Borrow up to 80% of ad spend, repaid from each month's new users

Jacob EitingActually, Bending Spoons is maybe a great example of this, but that's later stage. It's financial engineering, but plus operational engineering, it's halfway between a private equity fund roll up and an operating company. But yeah, maybe that exists at the earlier stage. I don't know.

David BarnardThere is an interesting financing product that I became aware of just in the last year when Ladder used it is General Catalyst Growth Fund. That's a really fascinating model. You've looked into that, right, Jacob? So it's essentially debt, but it's like user acquisition financing where they fund up to 80% of your acquisition. And then structurally, the way it works is they do it based on cohorts. So if in January you spend $10 million, they'll finance eight million of that and then they track that January cohort and they get repaid. In their case, I think it's only a 10% annualized interest, they get paid back out of that cohort's earnings. If that cohort takes three years to fully pay it back with the 10% interest, it takes three years to pay it back. The nice thing about that is one, it's not dilutive funding. And two, it's not a recourse loan where they're going to come take your anniversary or your - It's not actually

Jacob EitingDebt in that case.