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This is the clearest side-by-side we found of the actual menu a bootstrapped founder faces: revenue-based financing, venture debt, term loans, grants, R&D credits, factoring, and more, with a table on cost, speed, and dilution for each. It maps the options to revenue stage, so you can see which ones you can even qualify for before you start calling anyone. Note the publisher is itself a financing provider, so read the framing as a knowledgeable insider's map, not a neutral referee.
Non-Dilutive Funding for SaaS Founders: 8 Types Compared
From Founderpath by Founderpath 20 min read
- Venture debt usually needs prior institutional equity, so if you have never raised, revenue-based financing or a term loan is more realistic.
- Much of what markets itself as non-dilutive still carries warrants or covenants, so the real question is not just equity but how much control the lender can take if a target slips.
- Which option fits depends on your revenue level, not your ambition, so match the instrument to where your ARR actually is today.
