SAN FRANCISCO--(BUSINESS WIRE)--Arc, the full-service finance platform for software startups, today announced the launch of the Default Alive Coalition. Launched in partnership with Fondo, Workato, Forecastr, Spekit and several other software providers, the default alive coalition is a direct response to the warning bells sounded by venture capital firms across Silicon Valley. Together, they have agreed to offer discounted capital, software and subscriptions to help both bootstrapped founders, and the portfolio companies of VC firms that collectively represent over $250B in assets under management.
Arc is leading the charge by offering members of the coalition a 15% discount on its debt-and-dilution free financing. Other partners, such as Mailmodo, an email marketing provider; Powtoon, a video content creation platform; and Morphic, a no-code website design and development provider, have offered up to a 50% discount on their monthly subscription.
The thinking is simple: help startups weather a challenging macro environment with discounted rates on the key services they need to operationalize their success.
“We’re committed to the broader startup ecosystem and it’s been incredible to see so many technology startups banding together to help their peers weather the changing macro environment,” said Nick Lombardo, President and Co-Founder of Arc. “Burn is a metric that’s going to come under increased scrutiny, and the last thing a company wants to do is choose between levers that drive growth vs. keep the lights on. We started the coalition to empower founders to do both, and that is something we are truly proud to be a part of.”
“We know all too well the challenges startups face in an economic downturn. That’s why we’re excited to support the Default Alive Coalition,” said Sarah Smith, Partner at Bain Capital Ventures. “Helping startups grow sustainably is a top priority during periods of economic contraction. The offers from this movement couldn’t come at a better time for our portfolio companies.”
“When we heard about the default alive coalition and the impact it could have, we knew that we had to get involved,” said Weston Baker, CEO and Founder of Morphic. “Our mission is to make agency-quality websites, marketing materials, and brand guidance accessible to small businesses via automation and an easy-to-use platform. Since the website is the front door to most businesses, we wanted to give them the tools they needed to lead with their best foot forward.”
To access the discounts related to the default alive coalition, and for the full list of participating partners visit: arc.tech/default-alive/.
Arc is the full-service finance platform for software startups, providing founders with the customized financial products they deserve. Founded in 2021, Arc is on a mission to help startups grow by converting future revenue into upfront capital at the click of a button. The company is based in San Francisco and is funded by NFX, Bain Capital Ventures, Clocktower Technology Ventures, Torch Capital, and Y Combinator, among others. To learn more, visit www.arc.tech.
About Bain Capital Ventures
Bain Capital Ventures LLC is the venture capital division within Bain Capital, which has approximately $105 billion of assets under management worldwide. They partner with disruptive founders to accelerate their ideas to market. The firm has helped launch and commercialize more than 240 companies, including DocuSign, Jet.com, Kiva Systems, Lime, LinkedIn, Rapid7, Redis Labs, Rent the Runway, Rubrik, SendGrid, and SurveyMonkey. Bain Capital Ventures has $5.2 billion in assets under management with offices in San Francisco, Palo Alto, New York, and Boston. To learn more, visit www.baincapitalventures.com.
Morphic is a technology company that builds creative infrastructure for the internet. Founded in 2020, Morphic brings agency-quality website design and development faster and more affordably to small businesses across the globe. Headquartered in New York, NY, the firm's notable clients include: Finix, Spectrum Equity, Noyo, Resolve, Radian and more. To learn more, visit getmorphic.com.