Why this unicorn chose to take a credit facility

The venture capital fundraising environment has been a challenging one over the past year. In the U.S., venture capital deal value in the third quarter of 2022 was $43 billion, a nine-quarter low, according to PitchBook and the National Venture Capital Association.
Though we’ve talked a lot about the abundance of VC dry powder, firms are more selective now and even requesting new terms, like more equity, before committing to a new investment.
As startups sought out alternatives, many turned to non-dilutive debt and credit facilities. The PitchBook and NVCA report noted that venture debt figure

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