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Portco highlight: Pipe
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| In portfolio since |
Q1 2021 |
| invested amount | $20,568,731 |
| Note eligibility | 25% of corporate Carry |
Founded in 2019 by Harry Hurst, Josh Mangel, and Zain Allarakhia, Pipe has reimagined how businesses access capital. The company created a platform that allows businesses to convert predictable recurring revenues into immediate funding, solving a critical challenge for growing companies.
Pipe's core innovation is its non-dilutive financing model. Instead of taking on debt or giving up equity, businesses can access capital by selling future revenue streams to institutional investors.
In June 2024, Pipe secured a $100 million credit facility from Victory Park Capital, with potential to expand up to $200 million. The company's embedded Capital-as-a-Service solution has already attracted leading platforms like Priority, Infinicept, and Boulevard, representing nearly one million merchants with over $140 billion in gross payment volume.
In February 2025, Pipe continued its expansion by launching in Canada through a partnership with Housecall Pro. This move addresses a critical market need - 87% of Canadian SMBs are confident in their performance, yet two-thirds struggle with cash flow and accessing capital.
To date, Pipe has attracted over 12,000 merchants to its platform and has raised $370+ million from investors, with a notable $250 million Series A round in 2021.
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