
Marshall Hawks
20+ year venture lending veteran and author of Venture Debt Deals, with experience lending to startups like Airbnb, Twitch, Cloudflare, and Okta and advising on venture debt mechanics.
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Mar 9, 2026 • 56min
Venture Debt Explained: How Startup Lending Actually Works | Marshall Hawks
Marshall Hawks, a 20+ year venture lending veteran and author of Venture Debt Deals, walks through how startup lending is sized and structured. He covers the Series A/B sweet spot, why lenders underwrite the likelihood of a next raise, differences between banks and private credit, the three real repayment sources, and practical tips to run a venture debt process without blowing legal budgets.


