With unprecedented rate hikes and economic uncertainty, capital markets everywhere have deteriorated quickly. Of note, in the venture realm, equity markets have suffered far more dislocation than debt.
That said, venture lenders have reduced leverage attach points, increased cash runway hurdles, and are less comfortable with re-financings that yield little to no incremental cash to the balance sheet.
Check out our piece outlining minimum requirements for raising debt in the current market:
Qualifying for Venture Debt in Today's Turbulent Market