The 2025 funding landscape showed a crisis: only 14% of entrepreneurs received their requested VC, while traditional capital pathways are failing small businesses. VC has become concentrated, with 40% of dollars going to just 10 companies and companies staying private 8+ years longer than in 2014. Revenue-based financing offers a solution—delivering 100% returns within 5 years versus 10+ for traditional VC, with no equity dilution.

After chaperoning my daughter’s class at MOSS, I realized investing—like wilderness trips—requires patience. In today’s uncertain market, investors and founders face a wait-and-see environment. Sage supports early-stage companies with non-dilutive capital, helping them grow while retaining equity. Challenging periods, handled with patience and creativity, can lead to strong outcomes.

Sage Growth Capital closed out 2025 with strong momentum, fully deploying our $9.7M Fund II and launching Fund III. We achieved 48% DPI in just four years with four successful exits, each returning invested capital plus returns to our LPs. Our commitment to supporting founders showed through 57% follow-on investments. We're particularly proud that 62% of our investments went to underrepresented founders, bucking industry trends. Unlike other revenue financiers, we invested ac