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  • Why VCs Are Using Revenue-Based Financing Now

    Why VCs Are Using Revenue-Based Financing Now
    2026/06/05
    In this episode of The Venture Capital Podcast with Fexingo, Lucas and Luna unpack the rise of revenue-based financing (RBF) in venture capital. They focus on how RBF differs from traditional equity and why it's gaining traction in 2026, especially for capital-efficient startups. The hosts examine a real-world example: Bootstrapped e-bike maker Lectric, which grew while VC-backed competitors went bankrupt, showing the power of non-dilutive growth. Lucas and Luna also discuss a new RBF fund announced by a major VC firm and how founders can evaluate whether RBF is right for them. Tune in for a practical look at a financing model that's reshaping early-stage investing. #RevenueBasedFinancing #VentureCapital #StartupFunding #NonDilutiveCapital #Lectric #EBike #Bootstrapping #VC #TermSheet #Founder #GrowthCapital #Business #Technology #FexingoBusiness #BusinessPodcast #VCPodcast #StartupStrategy #CapitalEfficiency Keep every episode free: buymeacoffee.com/fexingo
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    9 分
  • The Unreadable Clause VCs Slip Into Term Sheets

    The Unreadable Clause VCs Slip Into Term Sheets
    2026/06/05
    Lucas and Luna dig into one of the most opaque provisions in venture capital term sheets: the information rights clause. They explain how what looks like a standard transparency measure can give VCs leverage to force a sale, block a pivot, or even peek at a competitor's board materials. Using real examples from recent financing rounds—including the fine print in Anthropic's pre-IPO documents and the Founders Fund's unusual demands in a late-stage deal—they show founders exactly which sub-clauses to flag. Lucas breaks down the three variations of information rights that matter: affirmative, negative, and the rare 'super-information' right that essentially gives a lead investor complete visibility into the company's decision-making. Luna pushes back on whether founders should ever accept the most aggressive version, and they walk through a concrete negotiation tactic to carve out competitive-sensitive data. The episode closes with a practical checklist for any founder reviewing a term sheet this quarter. #VentureCapital #TermSheets #InformationRights #Founders #StartupInvesting #VCNegotiation #Anthropic #FoundersFund #PreIPO #Governance #BoardRights #CompetitiveIntelligence #LiquidationPreference #Business #Technology #FexingoBusiness #BusinessPodcast #TheVentureCapitalPodcast Keep every episode free: buymeacoffee.com/fexingo
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    7 分
  • Why VCs Are Using Revenue-Based Financing Now

    Why VCs Are Using Revenue-Based Financing Now
    2026/06/04
    Lucas and Luna unpack the shift from traditional venture equity to revenue-based financing (RBF). With Palantir down nearly 10% in a week and Coinbase off 13%, the hosts explore why more startups are choosing royalty-like deals over dilution. Lucas breaks down the math: a typical RBF deal takes 2-8% of monthly revenue until 1.5x to 3x the principal is repaid. He cites Pipe and Lighter Capital as examples, noting that RBF now accounts for roughly 15% of early-stage deals in SaaS, up from 5% three years ago. Luna challenges whether RBF works for hardware or biotech, where revenue is slower. They discuss the tension: founders preserve ownership but lose flexibility. The episode closes with a look at how RBF is reshaping term sheets and why VCs are launching dedicated RBF funds. #RevenueBasedFinancing #VentureCapital #StartupFunding #SaaS #NonDilutiveCapital #Pipe #LighterCapital #FounderOwnership #TermSheets #BusinessFinance #TechStartups #PrivateMarkets #PLTR #COIN #VCStrategy #FexingoBusiness #BusinessPodcast #TheVentureCapitalPodcast Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • Why Benchmark Raised a Growth Fund After 30 Years

    Why Benchmark Raised a Growth Fund After 30 Years
    2026/06/04
    This week, Benchmark — one of the most storied venture firms in Silicon Valley — announced it raised its first-ever growth fund as part of a $2 billion capital raise. Lucas and Luna unpack why a firm that built its reputation on early-stage bets is now moving downstream. They look at the numbers: Benchmark's $2 billion haul, how it compares to peers like Sequoia and Accel, and what the shift says about the broader venture market in mid-2026. They also connect it to real-time data: ARKK is down 3.5% in five days, and growth-stage companies are staying private longer. Is this a sign that the IPO window is still tight, or just smart adaptation from a firm that knows how to evolve? Plus, a quick chat about how listener support keeps the show ad-free. #Benchmark #GrowthFund #VentureCapital #VC #StartupInvesting #TermSheets #LateStage #IPO #PrivateMarkets #Sequoia #Accel #SandHillRoad #FexingoBusiness #BusinessPodcast #VCPodcast #Startups #Funding #2026 Keep every episode free: buymeacoffee.com/fexingo
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    11 分
  • How Founders Can Stop VCs From Piling On With Co-Sale Agreements

    How Founders Can Stop VCs From Piling On With Co-Sale Agreements
    2026/06/03
    Lucas and Luna break down the co-sale agreement — a term sheet clause that lets existing investors tag along when a founder sells shares to a third party. They explain how this clause can trap founders who want partial liquidity, using the example of an edtech startup that hit a 4x return but still couldn't cash out any shares without investor approval. The hosts walk through the negotiation dynamic, showing how co-sale rights are becoming more common as VCs try to protect themselves in a market where secondary sales are surging — up 40% in 2025 according to Forge Global data. Lucas shares a concrete tactic: asking for a minimum threshold like $5 million before co-sale kicks in, or an exception for the first 20% of shares sold. The conversation also touches on how recent public market moves — like Alphabet down 7.9% and Amazon down 9.2% over the past five days — are pushing more late-stage startups to explore partial exits, which makes this clause especially timely for founders and operators. #CoSaleAgreement #TermSheet #VentureCapital #FounderLiquidity #SecondaryShares #StartupLaw #Edtech #ForgeGlobal #LiquidityEvent #ShareholdersAgreement #DragAlong #TagAlong #Business #Technology #FexingoBusiness #BusinessPodcast #StartupStrategy #VCNegotiation Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • The Valuation Gap Between Public and Private Markets

    The Valuation Gap Between Public and Private Markets
    2026/06/03
    On this episode of The Venture Capital Podcast, Lucas and Luna dive into the widening valuation disconnect between public and private markets. With recent IPOs trading below their last private rounds and late-stage startups raising at multiples that public comps don't support, the hosts examine what this means for term sheets, down rounds, and VC return math. They use real data: Palantir's 14.8 percent five-day surge versus Shopify's 9.8 percent jump, and Cyera's reported 80x ARR valuation — a multiple that would dwarf most public SaaS companies. Lucas explains the mechanics of 'cram-down' provisions and how VCs are structuring deals to protect against public-market repricing. Luna pushes back on whether the gap is a bubble or a rational bet on growth. The episode includes a natural listener-support mention for the ad-free show. #VentureCapital #PrivateMarkets #PublicMarkets #ValuationGap #TermSheets #DownRounds #CramDown #Cyera #Palantir #Shopify #SaaS #StartupInvesting #VC #Business #Technology #FexingoBusiness #BusinessPodcast #TheVentureCapitalPodcast Keep every episode free: buymeacoffee.com/fexingo
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    8 分
  • The Term Sheet Clause That Scares Founders Most

    The Term Sheet Clause That Scares Founders Most
    2026/06/02
    Lucas and Luna unpack the most misunderstood clause in venture term sheets: the participating preferred liquidation preference. Using the recent $42 million raise by a former Anduril engineer's composite parts startup as a case study, they explain how this clause can dramatically shift founder economics in a sale. They walk through a concrete example — a $100 million exit with a 2x participating preferred — to show how VCs can take 80% of proceeds, leaving common shareholders with pennies. Luna pushes back on whether founders should always fight this clause, and Lucas shares when it's actually reasonable to accept it. They also touch on broader trends: Microsoft's Scout launch, Palantir's 15% five-day gain, and the hidden signals ARK funds are sending about capital allocation. This episode flips the usual 'VCs are the enemy' narrative with nuance: sometimes the clause is a signal about risk, not greed. #TermSheets #VentureCapital #LiquidationPreference #ParticipatingPreferred #Anduril #Composites #StartupFunding #FounderAdvice #MicrosoftScout #Palantir #ARKK #RiskFinance #BusinessPodcast #FexingoBusiness #StartupLaw #CapTable #VCClauses #ExitStrategy Keep every episode free: buymeacoffee.com/fexingo
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    7 分
  • The Factory Floor Term Sheet That VCs Hate

    The Factory Floor Term Sheet That VCs Hate
    2026/06/02
    Lucas and Luna dive into the rising trend of venture capital deals in advanced manufacturing and industrial robotics. With RIVN up nearly 18% in the past week and defense tech darling Mach Industries hitting a $1.8 billion valuation, they examine why traditional VC term sheets clash with capital-intensive factory startups. Lucas breaks down the specific friction points — from inventory financing to longer payback periods — and why some VCs are writing smaller checks or using hybrid debt structures. The episode uses the recent IPO filing of a robotics-as-a-service company as a concrete case study. #VentureCapital #Manufacturing #IndustrialTech #Robotics #RIVN #MachIndustries #DefenseTech #StartupInvesting #TermSheets #InventoryFinancing #RoboticsAsAService #IPOFiling #FactoryFloor #HardTech #CapitalIntensive #BusinessAndTechnology #FexingoBusiness #BusinessPodcast Keep every episode free: buymeacoffee.com/fexingo
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    7 分