Cohorts Capital

The Problem

How to grow without dilution

European scale-ups face a structural trap: Sales & Marketing is the biggest growth lever, but that spend creates a cash deficit that only recovers months later. The default answer is equity, expensive and dilutive.Debt doesn't solve it. Fixed repayment schedules ignore how customer payback actually works.

how we work

Sales & Marketing is where we invest

We pre-fund up to 80% of your Sales & Marketing budget. In return, we receive a share of gross margin from the customers you acquire — capped at a fixed multiple.If a cohort underperforms, we absorb the loss. Once the cap is reached, all remaining value is yours. No fixed repayments. No covenants. No equity.

What make us different

Not equity. Not traditional debt. Aligned capital.

Traditional debt ignores how customer payback works. Equity is expensive and dilutive. We sit in between: our returns are tied directly to the performance of the cohorts we fund.

We're designed to complement your existing investors, extending your runway and protecting ownership rather than competing for it.
For VCs, that means their portfolio companies grow faster without additional dilution.

Who we work with

European Series A and early Series B

Series A and early Series B companies in Europe spending €200–500K/month on sales & marketing, with sub-12-month payback periods.

Fintech, SaaS, and subscription businesses with measurable cohort economics.

How We Underwrite

Backed by data

Every deployment is driven by a proprietary underwriting platform — cohort-level payback modeling, retention analysis, and scenario forecasting. Bespoke terms for each company. Assessment in 5–10 business days.

Let's talk

If you're a founder, CFO, or investor curious about cohort-based growth capital, reach out.

Cesare Ancherani · cohortscapital.com

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