L.O.T.W. #140 - TG-17 (Bond) Recently Filed S-1 Sheds Light on Existing Venture Term Loan
Term loan facility from private credit fund, Eastward Capital Partners, provided $10.0 million of growth capital to augment a $41.7 million Series A equity round which closed eight months prior.
In June ‘19, TG-17, now operating as Bond, a preventative personal security platform entered into a venture term loan with Eastward Capital Partners. The multi-draw structure provided an 18-month draw window followed by 30-month amortization. Update: In August ‘25, TG-17 and Eastward entered into a waiver and TWENTY-SEVENTH amendment to original credit agreement and Eastward converted ~$6.8 million of the original outstanding amount into Series E convertible preferred stock.
👓At a Glance
Origination Date: June 15, 2019
Borrower: TG-17 Inc., d/b/a Bond
Lender: Eastward Fund Management
Deal Size: $10.0 million
Structure: Multi-draw (min. $1.0 million per advance) w/ 18 month int. only followed by 30 month amort.
Rate: Variable, greater of Prime + 6.50% or 12.0%
Term: ~48 months
Use of Proceeds: General corporate purposes
Source: S-1 Filing
📷Borrower Snapshot
Sector: Communication Services
Ownership: Private when deal originated
Commercial Stage: Revenue generating; EBITDA (-)
Business Overview: TG-17 is a New York-based technology company (founded in 2017) that delivers an AI-enabled, cloud-based personal security platform through its “Bond” mobile app and command-center infrastructure. The company offers a suite of 14 distinct monitoring, emergency response, drone-based and executive-protection services across 28 countries for individuals, corporate clients and government agencies.
⚙️Structure & Terms
Source: S-1 Filing
Commitment: $10.0 million
Maturity: Staggard maturity tied to each advance; 18 month I/O followed by 30 month amortization on each drawn advance
Collateral: First priority all asset lien
Rate: Variable, greater of Prime + 6.50%, or 12.0%
Fees / Warrants:
1% commitment fee
Prepayment premium (3% prior to 25th month, 2% thereafter)
Warrants - ~5.2% warrant coverage
Financial Covenant:
None reported