Lighter Capital is a revenue-based lender, not an equity investor. It provides non-dilutive debt financing and takes no ownership. Its homepage states: "Startup capital doesn't have to cost you equity. Lighter Capital can provide up to $10M of growth capital to qualified tech startups, on founder-friendly terms" and "Get up to $10M in founder-friendly financing that fits your business. No equity, board seats, or personal guarantees." Its About page describes providing "non-dilutive financing to help grow their companies without giving up equity, board seats or personal guarantees" (the firm's claims, quoted from its site). Because it takes no equity and no board seats, the venture-partnership shape does not apply: it has no investment partners, no portfolio equity stakes and no exits. Its 2012 announcement says the company pioneered revenue-based financing. It lends in the United States, Canada and Australia, and its funding comes from credit facilities: in August 2023 it announced $130 million in capital commitments for a credit facility backed by Apollo Global Management, i80 Group, Invest Victoria and iPartners, financing deals from $50,000 to $4 million.