Capital · Counsel · Consumer Brands

You built this brand yourself.
Now scale it with a partner who has built before — and doesn't want to take your business.

Knollgate is a VC-caliber partner built to prevent further dilution for founder-led consumer brands — pairing growth capital with the strategic horsepower, operating playbook, and network of a top-tier venture firm.

Every other financing path adds dilution. This is the only one that undoes it.

Mandate
$5M–$100M Revenue
Partnership
You Lead The Way
Capital
Founder-Aligned
The Capital Gap
210days
between funding a breakout order
and getting paid for it
$0 · BREAKEVEN trough DAY 0 PO accepted DAY 210 payment
Capital Out
6–9 mos
Capital In
Net 60–90
The Challenge

Growth eats cash.
Every time.

Every new retailer, every new channel, every meaningful purchase order requires capital months before revenue arrives. The faster you grow, the wider the gap between what you spend and what you collect.

~210days
Cash Cycle
6–9mos
Capital Out
Net 90at best
Retailer Terms

A breakout PO routinely demands more capital than the business has on hand — and asks you to fund it six to nine months before a dollar of revenue arrives.

Raw materials, finished inventory, freight, slotting fees, and shelf time all come due before retailers pay on net 60 or 90 terms. The order is bigger than your balance sheet — which means the opportunity is no longer a question of demand. It's a question of capital you don't yet have.

The 210-Day Truth

Your money goes out fast.
It comes back slow.

Here's what really happens between accepting a big order and getting paid for it.

Day 0 Out
Factory deposit
Production won't start without it.
Day 60 Out
Raw materials
The run starts; the cash goes.
Day 120 Out
Freight & shelf
Slotting, logistics, retail in.
~Day 210 In
Retailer pays
One check, seven months later.
The Status Quo

Every other option has a gotcha.
None of them put it in the term sheet.

Every funding path on the table today asks growing brands to give up something permanent — equity, governance, margin, or control — in exchange for capital they need today. None of them ever give it back. Knollgate does.

Bank ABLs

Backward-Looking

Asset-based lenders underwrite your past, not your future. They can't fund the purchase order that will define your next year.

what banks fund the opportunity
A closer look

Term Loans

Rigid

Fixed amortization and cash interest payments drain cash exactly when you need it most — covenants prevent you from truly leaning into a great opportunity.

$0
Yr 1–2 · cash eroding Yr 3+ · underwater
A closer look

FinTech Lenders

Expensive

Fast capital with effective APRs that quietly crush margin. Daily auto-debits make your lender first in line at the register.

$0
cash in daily debits drain it
A closer look

Venture Capital

Dilutive

Permanent equity dilution and board governance for a temporary working-capital need. Your timeline becomes their fund cycle.

100 FOUNDER 70 SEED 45 SERIES A 28 SERIES B
A closer look
i.
Backward-Looking Underwriting

Banks underwrite trailing financials and historical receivables. They can't fund forward purchase orders or growth you haven't realized yet.

"You need capital for where you're going. Banks only see where you've been."
ii.
The Funding Chasm

Your biggest opportunities create the widest gaps. A game-changing PO from a major retailer demands capital your bank won't underwrite — because you haven't booked it yet.

"Your biggest break is exactly when your bank is least helpful."
iii.
Built for Stability, Not Growth

ABLs are designed to serve steady-state businesses, not brands accelerating into new channels. The structure rewards staying the same size — not doubling.

"A tool designed for maintenance can't power a breakout."
i.
Restrictive Covenants

The moment you accelerate spend to meet a major retail opportunity, you risk tripping covenants that trigger defaults — designed for steady-state, not scale.

"The covenants that protect the lender are the same ones that prevent you from growing."
ii.
Fixed Amortization, Variable Needs

A fixed repayment schedule doesn't care that Q4 is your biggest buying season. You're sending cash out the door at the moment you need it most.

"The payment schedule is built for the lender's cash flow, not yours."
iii.
Prepayment Penalties

If your business outperforms and you want to refinance at better rates, you'll pay for the privilege. You're locked into a structure that doesn't flex with success.

"Succeed faster than expected and you get penalized for it."
i.
Speed Costs Money

Capital in 48 hours, at effective APRs that quietly crush your margins. Factor rates look manageable until you annualize them.

"Fast capital is expensive capital. You pay for convenience every single day."
ii.
Daily Cash Drain

Auto-debits pull directly from cash flow — daily or weekly. During a growth push when every dollar matters, your lender is first in line at the register.

"It's not a loan. It's a daily tax on your revenue."
iii.
The Treadmill Effect

Short repayment windows mean you're refinancing constantly. Each time you solve today's gap, you create tomorrow's.

"You'll outgrow it before you've paid it off — then you'll borrow again."
i.
Too Many Cooks

A typical venture round brings in two to five investors, each with board seats, voting rights, and conflicting priorities. No single voice has a majority.

"When everyone has an equal say, sometimes no one has a say."
ii.
Grow at All Costs

You want to scale prudently. They need you to spend aggressively to hit venture-scale returns. Your sustainable 30% growth isn't interesting — they need 300%.

"Your timeline is your life. Their timeline is a fund cycle."
iii.
They're Fine If You Fail

The venture model is built on a portfolio — one winner out of ten. They can afford to lose. You can't. This is your company, your employees, your name.

"This isn't their life. It's yours."
FlexScale
The Mechanism

Day one, the catalyst note gives you the flexibility of an equity raise.
Over time, balance sheet growth lowers your cost of capital and undoes dilution.

Every other financing path adds dilution. This is the only one that undoes it.

Day One · catalyst note deployed
100%Catalyst 0%ABL
over time
Midpoint · conversion underway
50%Catalyst 50%ABL
over time
End State · pure baseline ABL
0%Catalyst 100%ABL
$50M FACILITY — UNCHANGED $50M $25M $0 Catalyst Note UNDONE OVER TIME Baseline ABL EXPANDS WITH BALANCE SHEET 100% Catalyst 50 / 50 100% ABL DAY ONE balance sheet growth END STATE
Every other financing path adds dilution. This is the only one that undoes it.
Dilution-undoing · By design

The only capital structure designed to undo dilution, not add to it.

The best founders deserve a true partner — someone who has scaled businesses, opened doors, and seen around the corners. Knollgate brings that caliber of counsel alongside the only capital structure built to undo dilution rather than compound it. No permanent equity. No board takeover. No regret.

Every other financing path adds dilution. This is the only one that undoes it.

Knollgate
Mandate

Built for founders who want to undo their dilution
— and stay founders.

We partner with established consumer brands that have proven product-market fit and are entering a defining growth phase. Our mandate is deliberately narrow — fewer relationships, deeper engagement, and the only capital structure built to undo dilution rather than compound it.

Bootstrapped & Founder-Led

You have proven the brand. You are winning retail. What you want is a non-dilutive, VC-caliber partner who has done this before — and a capital structure that undoes dilution rather than piling it on. We work through the balance sheet, not the cap table.

Revenue Range
$5M – $100M

From emerging brands hitting their first national chain to scaled operators expanding category by category — we capitalize the inflection.

i.

Inventory

Shelf-stable, non-seasonal, with strong value-to-weight economics.

ii.

Positioning

Masstige price points with recession-resilient consumer demand.

iii.

Product

Evergreen SKUs with low obsolescence and trend-cycle risk.

iv.

Customers

High-frequency repeat purchase and demonstrably low churn.

Leadership

A partner who has sat in your chair.

Knollgate is a relationship business. You work directly with the principal — not an associate, not a committee. The same person who underwrites your facility is the one who picks up the phone.

Founder
Greg Greifeld, Founder & Managing Partner of Knollgate
Knollgate
Greg Greifeld
Founder & Managing Partner

Greg started Knollgate after watching one too many good brands hand over equity just to bridge a timing gap.

He'd spent about seventeen years in finance by then. Most recently he was Chief Investment Officer at Runway Growth Capital, where he helped grow the portfolio past $2 billion across more than 70 investments. Earlier on he worked at J.P. Morgan and the credit firm HPS Investment Partners, and picked up Rising Star nods from Venture Capital Journal and Private Debt Investor along the way.

Again and again he met founder-led consumer brands with real demand that were selling equity just to cover inventory and float their receivables. FlexScale is his answer to that. The idea is simple: a financing product should mature alongside your business and give you credit for the growth you're funding. The line scales as the business does and pays down as inventory sells through — capital that works on the same clock the company does.

Greg brings the rare mix of operator and investor. As an operator he was a key member of the executive team that took Runway public, stepped in as acting CEO of the public company, and helped guide the company through its sale to BC Partners. As an investor he has sat on the boards of several portfolio companies, advising CEOs and their teams through the calls that actually move a business. Founders get both vantage points in one partner.

17+
Years in Finance
$2B+
Capital Deployed
70+
Investments Structured