Revenue-based financing options compared, with tips on where to put the cash, who to rely on, and which terms to watch
Ben Carpel · Galleon
Published September 1, 2022Ben Carpel knows the ins and out of SaaS financing. He’s invested over $3bn over 10 yrs at PE & HF shops, then bootstrapped his own SaaS to an exit in 2018.
In 20 minutes, you’ll learn:
- The “new” SaaS financing options and the pros/cons
- Where to put your $ / and who to rely on
- What to consider when it comes to terms & flexibility
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Ben Carpel discusses the financing dilemma SaaS founders face, how to use revenue-based capital responsibly, and ways to diversify wealth without giving up long-term control.
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“we've got speaker Ben carpel of Galleon whose revenue is north of one million dollars let's give it up for Ben [Applause] uh hey guys thanks so uh we are Galleon uh a couple of the teams are here partners simran and David in the audience as well galleon's uh SAS for e-commerce companies so we help um e-commerce has to get from point A to point B the parcels in the cardboard box so we help people basically save time”
“Dilemma you face right it's about losing control or losing power um the nervousness the intimidation the paperwork and even the risk of losing it all if you take that um and finally you know if you don't want any of those paths you can kind of slog along as you have been um so this is a little bit about this so this here is an um a little bit too hard to read but it's a closing basically a closing dock this was a deal that was uh very actually it was”
“use the money that comes in to grow it invest in marketing invest in engineering or diversify into other investment types finally though if you do take this Capital you know the product out there pipe is espresso SAS Capital others you do need to think about these things and and talk to either a CPA not just a bookkeeper but someone um or do your do your own calculations itself in terms of understanding the term the flexibility um the APR it's going to cost you”
“I think what the the founder path product that we have here which is a big advantage over pipe um you know pipes out there they're famous I think pipes Max term is 12 12 months right so something like this you may be able to get more like two two three years of financing um I've heard there could be terms up to four or five years so it gives you a lot of flexibility to bring forward the cash flows from the customers you've invested so hard and so much effort to win now they're paying you recurring contracts”
“isn't going to harm or hamper you for the long run if you've done if you've done the calculations and say I can pay back 10 a month over two years right yeah that's the um I don't know like debt world that's the the Draconian stereos like back what you have uh sorry back here like that world here and that world here you know if you”
“Why you had a Dilemma w/ These Available Options”
“The Past: Options You Had, and their Cons”
“Key Takeaways: Pros & Cons”
“Your Options Today: This Is A Real Example”
Video
Founder Net Worth Map - Slide Deck
Ben is a former institutional investment professional and a present-day ideating entrepreneur and collaborative leader. Currently, he oversees Galleon Logistics, a remarkable supply chain optimization software tailored for e-commerce and direct-to-consumer (DTC) brands. In the past, Ben founded and led the expansion of Lola Digital Media, a growing media company. Before that, along with his talented team, he grew and successfully sold a prominent business dashboard company, Cyfe, to Alpine Investors, which contributed to the formation of the marketing software suite, Traject.
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Each slide with a short explanation of what it shows. Open the slide text for its exact wording.
14 passages
Ben Carpel CEO of Galleon … all in under 7 days How To Use your SaaS Revenue to Diversify and Keep Control Founder500, Sept 2022
The talk moves from financing history and founder tradeoffs to new options, comparisons, and practical decisions. The final section covers where to put funds, how to track them, and who to consult.
Over the next 20 minutes: Why I Know This I’m going to show you THE HISTORY YOUR NEW OPTIONS TIPS WHAT TO DO What was Available to You Why you had a Dilemma w/ These Available Options Creative Thinking Got You Creative Solutions What Does This Mean For You? How To Pick? Comparisons Where to Put It How To Track It Who To Counsel
Galleon’s revenue rises from $360k in 2017 to $1.1m in 2019 and a projected $2.1m in 2023P. The bar chart presents steady growth across the three points.
Galleon ARR Growth
Carpel frames the financing dilemma through experience on both sides: investing in finance and operating a bootstrapped SaaS business. The slide contrasts equity dilution and lost control with debt payments and paperwork, while doing nothing can leave founders anxious about risk.
Let’s start with: The History $3bn+ invested as a Finance Guy: 10 yrs at PE & HF shops I’m going to show you WHY I KNOW THIS WHAT WAS AVAIL. YOUR DILEMMA VC or Growth Equity: dilution, lose control Lose Control, Lose Power, Lose Then: bootstrapped SaaS Guy (sold/exit to Alpine SG in 2018) What I witnessed as an investor; then as a SaaS owner Debt: mandatory payments, strict, paperwork Do nothing, and be the 🐢 Get intimidated, then nervous, risk losing it all Do nothing, and be the 🐢
The examples pair a detailed deal document, a scrappy workaround, and a press-worthy announcement with a cautionary “but.” Together they suggest that the available routes each carried complications or costs.
The Past: Options You Had, and their Cons ABOVE: An actual deal we loved & I invested in (when I was Finance Guy), but… BELOW: Scrappy and creative, but… ABOVE: Headline-grabbing press, but…
The diagrams show a financing process with approvals, inspections, document assembly, closing, and repayment milestones. The dated example spans about 60 days for SBA approval, illustrating why this older debt route can feel slow and complex.
Look How Chaotic This Was - and Is You can wait and stomach it, but it’s not fun. This is an “old fashioned” debt example:
A typical VC path moves from an initial meeting through analysis, due diligence, and a partner meeting before a term sheet or a pass. Follow-ups and requests for more information can send the process back for another round.
Equity Isn’t That Much Better …not easy!
The recap weighs size, power, speed, and growth against lost ownership and control, long processes, and new stress. It frames diversification as possible while acknowledging the costs that can come with it.
Key Takeaways: Pros & Cons Size, Power Velocity Growth You can diversify, but … Loss of ownership Loss of control Long processes New stresses
The slide argues for financing that avoids term sheets and legal back-and-forth while delivering money in days rather than months. It highlights implied APR, term flexibility, and ease of connection as comparison points.
Next Up: Your New Options SaaS world saw a problem from their own issues I’m going to show you CREATIVE THINKING WHAT IT MEANS WHAT TO CONSIDER Forget about term sheets, email chains, fees, and legalese Implied APR And non-SaaS Guys (D2C, Insurance) also saw the same. There had to be a better way! A 💡 moment for you Get your money in days, not months Keep.Your SaaS. Grow – or diversify into others Term & Flexibility Ease of Connecting
A funding dashboard turns selected customer plans into a proposed $330,000 payout, with $550,000 shown as available. The example connects recurring customer plans to cash today while letting the founder choose which customers to include.
Your Options Today: This Is A Real Example
The final section organizes practical decisions around where to put the funds, how to track them, and whom to consult. It returns to the financing choice and emphasizes flexibility, speed, and ease of connection.
Finally: How and What To Do Saas Guys saw a problem I’m going to show you WHERE TO PUT IT HOW TO TRACK IT WHO TO TALK TO Forget about term sheets, email chains, fees, and legalese Implied APR And non-SaaS Guys (D2C, Insurance) also saw the same. There had to be a better way! A 💡 moment for you Get your money in days, not months Keep.Your SaaS. Grow – or diversify into others Term & Flexibility Ease of Connecting
The slide offers three destinations for funds: liquid investments, real estate, or continued growth in the SaaS business. It recommends double-checking the choice with a CPA, CFO, and the relevant platform representatives.
Idea #1: Your “illiquid” SaaS to liquid investments Idea #2: Your primary residence, or other real estate Idea #3: Keep it in your SaaS and Grow! 📈 Who: CPA, CFO, and the platforms’ reps to double-check It Arrived! Where To Put Your $ / And Who To Rely On
The closing recap revisits the history of available options, the founder’s dilemma, and newer solutions, then returns to comparisons and practical next steps. It connects the talk’s financing choices with where to place funds, how to track them, and whom to consult.
Over the last 20 minutes: Why I Know This I showed you THE HISTORY YOUR NEW OPTIONS TIPS WHAT TO DO What was Available to You Why you had a Dilemma w/ These Available Options Creative Thinking Got You Creative Solutions What Does This Mean For You? How To Pick? Comparisons Where to Put It How To Track It Who To Counsel
The final card thanks the audience and identifies Ben Carpel as Galleon’s CEO. It closes the presentation with Galleon and Founderpath branding.
September 2022 Ben Carpel CEO of Galleon
