Venture Debt Deals

The first founder-friendly guide to venture debt fundraising and term sheets.

For most entrepreneurs, the first time they ever see a venture debt term sheet is when it lands in their inbox—usually at a high-stakes moment when time is short. What follows can feel opaque and one-sided, negotiated with lenders who understand the fine print far better than the founders signing it.

In Venture Debt Deals, innovation lending veteran Marshall Hawks pulls back the curtain on how venture debt really works. Drawing on two decades in venture banking, he explains the structure, strategy, and subtle incentives behind every major term—from warrants to covenants—and shows founders how to use debt thoughtfully as a growth tool rather than a last resort.

You'll learn:

• Who the key venture bank and private credit players are
• How lenders actually think about startups in the innovation economy
• What’s the typical process, timeline, and cost?
• What diligence to expect (and perform yourself)
• How to build a meaningful working relationship with your lender

The book also includes five in-depth case studies bring the lessons to life, showing how venture debt works in the real world—successes, failures, and everything in between. Whether you’re a founder, CEO, or CFO, Venture Debt Deals is your must-listen reference for using debt to fund growth with less dilution and fewer surprises.