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Revenue-based financing or royalty-based financing (RBF) is a type of financial capital provided to small or growing businesses in which investors inject capital into a business in return for a percentage of ongoing gross revenues. Usually the returns to the investor continue until the initial capital amount, plus a multiple (also known as a cap) is repaid. Most RBF investors expect the loan to be repaid within 4 to 5 years of the initial investment. RBF is often described as sitting between a bank loan, typically requiring collateral or significant assets, and angel investment or venture capital, which involve selling an equity portion of the business in exchange for the investment. In an RBF investment, investors do not take an upfront ownership stake (equity) in the business, usually taking a small equity warrant instead. RBF investments usually do not require a seat on the company's board of directors, and no valuation exercise is necessary to make the investment. Nor does RBF require the backing of the loan by founder's personal assets.〔 == History == RBF has long been used in the energy industries as a type of debt financing. In the late 1980s, Arthur Fox pioneered this funding model for early-stage businesses in New England. Seeing some initial success, he began a small RBF fund in 1992, which was found to perform on-par with expectations for the alternative assets industry, yielding an IRR of over 50%. In 2011, Mr. Fox began licensing his proprietary RBF financing model to enable new RBF funds to form. His first licensee is Cypress Growth Capital, LLC in Dallas, Texas. Cypress is now the largest RBF fund in the United States with more than $50 million under management. The (Revenue Capital Association ) is the trade association representing the RBF industry. Some firms have a geographic-focused model in the Mountain States. Other firms take a more nationwide approach,. 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Revenue-based financing」の詳細全文を読む スポンサード リンク
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