# Venture debt providers at early stage (2026 list) > 13 venture debt providers at early stage, 69% active in the last 12 months. Led by Hercules Capital, Alteria Capital, InnoVen Capital. Source: https://millionrounds.com/lists/venture-debt-at-early-stage (Millionrounds; every figure on the page links to its filing or article) [Investor Lists](https://millionrounds.com/lists) # Venture debt providers at early stage Updated 7 November 2026 Venture debt providers we have watched take part in an early stage round in the last two years. [See all 13 *→*](https://millionrounds.com/login?join=1&next=%2Fapp%2Finvestor-lists%2Fventure-debt-at-early-stage)The top 13 **13** investors on the list *-1* this week **48** cheques in 12 months *-15%* against the market **$10M** median round they joined *+25%* against the market median **69%** wrote a cheque in 12 months **62%** have led a round ## The Top 13 Ordered by cheques observed, never by anything anyone paid for Deploying now (9) - 1 [Hercules Capital](https://millionrounds.com/fund/hercules-capital) *Deploying now* Venture debt · United States **92** **$91M** median round **Oct 2026** last seen - 2 [Alteria Capital](https://millionrounds.com/fund/alteria-capital) *Deploying now* Venture debt · India **81** **$11M** median round **Oct 2026** last seen - 3 [InnoVen Capital](https://millionrounds.com/fund/innoven-capital-india) *Deploying now* Venture debt · India **78** **$10M** median round **Oct 2026** last seen - 4 [Leonid Capital Partners](https://millionrounds.com/fund/leonid-capital-partners) *Deploying now* Private credit · United States **32** **$8.5M** median round **Oct 2026** last seen - 5 [BDC Capital](https://millionrounds.com/fund/bdc-capital) *Deploying now* Private credit · United States **31** **$4.2M** median round **Sept 2026** last seen - 6 [Growth Impact Fund](https://millionrounds.com/fund/growth-impact-fund) *Deploying now* Private credit · United Kingdom **5** **$497K** median round **Jul 2026** last seen - 7 [The O.H.I.O. Fund](https://millionrounds.com/fund/the-o-h-i-o-fund) *Deploying now* Private credit · United States **4** **$15M** median round **Nov 2026** last seen - 8 [Fearless Fund](https://millionrounds.com/fund/fearless-fund) quiet Venture debt · United States **3** **$3M** median round **Dec 2024** last seen - 9 [Six Point Ventures](https://millionrounds.com/fund/sixpoint-capital) *Deploying now* Private credit · United States **3** **$24M** median round **Jun 2026** last seen - 10 [Armada Credit Partners](https://millionrounds.com/fund/armada-credit-partners) quiet Private credit · Finland **2** **$64M** median round **Sept 2025** last seen - 11 [Clutch Capital](https://millionrounds.com/fund/clutch-capital) *Deploying now* Private credit **1** **$20M** median round **Aug 2026** last seen - 12 [Injaro Investments Limited](https://millionrounds.com/fund/injaro-investment-advisors) quiet Private credit · Ghana **1** **$8.1M** median round **May 2025** last seen - 13 [Prospeq](https://millionrounds.com/fund/prospeq) quiet Venture debt · United States **1** **$5.5M** median round **Jul 2025** last seen ## The Newest Cheques Rounds this list's investors joined most recently - **3** Nov **[T45 Labs](https://millionrounds.com/company/t45-labs)** Other *With* [The O.H.I.O. Fund](https://millionrounds.com/fund/the-o-h-i-o-fund) - **26** Oct **[Amaha](https://millionrounds.com/company/amaha)** Other · $11M *With* [Alteria Capital](https://millionrounds.com/fund/alteria-capital) - **21** Oct **[CureBay](https://millionrounds.com/company/curebay)** Series C · $11M *With* [Alteria Capital](https://millionrounds.com/fund/alteria-capital) - **14** Oct **[Suki](https://millionrounds.com/company/suki)** $90M *With* [Hercules Capital](https://millionrounds.com/fund/hercules-capital) - **13** Oct **[Mesa School of Business](https://millionrounds.com/company/mesa-school-of-business)** Series A · $12M *With* [Alteria Capital](https://millionrounds.com/fund/alteria-capital) - **6** Oct **[Rx Bandz](https://millionrounds.com/company/rx-bandz)** Other *Led by* [Leonid Capital Partners](https://millionrounds.com/fund/leonid-capital-partners) ## Stages This Year 46 rounds - Other **20%** - Debt **13%** - Seed **11%** - Growth **11%** - Series A **11%** - Other **35%** ## What They Backed Sectors, last 12 months - AI **14** - Healthcare **7** - Fintech **6** - Biotech **6** - Financial Services **4** - Enterprise Software **4** ## Cheques by Quarter Led Joined 11 Q1 25 16 Q2 25 18 Q3 25 10 Q4 25 16 Q1 26 10 Q2 26 11 Q3 26 9 Q4 26 The last bar is the quarter still running. ## Lists Like This - [VC firms at early stage 6,133](https://millionrounds.com/lists/vc-firms-at-early-stage) - [VC firms at seed 3,708](https://millionrounds.com/lists/vc-firms-at-seed) - [VC firms at Series A 3,249](https://millionrounds.com/lists/vc-firms-at-series-a) - [VC firms at pre-seed 1,689](https://millionrounds.com/lists/vc-firms-at-pre-seed) - [VC firms at Series B 1,595](https://millionrounds.com/lists/vc-firms-at-series-b) - [VC firms at growth 1,005](https://millionrounds.com/lists/vc-firms-at-growth) - [VC firms at Series C 958](https://millionrounds.com/lists/vc-firms-at-series-c) - [PE firms at growth 772](https://millionrounds.com/lists/pe-firms-at-growth) - [PE firms at Series B 700](https://millionrounds.com/lists/pe-firms-at-series-b) [All investor lists *→*](https://millionrounds.com/lists) ## Reading for founders at seed - The Elements of User Experience: User-Centered Design for the Web Jesse James Garrett · 2002 4.01 from 4,134 ratings on Goodreads Finding product-market fit Company building About the book Smart organizations recognize that Web design is more than just creating clean code and sharp graphics. A site that really works fulfills your strategic objectives while meeting the needs of your users. Even the best content and the most sophisticated technology won't help you… On AmazonListen on Audible - Get Backed: Craft Your Story, Build the Perfect Pitch Deck, and Launch the Venture of Your Dreams Evan Baehr · 2015 4.36 from 356 ratings on Goodreads Raising money Company building About the book HOW DO YOU LAUNCH THE VENTURE OF YOUR DREAMS? Get Backed isn’t just about startup fundraising. It’s a handbook for anyone who has an idea and needs to build relationships to get it off the ground. Over the last 3 years, entrepreneurs Evan Loomis and Evan Baehr have… On AmazonListen on Audible - Selling the Invisible: A Field Guide to Modern Marketing Harry Beckwith · 1997 3.94 from 10,059 ratings on Goodreads Marketing and growth First sales Company building About the book You can't touch, hear, or see your company's most important products... So how do you sell, develop, make them grow? That's the problem with services. This "phenomenal" book, as one reviewer called it, answers that question with insights on how markets work and how prospects… On AmazonListen on Audible - 80/20 Sales and Marketing: The Definitive Guide to Working Less and Making More Perry Marshall · 2013 4.19 from 1,904 ratings on Goodreads First sales Marketing and growth Company building About the book Stop "Just Getting By"... Master The 80/20 Principle And Make More Money Without More Work. When you know how to walk into any situation and see the 80/20's, you can solve almost ANY marketing problem. 80/20 can demolish any sales and advertising problem. "If you don't know… On AmazonListen on Audible More books for founders and investors on the [Reading List](https://millionrounds.com/reading-list?role=founder&stage=seed). As an Amazon Associate we earn from qualifying purchases. ## Quick answers about venture debt providers at early stage ### Who are the most active venture debt providers at early stage? By cheques observed, the most active are Hercules Capital, Alteria Capital, InnoVen Capital, Leonid Capital Partners and BDC Capital. ### How many venture debt providers at early stage are there? 13 are on record. 69% made an investment in the last 12 months and 62% have led a round. ### Which stages do venture debt providers at early stage back? Of the rounds with a named stage in the last 12 months, mostly Debt (19%) and Seed (16%). ### How big are the rounds venture debt providers at early stage join? The typical (median) round among the leading investors here is $10M. ### Which sectors do venture debt providers at early stage back most? In the last 12 months, mostly AI, Healthcare and Fintech. ### Which venture debt providers at early stage lead the most rounds? BDC Capital (7 led), Growth Impact Fund (5 led) and The O.H.I.O. Fund (3 led). ### Where are venture debt providers at early stage based? Among the most active, most are based in the United States (7), India (2) and the United Kingdom (1). ### What have venture debt providers at early stage invested in recently? Recent rounds include T45 Labs (Other, Nov 2026, with The O.H.I.O. Fund), Amaha (Other, Oct 2026, with Alteria Capital) and CureBay (Series C, Oct 2026, with Alteria Capital). Built from the rounds we watched, refreshed every night. [How we count](https://millionrounds.com/methodology) · [Report a correction](https://millionrounds.com/corrections)