Happy Sunday, friends! Here’s hoping you are all warm and safe! Today you’ll be unsurprised to learn that new RBF firms are popping up in Europe! In our last edition I shared an article about Karmen, a firm that popped up in Paris and that is focused on providing revenue-based funding in Europe. Today you can read about Silvr, which emerged as a new player with basically the same focus in basically the same market (see below for more). 

We really are at a point where every week or so there is an announcement of some new funding event, some firm hit unicorn status, etc. Is there room for all of these players? Of course the market is huge and runs the gamut of businesses from tech to Main Street, ecommerce to consulting, etc. But what will determine who wins and loses in this market, who sustains their momentum and pace, and who fails? 

I have a theory on this: consistent execution and risk-managed underwriting wins in this market. Both have to be present. Without the right underwriting, execution just fills up a portfolio with deals destined to flounder, or worse, fail completely. And that will kill a young firm without enough capital to absorb losses. And without the right pace of execution, a solid underwriting model is pretty much useless because it won’t be utilized…deals won’t get done. 

The question is who has those ingredients, and who has them dialed in? 

So I ask you all: who do you think has the right ingredients in this rapidly-evolving market? I have a few ideas (Novel Capital for example…not that I’m biased). Who should I bring in for a Speaker Series interview that you think is an emerging leader in this market?