8vdX, a tech-enabled venture debt marketplace for startups, has expanded its footprints across the United Kingdom, Singapore and Australia and aims to offer venture debt to up to 100 startups in these countries.
8vdX facilitates venture debt founders to minimize equity dilution across sectors and geographies. It said in a statement, it will be able to offer early-stage startups bridge financing to their Series A or Series B rounds by providing venture debt to meet their goals and extend their runway.
Additionally, startup founders can easily and conveniently obtain venture loans through an intuitive interface and choose to repay in their local currency, it added.
Earlier in March, Eight Capital Management chairman Ravi Chachra told VCCircle that he is set to launch a venture debt fund to raise $50 million through his newly set up firm 8vdX. The report further added 8vdX will provide venture debt once the startups graduate from Y Combinator, which is also a key shareholder of 8vdX, among other 30 angel investors.
“We aim to offer a cross-border venture debt solution to the start-ups in these countries so that founders can spend more time on their businesses and less time on chasing small ticket investors. We are working to solve a problem that startups and rapidly expanding businesses with a global presence are facing and we'll keep innovating to remove friction in the venture funding market,” said Chachra.
From January to March this year, 8vdX has already offered debt to 16 startups amounting to $2.8 million, of which two belong to India. Two-thirds of the current portfolio is non-US startups with companies from India, Australia, Canada, Europe, and Africa. These are in sectors such as fintech, B2B SaaS, consumer, healthtech.
