Venture capital fund OneVentures is set to raise up to $200 million for a new venture credit fund, amid an influx of interest from start-ups and investors in accessing debt as a way to extend their capital runways and avoid equity raises at lower valuations.
“There are companies who have all had valuation writedowns in the public markets, which has put pressure on private market capital, so companies are trying to extend that runway to a point where they’re back at, or above, where they took money previously.“That probably means at least a two-year runway, based on the previous multiples and where the current multiples have moved to.”
It has 17 companies in its first venture credit portfolio, including Shippit, Edrolo, Eucalyptus and ASX-listed New Zealand personal lender Harmoney. As well as charging interest, OneVentures has the option to take a small equity stake in these firms.Mr Gainsley said there was still an education gap in the local market about the role of venture credit, but it was gradually gaining traction.
“We look at the value of a business in the same way as an equity fund ... we understand the journey of a tech business, the challenges they have, how they’re funded and how it all works.”
Source: Loan Digest (loandigest.net)
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