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August 31, 2025

Issue 23: Equity or Debt?

Equity or Debt?

Every CEO and founder faces this question. But it’s rarely simple either-or.

What it’s really about

Every company needs funding. The harder task is choosing the right kind. It’s not “equity or debt” but:

  • What stage are we in?
  • How much dilution can I accept?
  • What is my use case?

Answering those questions helps make the choice between equity and debt clearer.

Why it matters

How you fund today shapes who controls your company tomorrow. Get it right, and you stay in the driver's seat while scaling. Get it wrong, and you could lose ownership and control (and therefore future money) or drown in repayments.In this deep dive, you’ll learn:

✅ Five scenarios where debt outperforms equity (and five where it doesn’t)

✅ Real case studies of different funding paths

✅ A simple framework to calculate the true cost of capital

✅ Hidden traps in both equity and debt deals

✅ Why the strongest companies use both, and when to switch.

What we've been up to

AI meets Finance

Where does AI add value in finance, and where doesn’t it? We answered such questions in our workshop with 9x. We’ll unpack how AI is changing the way finance teams work, today and in the years ahead. Watch the recording.

New Forecast coming soon

Forecasting looks different for every company. That’s why we built a new forecast that adapts to how you plan – whether it’s weekly, monthly, high-level, or deep dive. It’s launching soon. Here's a sneak peak.

A CCO reflection on profitability

Break-even is around the corner – and that’s when dilution hits the hardest. Here’s our CCO on why timing your funding matters more than the amount. Read his take.