Kapital nötig. In dieser Phase kann neben den klassischen Optionen zur Aufnahme von Eigenkapital auch erstmals Fremdkapital relevant werden. Denn: Das Unternehmen erzielt planbare und wiederkehrende Umsätze. Es wird dadurch für andere Investor:innen interessanter.

Phase 4

Das SaaS-Startup ist bereits einige Jahre erfolgreich am Markt. Es verzeichnet stabile Umsätze und hat sich gegen seine Konkurrenz durchgesetzt. In dieser Phase stehen weitere Wachstumsinitiativen wie Übernahmen oder der Eintritt in neue Märkte an. Es professionalisiert seine Strukturen weiter.

In dieser Phase können sowohl Eigen- als auch Fremdkapitalfinanzierungen sinnvoll sein – je nach Zielen und Bedürfnissen des Unternehmens.

Die Unternehmensphase bestimmt die Finanzierungsinstrumente

Für jede Unternehmensphase und für jede Investition gibt es das passende Finanzierungsmodell. Mittlerweile haben Gründenden eine große Auswahl an Finanzinstrumenten zur Verfügung. Darunter fallen sowohl klassische Optionen als auch alternative Finanzierungen.

Die verschiedenen Phasen eines SaaS-Unternehmens sind geprägt von Wachstum, Skalierung und der Weiterentwicklung des Produktangebots. Gründende treffen insbesondere in Phase zwei und drei Entscheidungen, die langfristige Auswirkungen auf das Unternehmen haben können.

Eine Entscheidung über die Finanzierung sollte deshalb vorab genau abgewogen werden. Je nach Art kann es zu einer starken Verwässerung der Anteile kommen. Die Kapitalkosten spielen eine wichtige Rolle.

re:cap_SaaS-Funding
Beim SaaS-Funding immer im Blick behalten: die Kapitalkosten.

Formen des SaaS-Fundings für Startups

SaaS-Unternehmen steht eine Vielzahl von Finanzierungsmodellen zur Verfügung. Gründende sollten sich vorab genau überlegen, wofür und in welchem Zeitraum sie das Kapital benötigen. Je nach Investment eignet sich eher Fremd- oder Eigenkapital.

Venture Capital

Venture Capital ist eine beliebte Finanzierungsart für SaaS-Startups. Gründende verkaufen Anteile und erhalten im Gegenzug Eigenkapital. Venture Capital ist bei SaaS-Unternehmen vor allem in Phasen gefragt, in denen sie viel Kapital benötigen. Allerdings geht damit auch ein Verlust der Kontroll- und Mitbestimmungsrechte einher.

Venture Debt

Venture Debt ist die Aufnahme eines Risikokredits kurz nach oder parallel zu einer VC-Finanzierung. Ein Startup erhält Fremdkapital, um zwischen zwei Finazierungsrunden liquide zu bleiben. Für SaaS-Startups, die bereits aus der Early-Stage heraus sind, kann das reizvoll sein. Sie müssen im Gegenzug für frisches Kapital weniger Unternehmensanteile abgeben. Venture Debt geht allerdings mit hohen Kapitalkosten, Garantien und Warrants einher.

Alternative Debt Funding

In den vergangenen Jahren haben sich verschiedene alternative Finanzierungsmodelle etabliert, die sich speziell an SaaS-Unternehmen richten und Fremdkapital bereitstellen. Darunter fallen Instrumente wie Revenue Based Financing oder Recurring Revenue Financing. Sie nehmen die wiederkehrenden Umsätze eines Unternehmens in den Fokus.  

Diese Lösungen sind in der Regel nicht-verwässernd. Sie beinhalten auch keine persönlichen Garantien oder Warrants. Sie lassen sich genau auf den Kapitalbedarf von SaaS-Unternehmen anpassen und bieten maßgeschneiderte Rückzahlungen an. SaaS-Startups beschaffen sich genau die Summe an Kapital, die sie aktuell benötigen und können ihr Funding flexibel erweitern. Auch re:cap bietet eine solches alternatives Finanzierungsmodell an, das auf Fremdkapital beruht.

Business Angels

Gerade in der Frühphase eines SaaS-Startups sind Business Angels als Investor:innen relevant. Sie treten dabei nicht nur als Kapitalgeber:in auf, sondern stellen auch Netzwerk und Know-How in Aufbau und Skalierung eines Unternehmens zur Verfügung. Bei vielen Startup-Fundings spielen Business Angels zu Beginn eine wichtige Rolle.

Metriken, die beim SaaS-Funding relevant sind

Bevor Investor:innen eine Investitionsentscheidung treffen, schauen sie sich spezielle SaaS-KPIs an. Diese Metriken gibt es üblicherweise nur bei Unternehmen mit wiederkehrenden Umsätzen. Dazu gehören:

  • MRR oder ARR
  • Customer Acquisition Costs (CAC)
  • Churn Rates  
  • Profit Margins
  • Customer Lifetime Value (CLTV)
  • Rule of 40

SaaS-Funding spielt nach anderen Regeln

Wie für alle Startups ist auch für junge Unternehmen mit SaaS-Geschäftsmodell das Funding essenziell. Doch der SaaS-Markt ist hart umkämpft und wächst kontinuierlich. Von 2012 bis 2022 stieg der weltweite SaaS-Umsatz um mehr als 900%. Die Geschäftsmodelle vieler Startups sind mittlerweile auf SaaS ausgerichtet oder beinhalten entsprechende subscription-based Komponenten.

Die Finanzierung eines SaaS-Unternehmens funktioniert nach anderen Regeln. Investor:innen und Gründende ziehen Metriken und KPIs als Grundlage für ihre Entscheidungen heran, die bei herkömmlichen Geschäftsmodellen eine untergeordnete Rolle spielen. Durch die vergleichsweise gute Vorhersagbarkeit von Umsätzen, lassen sich Investitionsentscheidungen exakter auf die Bedürfnisse von Unternehmen abstimmen – das spiegelt sich auch im SaaS-Funding wider.

FAQs

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How do SaaS companies work?

SaaS stands for Software-as-a-Service and refers to a licensing and distribution model by which companies offer software solutions online as a service.

What growth stages do SaaS companies go through?

After the preparatory early-stage phase, the product goes live, becomes better known, and establishes itself in the market, before the customer base ideally expands significantly and finally either a company sale, a merger, or further growth takes place.

Why is revenue financing ideal for SaaS companies?

In the important second growth phase, when SaaS companies are already on the market and generating recurring revenue, revenue financing provides flexible SaaS funding based on the ARR without dilution or loss of control.

What is ARR?

ARR refers to annual recurring revenue. Specifically, in the subscription economy, ARR refers to the annual value of regular revenue generated through subscriptions.

What does ACV mean?

ACV stands for Annual Contract Value and in a SaaS business, it refers to the average annual value of a subscription - i.e., the holistic contract value excluding one-time fees divided by the contract term in years.

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What is a corporate loan?

As a counterpart to the personal loan, the corporate loan serves entrepreneurial purposes - as a short-term cash injection for liquidity needs or as an investment for long-term growth. Entrepreneurs use the borrowed capital, for example, for new personnel, a larger office, marketing, better hardware, or the company's establishment.

What kind of business loans are there?

A short-term business loan runs for a few months or years, while a long-term loan runs for several years. If a company needs capital quickly, an overdraft is an excellent short-term loan financing option - there are not many conditions to be met for this, as the principle is similar to an overdraft.

What are the providers of business loans?

There are many providers of business loans. Three overriding types come into focus:
- via the principal bank
- state-subsidized
- digital solutions
The first way is via the branch banks. The options are diverse, whether long-term or short-term credit, investment or working capital credit, just like the linked conditions. Subsidized corporate loans are also run through the house bank, but regional or nationwide development banks (such as KfW) are involved here.
Modern solutions come from FinTechs that specialize in smart financing. Whether credit or alternative, this is where startups and large companies meet technology-savvy innovators of the digital age.

What is the advantage of corporate loans?

A corporate loan is usually available quickly. In addition, because it is debt financing, founders do not have to give up control as well as company shares and do not have to share profits with lenders.

What is the disadvantage of business loans?

Business loans come with interest and are often tied to a specific purpose, so entrepreneurs are limited in how they can use the capital. It is also usually a restrictive concept with strict repayment terms, warrants, and very little flexibility - which is why many companies are looking for a suitable loan alternative.

How do credit and loans differ?

Some refer to short-term financial assistance and a smaller amount as a loan and to longer terms and higher capital as a loan. However, the terms are usually used interchangeably.

What are the interest rates on corporate loans?

They can be less than 1% or in the double digits. The credit rating determines this: the higher the risk class, the higher the interest rates. The amount of capital, term and any collateral also determine the interest rate. Therefore, it is always a good idea to compare different corporate loans.

Who grants corporate loans?

Companies can obtain the traditional loan from their principal bank - a government subsidy via federal or regional development banks is also possible. Modern variants come from FinTechs, which use technology-driven solutions for smart financing.

What are the alternatives to corporate loans?

Various financing solutions work with equity and debt. With equity financing such as venture capital, founders lose valuable company shares and often have to give a say. A particularly smart alternative to corporate loans and equity financing is non-dilutive, non-restrictive and very flexible turnover financing.

What is the best credit alternative?

There is no all-comprising answer to this question, as financing is always an individual solution. However, recurring revenue financing is increasingly establishing itself as a particularly attractive and popular alternative to loans and equity financing.

What makes re:cap stand out as an alternative to loans?

With re:cap, SaaS companies can obtain growth capital very easily and quickly - up to 50% of ARR. The innovative funding works with planned revenues and also flexibly aligns repayments accordingly. In addition to on-demand financing, re:cap offers valuable insights and benchmarks on request.

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What does debt financing mean?

In debt financing, companies receive a certain amount of money from an external investor. The company holds the debt capital for a limited period and must be repaid - usually with interest and within a fixed time duration.

What does debt capital include?

Debt capital includes typical liabilities of a company, such as loans, bonds, and provisions, as well as unique forms like deferred income.

What are examples of debt financing?

There are various types of debt financing, which can basically be divided into short-term and long-term debt. Unique and mixed forms are also possible - examples:
- Short-term: overdraft, trade credit, acceptance credit
- Long-term: promissory note loans, bonds, long-term bank loans
- Special form: leasing, factoring, asset-backed securities
- Mixed form: mezzanine as a mix of equity and debt financing

What is short-term debt capital?

Short-term debt capital is provided to companies for a short period of time - repayment usually takes place within a few months. Such capital is primarily used to meet short-term liquidity needs.

What is long-term debt?

Long-term debt capital is provided to companies for a longer period of time - repayment usually occurs within several years. The capital is used for investments.

What is the difference between equity and debt financing?

From the perspective of the capital providers, it is primarily a question of liability because, in the case of equity financing, capital providers are liable for entrepreneurial activities. In return, they usually receive a share and benefit directly from the profits. Because founders relinquish shares and entrepreneurial control, this is referred to as a dilutive type of financing. This is not the case with debt financing, which involves interest and is generally more restrictive.

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How can I finance my startup?

From bank loans to private savings to equity financing: There are many ways to finance a startup - through external providers and your own capital. As a novel and popular solution, so-called revenue financing is also becoming more and more established in Germany.

Which companies fund startups?

In addition to investment companies from the venture capital segment, there are innovative FinTech companies such as re:cap. They innovate to create modern funding solutions. re:cap enables companies in the subscription economy to trade future revenues for on-demand, non-dilutive capital. Fast, transparent and easy.

Who is startup funding with re:cap suitable for?

The funding solution from re:cap is specifically aimed at subscription companies that reach a growing customer base with their already launched product and generate predictable, recurring revenues. In addition, the legal entity must be at least partially located in the EU.

How quickly can I get startup funding?

As long as you are within your financing limit, you can access new funds as often as you like. The financing limit will be increased based on the growth of your business and the track record on the re:cap platform.
The funding will typically arrive in your bank accounts within two business days once it gets approved.

FAQs

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Was ist Betriebskapital?

Das Betriebskapital wird auch als Betriebskapital bezeichnet. Es ist die Differenz zwischen Umlaufvermögen und kurzfristigen Verbindlichkeiten und gibt als Bilanzkennzahl Auskunft über das Grundkapital und die Finanzkraft von Unternehmen.

Was sagt uns das Betriebskapital?

Die Zahl des Betriebskapitals gibt Aufschluss darüber, welche Mittel im regulären Geschäftsbetrieb gebunden sind — sie kann auch verwendet werden, um festzustellen, ob eine Betriebsmittelfinanzierung erforderlich ist.

Ist ein hohes Betriebskapital gut oder schlecht?

Ein positiver Wert zeigt, dass das Umlaufvermögen die kurzfristigen Verbindlichkeiten decken kann - dies ist wichtig im Hinblick auf die goldene Regel der Bilanz. Ein negativer Wert signalisiert ein Risiko, da die betroffenen Unternehmen als illiquide gelten. Dies kann zu finanziellen Engpässen führen.

Kann das Betriebskapital zu hoch sein?

Die Frage nach der Höhe des Betriebskapitals wird je nach Unternehmen oder Geschäftsmodell unterschiedlich beantwortet — vor allem branchenübergreifend. Ein zu hohes Betriebskapital deutet jedoch häufig darauf hin, dass das Betriebskapital weniger sinnvoll eingesetzt und zu viel Geld gebunden wird.

Was sind Beispiele für Betriebskapital?

In der Unternehmensführung handelt es sich beim Betriebskapital in der Regel um indirekte und langfristige Güter, die Unternehmen für ihre Produkte und Dienstleistungen benötigen. Es wird zwischen materiellen Ressourcen wie Lager- und Büroräumen und immateriellen Ressourcen wie Lizenzen unterschieden.

Wie funktioniert die Betriebsmittelfinanzierung?

Die Betriebsmittelfinanzierung ermöglicht es Unternehmen, ihr Betriebskapital zu erhöhen und einen positiven Wert zu generieren. Es bietet ihnen kurzfristige liquide Mittel, um Verbindlichkeiten zu bezahlen oder Investitionen zu tätigen.

Was sind die verschiedenen Betriebskapitaloptionen?

Die Betriebsmittelfinanzierung ist vielfältig. Je nach Branche und Geschäftsmodell kommen daher verschiedene Arten in Betracht, wie zum Beispiel Inanspruchnahme der Kreditlinie, Forderungskredit, Factoring und Inventarkredite. Immer beliebter werden alternative Lösungen wie die nicht verwässernde und nicht restriktive verkaufsorientierte Finanzierung.

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What is a convertible loan?

The definition of a convertible loan is simple: it is a normal loan in which the company does not repay the borrowed amount after the expiration of the term, but converts it into company shares. It is therefore technically a combination of both equity and debt.

How does a convertible loan work?

The following scenario is a typical example of a convertible loan: A company receives capital with a predefined interest rate. The parties agree on a term and also a discount on the company's shares, which acts as a risk compensation. At the end of the term, the investor receives the shares in the amount of the convertible loan plus interest - so-called qualified capital for the company.

How high are convertible loans?

Usually, convertible loans are around 100,000€ - but they can also be up to 400,000€ and more. To collect as much capital as possible, start-ups often arrange several convertible loans with different investors.

What should a convertible loan agreement regulate?

In principle, there is freedom of contract here - a convertible loan agreement is therefore not subject to any legal rules. The following components are the basis: the amount of the loan, the interest rate and discount, and the term. In addition, some parties agree on a cap (maximum valuation) or a floor (minimum valuation). Subordination is also included in many convertible loan agreements.

What is an alternative to the convertible loan?

Founders can obtain convertible loans quickly and easily and use them flexibly. These advantages also characterize re:cap's convertible financing. However, convertible financing involves giving away shares. This is not the case with re:cap's solution, which is non-dilutive funding for sustainable growth. Therefore, it is an ideal alternative to the convertible loan.

FAQs

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Is crowdfunding free of charge?

No. In case of success - i.e. if your project reaches its target budget - you pay platform and transaction fees between 4 and 12 percent to the crowdfunding platform. The exact amount depends on the platform. If your campaign fails, you pay nothing.

Why is crowdfunding so popular?

Crowdfunding brings many advantages. The fact that the legal form and creditworthiness of the project do not play a role in crowdfunding certainly plays a major role in its popularity. Thus, especially creative people and artists of all kinds, as well as non-profit initiatives, can collect money for their projects. The positive marketing effects, as well as customer proximity and loyalty, also ensure the good reputation of crowdfunding.

Who is crowdfunding suitable for?

Crowdfunding originates in the artistic sector for financing various creative projects in the fields of music, film, theater, and art. Today, however, it is also used by private individuals, non-profit organizations, and companies of all kinds - whether in the startup phase or as a boost in ongoing operations.

What are the different variants of crowdfunding?

There are four types of crowdfunding, which differ primarily in the consideration:
1) In equity based crowdfunding, investors receive returns on their investments.
2) In reward based crowdfunding, the initiators provide non-cash or intangible compensation for the investment.
3) In donation based crowdfunding, investors donate their contribution.
4) In lending based crowdfunding, the investors grant private loans with a fixed interest rate to the initiators.

How do I receive crowdfunding?

Whether you are a startup or a medium-sized company: crowdfunding can theoretically be 'applied for' by anyone. However, success depends on how many investors are convinced by the project. Anyone who wants to try their hand at crowdfunding must first create a campaign on one of the common crowdfunding platforms and advertise it on their own channels.

Does crowdfunding make sense?

Crowdfunding offers particularly many advantages for private, non-profit, and creative projects - or as a supplement to public funding. In addition, crowdfunding can be particularly worthwhile for early-stage startups that have largely completed their product development and now need fresh capital for growth. Young companies that want to test their business model or product can also benefit from the communication and participation of a crowdfunding campaign - providing an indicator for other forms of financing.

Is crowdfunding proprietary or debt financing?

Crowdfunding is financing based on debt capital. The capital provided comes from a large number of investors, mostly private individuals and companies - the so-called crowd or swarm. Hence the term 'crowd financing'.

What are the alternatives to crowdfunding?

Crowdfunding is considered an alternative financing option, which is opposed by several common alternatives (or supplements). Among them are public funding, corporate credits, venture capital, or even founder competitions. Newer forms of financing, such as re:cap's recurring revenue financing, offer another alternative to crowdfunding.

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What is factoring?

The definition of factoring is simple: to quickly receive the money from open invoices and generate liquidity, companies hire a factor who settles the outstanding payments as an advance and takes over the accounts receivable management. It is therefore a sale of receivables.

How does the selling receivables work?

The factor checks the verity of the invoice and the creditworthiness and default risk of the debtor. Then the factor pays the majority of the outstanding invoice amount to the contracting company, usually within 48 hours. After the factor has collected the receivable from the debtor, the company receives the remaining gross amount that the factor has retained as security.

What types of factoring are there?

Anyone interested in factoring should take a closer look at their options because there are differences. In recourse factoring, the factor bears the full risk of default. Less secure - from the point of view of the selling company - is non-recourse, in which there is no protection against bad debts. If companies do not want their customers to know about factoring, they can choose the silent option.

What are the risks involved in factoring?

Since there is a large number of factoring companies, companies can quickly end up with a provider whose credit rating itself is weak. However, the performance of a factor is not always directly apparent. In the worst case, the assigned factor goes insolvent and the company loses a lot of money. In addition, some customers see it as a sign of mistrust if it is not the company providing the service that demands payment but a third party unknown to them - this could be circumvented by silent factoring.

What are the costs of factoring?

There is no single answer to this question because the fees are very opaque - based on various key business figures. In addition, the total costs are not only made up of a clearly defined factoring fee but of several items. Interest often accrues as well.

What are the most popular alternatives to factoring?

TexSince factoring is revenue-based financing, other revenue financing options are also great alternatives to factoring. This is also true for re:cap's solution - it is tailor-made for companies with a subscription business model that generate predictable, recurring revenue.t

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What are venture capital alternatives?

Venture capital is not suitable at all times - and not for every type of company. Common alternatives are:
- Venture debt (hybrid debt financing),
- Founder competitions,
- Government subsidies
- or alternative forms of financing,such as crowdfunding.
Companies with subscription business models can also exchange their future revenues for immediately available capital - with re:cap financing.

When is venture capital worthwhile?

Generally for founders and entrepreneurs in the growth phase. But not every startup is attractive to investors. Venture capital funding is worthwhile when the business idea is innovative, the sales argument is clearly recognizable, and the founding team is convincing. In addition, the market must promise growth.

How do I get venture capital?

Private venture capitalists, also known as business angels, and so-called venture capital companies provide equity capital. But not just like that. If you want to go into fundraising, you have to be convincing. Prerequisites are a watertight pitch, a realistic understanding of the current company valuation, the amount of capital needed and the time frame in which the capital is needed.

How does venture capital work?

Venture capital is a form of private equity financing in which venture capital companies provide capital to promising unlisted companies in exchange for a stake in the company. Those who want to grow their company with venture capital must first contact investors and convince them of the company's merits.

How long does venture capital take?

Often several months pass between the start of fundraising and the receipt of venture capital. The pitch only follows after the founding team has identified potential investors. Afterward, the company is preliminarily reviewed by the potential investors. If this goes well, a term sheet is signed, followed by due diligence. The capital will flow only when the investment documentation has been completed.
If you can't or don't want to wait that long, you can look for alternative forms of financing like the one offered by re:cap. With re:cap you can bridge the time to the next round and thus, optimize the upcoming financing round. At the same time, this increases your options when looking for investors.

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What is alternative financing?

These are forms of financing that companies can use as an alternative to established models such as loans - they are often modern solutions that are quickly and easily available digitally.

What are the different types of alternative financing?

The market for alternative financing options is growing, so companies can already choose a model that suits them individually. The better-known ones include convertible loans, factoring, crowdfunding, and venture debt. Alternative debt instruments, including recurring revenue financing or revenue-based financing, which have been successfully established in the U.S., are still rather new in Germany but becoming increasingly well-known and popular.