The venture debt landscape has changed dramatically over the past few years, and CFOs can’t afford to be left behind. Catherine Jhung, Senior Managing Director at Hercules Capital and a seasoned expert in venture lending, joins CJ to explore the landscape of venture debt in 2025. Together, they unpack important questions for CFOs approaching lenders, the delicate balance between rate and flexibility, and a surprisingly overlooked use case for venture debt. You’ll also hear when not to raise debt, how to determine the right amount for your capital stack, what really separates banks from private debt funds, and the complex dance between VCs and debt providers. Plus, Catherine sheds light on the concept of capital as a commodity and how her early career in sales shaped her approach to selling the one thing every company needs: capital.

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LINKS:

Catherine Jhung on LinkedIn: https://www.linkedin.com/in/catherine-jhung-she-her-434732/

Hercules Capital:

https://www.htgc.com/

Ventured Growth: https://www.htgc.com/category/podcast/

CJ on X (@cjgustafson222): https://x.com/cjgustafson222

Mostly metrics:

http://mostlymetrics.com

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TIMESTAMPS:

(00:00) Preview and Intro

(02:35) Sponsor – Rippling Spend | Pulley | Tropic

(07:29) The Questions CFOs Should Be Asking Lenders in 2025

(09:31) Three Plans CFOs Should Have When Approaching a Lender

(12:26) The Levers of Pricing and Flexibility

(14:45) Sponsor – NetSuite | Planful | Tabs

(18:50) How Hercules Differs From a Bank

(22:30) A Great Use Case for Venture Debt That Founders Rarely Think About

(23:47) Determining the Appropriate Amount of Debt for a Capital Stack

(27:38) When Not To Raise Venture Debt

(29:23) The Major Players in the Venture Debt Landscape Today

(31:37) Syndicated Deals Between Banks and Private Debt Funds

(35:15) VCs Versus Venture Debt Firms

(39:07) Building Relationships in the Venture Ecosystem

(39:06) Catherine’s History in Sales

(42:43) A Sales Skill That Made Catherine a Better Investor

(46:57) How To Differentiate Selling Capital as a Commodity

(49:22) What Catherine Learned About Finance and Leadership From Her Podcast

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The One Use Case for Venture Debt That Most Founders Never Think About

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