We Know SaaS

SaaS Capital® was founded in 2007 to help SaaS companies fund their growth without selling more and more equity. Back then, SaaS was still pretty young and considered "lightweight" and "maybe okay for marketing." How things have changed. SaaS Capital has evolved along with the industry and has now funded more than 100 companies across four funds and authored more than two dozen research papers on SaaS.

Rob Belcher, Managing Director

Specialty debt lender and startup executive; venture capital, investment banking and economic consulting.

  • Lighter Capital (2010-2014) - Senior executive at venture-backed SaaS lending company. Pioneered non-dilutive royalty-based debt instrument. Completed 60 financings.
  • Voyager Capital (2010) - MBA Intern for this West Coast venture capital firm. Assisted with 2 investments and 1 exit.
  • Wood Mackenzie (2003-2008) - Commodities analyst for Edinburgh, Scotland-based energy research and consulting company.

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Randall Lucas, Managing Director

Alternative financing; fintech startups; venture capital.

  • Voyager Capital (2016-2020) - Partner at B2B software venture capital firm. Led Western Canada practice. Investments with exits totaling over $1 B.
  • Simple Verity (2013-15) - Founded and sold risk-scoring fintech startup.
  • Lighter Capital (2010-12) - First head of finance and credit for innovative revenue-based lender.

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Steve Jaffee, Managing Director

Serial entrepreneur with 20 years of debt and equity experience who has successfully managed, grown and exited early-stage companies. Involved with SaaS Capital since 2006.

  • Dreadnought Capital (2015-Current) - Founder of this SaaS Capital feeder fund providing smaller credit facilities to earlier-stage SaaS companies.
  • Reservoir Venture Partners (2005-2014) - General Partner focused on SaaS investments. Led the investment in SaaS Capital Inc, and served as Chairman.

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Stephanie Fortener, Managing Director

Alternative financing; 15 years of diversified investment and M&A experience; Advisor to two Midwest-focused micro venture funds.

  • Dreadnought Capital (2017-present) - Partner with Steve Jaffee at SaaS Capital's feeder fund, providing smaller credit facilities to earlier stage B2B SaaS companies.
  • Crane Investment Company (2007-2021) - Vice President of Columbus-based family office; focused on private investments including direct and fund investments in private equity, real estate, private credit, and venture capital.

Rob Spangler, Managing Director

Specialty debt lender and startup founder/operator; family office, investment banking.

  • Bigfoot Capital (2020-2023) - Non-bank lender with a focus on B2B SaaS. Responsible for sourcing, closing and monitoring investment opportunities.
  • Epacria Capital Partners (2019-2020) - Single-family office with a broad aperture. Responsible for evaluating direct investment opportunities.
  • Flyline Ventures (2016-2019) - Personal consulting and company-building entity. Founded and raised an angel round for one company and consulted for two during successful fundraising processes.
  • Aratana Therapeutics (2013-2016) - Venture-backed specialty pharmaceutical company. Wore a lot of hats - M&A, BD, board communication.
  • Stephens Inc. (2011-2013) - M&A and capital markets advisory. Classic investment banking analyst program.

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Brent Haswell, Head of Technology

Senior level technology executive with broad experience in infrastructure, technology assessment, and product development.

Tobie Cook, Chief Financial Officer

Financial professional with 16 years in the finance vertical with experience managing multiple VC/PE funds.

Nick Perry Original Copy Digital Marketing

Nick Perry, Head of Marketing

Marketing and digital strategy professional with a demonstrated history of effectively executing in both B2B and B2C environments.

Marty Friedman

Marty Friedman, Credit Committee

Partner & Managing Director at DH Capital with more than 25 years of investment and commercial banking experience.

Jeff Galowich, CEO of Blue Horizon,

Jeff Galowich, Credit Committee

Entrepreneur and CEO of Blue Horizon Software Holdings, with the last 25 years spent in software businesses.

What we strive for:

  • Be Transparent - If we are a good fit, we'll provide tailored funding that makes sense for your business. If we aren't a good fit for you, we'll be upfront and recommend a better option for you. 
  • Be Responsive - If you are west of the Mississippi River, meet Rob Belcher and Randall Lucas. If you are east of the Mississippi, in Canada, or in the UK, get to know Steve Jaffee and Stephanie Fortener. All four understand the nuances of SaaS business models and can get to ‘yes’ or ‘no’ quickly. 
  • Be Accountable - Funding the growth of your company isn't something you take lightly, and neither do we. As one of our portfolio companies said "They treat lending as an investment. Most debt lenders treat lending as a transaction."