VC Law: Episode 15: A Discussion of Venture Debt with Troy Zander of Barnes & Thornburg

Host Gary J. Ross talks with Troy Zander, partner at Barnes & Thornburg LLP, who started out practicing in the Ch. 11 bankruptcy space 30 years ago and then moved to the venture debt space, where he has been ever since. Troy represents lenders to tech and life science companies, sharing the distinctions between how venture debt deals are structured for each. Troy discusses the nuances of venture debt and its various forms, including dilutive vs. non-dilutive funding and asset-backed lending vs. cash flow lending. Silicon Valley Bank had been a major player in the venture debt space, so Troy and Gary finish the episode by briefly discussing the recent SVB collapse.