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Beauty & personal careNon-Recourse
Illustrative financing scenario · not a historical client result
DTC skincare brand
A profitable skincare brand was leaving growth on the table because every dollar of acquisition spend competed with working capital. Non-recourse cohort financing let them scale proven channels without raising equity.
2.4×
Increase in monthly acquisition spend
0%
Equity given up
19 mo
Projected collection window
The challenge
- Repeat-purchase economics were strong — GP/CAC near 3.0× — but cash was tied up in inventory and fulfillment.
- Venture equity was expensive and slow; factor-rate advances would have debited the account daily during a seasonal dip.
- The team needed capital that scaled with performance, not a fixed obligation.
Illustrative structure
- Connected read-only Shopify and ad-account data; verified contribution margin against bank settlement in days.
- Underwrote the acquisition cohort — CAC by channel, retention curves, and lower-band lifetime gross profit.
- Structured a non-recourse purchase of 55% of cohort gross profit, capped at 1.30× of capital deployed.
Modeled outcome
- Deployed into the two channels with the most durable unit economics, leaving saturated spend untouched.
- Collection paced to actual performance — no payment in the periods the cohort underperformed.
- Opened a follow-on cohort once the first reached ~50% of its cap, compounding into proven channels.
Composite, illustrative engagement. Brand name anonymized; figures are examples, not audited results or a commitment to fund.