In this episode, I sit down with Marshall Hawks, author of Venture Debt Deals: How to Fund Growth with Less Dilution and former senior leader at Silicon Valley Bank, for a wide-ranging conversation on how venture debt actually works in practice.
Drawing on more than 16 years inside the venture banking ecosystem, Marshall unpacks why venture debt is ultimately a relationship business—and why the choice of lending partner often matters more than headline pricing or structure. The discussion weaves through real-world case studies from Marshall’s career, including Twitch/Justin.tv, Airbnb, and Clearco, highlighting both successful outcomes and hard-earned lessons when incentives, timing, or expectations fall out of alignment.
The conversation also explores how lenders evaluate risk, the often-misunderstood role of warrants and so-called “non-dilutive” capital, and what founders and CFOs should realistically expect from the debt process—from preparation and documentation to credit committee dynamics. Marshall and Derek reflect on the culture and institutional knowledge that shaped venture lending during the SVB era, as well as how today’s more fragmented lending landscape has changed borrower decision-making.
This episode is particularly relevant for founders, CFOs, board members, and lenders seeking a candid, experience-driven view of venture debt—not as a theoretical product, but as a long-term relationship that can either support growth or amplify risk depending on how it is used.
