The UK Venture Debt Market [Report]

The UK venture-debt market has evolved rapidly over the past three years. Rising base rates, new non-bank entrants, and more sophisticated borrowers have transformed venture debt from a niche bridge product into a mainstream growth-financing tool. It is now used strategically to extend runway, optimise valuation timing, and manage dilution.

Drawing on anonymised data from lenders—spanning banks, funds, and fintech platforms—this report analyses pricing, structures, and market dynamics as of Q4 2025.

It assesses both nominal and economic ‘present value’ (PV) cost of capital, repayment timing, and risk-adjusted structures across three borrower profiles:

1. Pre-Series A (no institutional equity)
2. Scaling (bootstrapped)
3. Concurrent equity + debt raises

This report provides founders, CFOs, and investors with a current, data-led overview of the UK venture-debt landscape. It reflects direct engagement with active lenders and a cross-section of institutional investors.

Key questions addressed:

• Are current yields aligned with risk?
• What is the real economic cost of venture debt once timing and structure are considered?
• How do tenor, covenants, and warrants vary across lender types?
• Which archetype best fits each stage of growth?

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