Market data on the venture debt, growth credit and other growth lending deals financing the world’s most innovative companies in September 2026.
Published
Based on deals tracked, discovered or announced during September; financing may have completed earlier.
Growth credit accounted for most of the activity.
Growth credit represented 30 of the 53 announcements tracked by Undiluted, accounting for $1.66bn — roughly 74% of the month’s disclosed financing value.
Two large deals accounted for around 38% of disclosed value.
Bird’s $450m financing and Intellia Therapeutics’ facility of up to $400m together account for roughly 38% of the report’s $2.25bn total. A small number of large facilities therefore had a substantial influence on the headline figure.
Europe led by deal count; North America led by disclosed value.
European borrowers accounted for 26 tracked announcements, compared with 19 in North America. North America recorded the larger disclosed financing total: approximately $1.24bn, compared with Europe’s $950m.
September’s deal announcements, grouped by financing type. Select a category to explore the deals.
Aggregate values in US dollars, converted at approximate rates.
Deals by borrower location, sector and lender type, within Undiluted’s tracked activity. Not a measure of global market share.
Ten most represented sectors.
Regions are mutually exclusive. Geography follows the borrower.
One lender mix per deal. Syndicated deals are counted once.
Four deals we think are worth reading more about.
J.P. Morgan led a seven-bank package of a $400m term loan and a $50m revolver, structured as a dividend recap. Proceeds go to shareholders, including staff with equity, rather than into growth.
J.P. MorganCapital OneCiti
Read the story →The Nasdaq-listed CRISPR company drew $75m at closing under a five-year senior secured loan, with further tranches tied to FDA approval and launch revenue for its hereditary angioedema therapy.
OrbiMed
Read the story →One of Europe’s largest micromobility operators is redeeming its Nordic high-yield bonds with a bank revolver, a sign of scale-ups graduating to cheaper, more flexible senior debt.
Danske BankSwedbankDNB Bank
Read the story →The Virginia maritime intelligence company paired the facility with $100m of Series B equity led by Insight Partners, taking the full package to $140m as it expands SmartMast deployments.
Stifel
Read the story →The Stack is our fortnightly briefing on venture debt and growth credit. Subscribers also get each new Deal Tracker when it publishes.
Every eligible record in the September deal tracker. Click to open a row for more detail.
53 deals
| Lender(s) | Country | Category | Details | |||
|---|---|---|---|---|---|---|
| Commerzbank, KfWBank, Public / development lender | Germany | Growth credit | €15.0M | |||
| SG Credit Partners, Wingspire CapitalPrivate credit fund | United States | Growth credit | $25.0M | |||
| Hercules CapitalVenture / growth lending fund | United States | Growth credit | Up to $185.0M | |||
| Hercules CapitalVenture / growth lending fund | United States | Growth credit | Undisclosed | |||
| Danske Bank, Swedbank, DNB BankBank | Sweden | Growth credit | €150.0M | |||
| SwedbankBank | Sweden | Growth credit | Up to SEK 80.0M | |||
| Stifel Venture BankingBank | United States | Venture debt | $40.0M | |||
| BNP ParibasBank | France | Growth credit | €12.5M | |||
| SEB Baltic Venture DebtBank | Lithuania | Venture debt | €1.0M | |||
| BlackRock Growth LendingVenture / growth lending fund | United Kingdom | Venture debt | Up to $25.0M | |||
| European Investment BankPublic / development lender | Colombia | Growth credit | €15.0M | |||
| J.P. Morgan Innovation Economy, Capital One, Citi Digital Venture BankingBank | Netherlands | Growth credit | $450.0M |
How deals are dated, counted and valued.
Deals are assigned to the month they were first tracked, discovered or announced. A financing signed in June and first tracked in September counts in September. A deal announced in June and recirculated in September does not count again.
Venture debt: Debt for venture-backed companies, usually provided alongside or between equity rounds by specialist lenders or banks, often with warrants. Includes term loans and growth-stage venture loans.
Growth credit: Credit for scaling companies that is sized against revenue, receivables or other assets rather than the last equity round. Includes revolving, asset-backed and receivables facilities.
Other growth financing: Debt-like growth funding outside the two core categories, such as corporate bank loans, revenue-based financing and convertible loans. Only separately disclosed debt portions count.
Aggregate values are shown in US dollars, converted at approximate rates at the time of announcement. Deal details keep the original currency amount.
Geography follows the borrower’s location.
Each deal is counted once, by the type of lender behind it: funds, banks or public lenders. Deals with more than one type of lender are shown as mixed.
Undiluted maps and tracks the global venture debt and growth lending market. Deals are identified through Undiluted’s own monitoring, regulatory and financial filings, announcements and press releases, and lenders, borrowers and others notifying Undiluted directly.
Regular deal coverage between reports, plus each Deal Tracker when it’s published.