Venture debt is term debt provided by specialty lenders (SVB, Hercules, Trinity, Western Alliance) to venture-backed companies, typically sized at 25–35% of the most recent equity round, with warrants attached. Venture debt is usually raised alongside or soon after an equity round and includes warrants for the lender. Loans carry interest, fees and covenants, and failure to repay can let the lender take collateral. It is best used to extend runway to a milestone, not to replace equity.

Why it matters

Useful to extend runway between rounds without dilution. Risky if the company misses milestones - covenants and material adverse change clauses can accelerate repayment when cash is tight.

Common pitfalls

•Drawing the full facility just because it's available, then carrying expensive debt without a clear use.

Sources

SVB: venture debt · SVB
NVCA Model Documents · NVCA
Silicon Valley Bank - Healthcare Reports · SVB
European Investment Bank : Venture debt · European Investment Bank, Venture debt product page

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Common comparison patterns

Regulatory pathway choice - 510(k) vs PMA, 510(k) vs De Novo, Abbreviated vs Special 510(k).
Quality systems - QSR vs ISO 13485, QMSR vs QSR.
Software classification - SaMD vs SiMD, Locked vs adaptive AI.
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Cybersecurity artifacts - SPDX vs CycloneDX SBOM, CVE vs CVSS.
Post-market actions - Recall vs field action, Removal vs correction.

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