For the past year, we've been building our infrastructure: crafting our instrument, onboarding users, and deploying capital.
In the past few months, 1 thing became certain: we're here to stay.
With that, I'm thrilled to announce the launch of Bonside.
https://t.co/lW5lxPQBgb
“SMB financing is hard”
It sure is. You know whats less hard?
Law firm financing
Inventory financing
Equipment financing
Brick and mortar financing
Break it up, sub-divide.
Tailor the vehicle, reposition it.
Tackling 99% of businesses in one go is a near impossible feat.
SBA 7a tightening up. I get that it’s meant to screen out lower quality businesses. But it also means the burden only increases for the high quality businesses.
Better ways to solve the problem.
Probably why we’re seeing more folks.
Also, hi — back to Twitter!
We’re nearly fully deployed on our $5mm fund (raised 8 mos ago) and with co-investors for each deal, it totals ~$10mm of deployment
Today, we announce an initial closing of Flagship Fund — w/ $15mm committed & led by @kimcorealty
Lots to build… excited for what’s ahead 🧱
Last week we closed our largest deal yet – and we will top that pretty quickly, as soon as next week.
With the growth ahead, we're hiring for a VP, Asset Management. Think: strong investment opinions & comfort w/ capital markets
💼 JD avail on LI & interviews begin nxt wk!
Yesterday, our entire team was going hard on different ambitious projects.
In the *background*, we closed our largest deal yet in under 24 hours.
Our first deal was as a quarter of the size and took months of dedicated effort.
So much to do but I love that we’re here.
Just spoke to students @TheGarageNU — what an amazing group. Something about them (and being back on campus) made it so easy to talk freely about getting started / early failures / who I was
Love spending time w @NorthwesternU in this way
Hiring for a senior finance/investment role as we scale deployment of the RRA.
Investment leadership, executive presence and hunger to win required.
Message me if you know folks who fit the bill!
Was discussing with a biz owner the value of a diversified capital stack & we unpacked how tech cos have a variety of options – but it's limited for B&M.
Biz owners don't come to Bonside just bc they 'need' capital, it's often in the interest of building a diversified cap stack
Two types of pop-ups IMO: (1) buzzy – ie stunning design & (2) profit machine. A lot of folks learned from (2) and have taken those learnings into permanent retail.
Profit machines = lean buildouts, killer pre-marketing & efficient use of space.
You'll see signs of it now!
Applying and receiving financing from Bonside is now fully done on platform.
No emails, no attachments, no exports – just Bonside tooling.
I am so excited for what this means for future financings...
Equity often gets left off APR comp charts
“Right now the cost of capital from equity can be as high as 40%, while debt is closer to between 15% and 20% for late-stage cos.” @jyotibansalsf
Calculate equity’s cost & ensure you’re seeing an ROI on it, not always the right choice
Two phrases I think about weekly:
1. "Locus of control" – when thinking about the next day, the next week
2. "Forest through the trees" – when planting the right seeds to avoid pitfalls & ensure wins
Deal drop day, our biggest yet!
Which means... this is the most we've held back for Bonside Select (those who participate on an individual basis).
New deal. New max. New city. 🤠