Novel Capital

Co-founders Keith Harrington and Carlos Antequera jointly oversee the firm's origination and underwriting process. Both previously built and sold Netchemia, a SaaS education-technology company, giving them operator credibility when evaluating founder-led software businesses. The firm does not publicly name additional investment committee members.

Novel's revenue-based financing advances capital that is repaid as a fixed percentage of monthly revenue rather than on a principal-plus-interest amortization schedule. Unlike venture debt from banks such as Silicon Valley Bank, Novel does not require a preceding equity round, personal guarantees, or warrants. Repayment floats with top-line performance, which means the firm does not put a portfolio company into default during a revenue valley as long as cash flow continues.

Novel targets B2B software companies with annual recurring revenue between roughly $100,000 and $5 million. Qualification depends on revenue quality — factors include customer concentration, gross churn rates, and contracted versus month-to-month revenue composition. The firm advances between $50,000 and $500,000, sized as a multiple of recurring revenue, and does not take board seats or equity warrants as a condition of financing.

No. Novel's core product is entirely non-dilutive. The firm receives repayment from a percentage of monthly revenue until a pre-agreed total repayment cap is reached, typically a multiple of the advanced principal. This structure means founders retain full ownership, and Novel's returns are not contingent on a future valuation event or exit.

Novel sources deal flow through direct outreach to SaaS founders, partnerships with regional accelerators and accounting firms, and referrals from existing portfolio companies. Its Overland Park base gives it particular visibility into Midwestern and Southeastern US software ecosystems where bootstrapped companies frequently operate below the radar of coastal venture networks.

Novel raises capital from institutional limited partners, including family offices and fund-of-funds allocators, into a structured credit vehicle rather than a traditional equity venture fund. The firm publicly disclosed raising additional LP commitments in 2022 to expand its lending capacity.

Publicly available information indicates Novel's primary footprint is domestic, with portfolio concentration among US-headquartered B2B SaaS companies. The firm has not disclosed a formal international mandate, though remote-first SaaS companies it finances may operate globally.