Castle Roads vs. General Catalyst
You deserve options
Castle Roads and General Catalyst's Customer Value Fund both finance customer acquisition with repayment tied to cohort performance. Here's where they differ.
Castle Roads
Independent
General Catalyst
Customer Value Fund
What both provide
| Castle Roads | General Catalyst Customer Value Fund |
|---|---|
| Non-dilutive growth capital | Non-dilutive growth capital |
| Funds sales & marketing / customer-acquisition spend | Funds sales & marketing / customer-acquisition spend |
| Cohort-linked repayment to a capped return | Cohort-linked repayment to a capped return |
| Unsecured at the corporate level | Unsecured at the corporate level |
| Cross-sector: consumer, fintech, healthcare, software | Cross-sector: consumer, fintech, healthcare, software |
| Long-tail LTV reverts to you once the cap is hit | Long-tail LTV reverts to you once the cap is hit |
Where Castle Roads is different
| Castle Roads | General Catalyst Customer Value Fund |
|---|---|
| Independence. Fully independent — no captive portfolio, no conflicts. | Independence. Captive vehicle of General Catalyst. |
| Stage & size. Series B through pre-IPO, from ~$10M. | Stage & size. Series D through IPO; large minimums after moving upmarket. |
| Cost of capital. 12–18% all-in cost. | Cost of capital. Mid-to-high teens.† |
| Prepayment & exit. Prepayment available — refinance when you choose. | Prepayment & exit. Locked in until GC recoups. |
| Senior debt. Available alongside your facility. | Senior debt. Customer acquisition financing only. |
| Growth support. Backed by Exactius, a 140+ person dedicated growth platform. | Growth support. None. |
† General Catalyst cost based on publicly observable Lemonade pricing.
Frequently asked
Castle Roads vs. the Customer Value Fund: common questions
What's the difference between Castle Roads and General Catalyst's Customer Value Fund?
Both finance customer acquisition with repayment tied to cohort performance, up to a capped return. They differ on independence (Castle Roads is fully independent; the CVF is a captive vehicle of General Catalyst), stage, cost of capital, prepayment, access to senior debt, and growth support.
Which stages does each provider finance?
Castle Roads finances companies from Series B through pre-IPO, with facilities from around $10M. General Catalyst concentrates on Series D through IPO, with large minimums after moving upmarket.
How does the cost of capital compare?
Castle Roads prices at 12–18% all-in. General Catalyst's Customer Value Fund prices in the mid-to-high teens, based on publicly observable terms. Specific deals vary.
Can I prepay or refinance the facility?
With Castle Roads, yes: prepayment is available, so you can refinance when you choose. A CVF facility is locked in until General Catalyst recoups its return, which can take 18+ months.
Does either provider offer senior debt?
Castle Roads offers senior debt alongside a customer acquisition facility. The Customer Value Fund provides customer acquisition financing only.
I already have a CVF facility. Can Castle Roads help?
Yes. If you're already using or weighing a CVF facility, Castle Roads will give you a second opinion on the terms and show you what a cheaper, more flexible facility looks like.
Already weighing — or using — a CVF facility?
We'll give you a second opinion on the terms, and show you what a cheaper, more flexible facility looks like.
Comparison prepared by Castle Roads, June 2026. General Catalyst figures reflect publicly observable terms of the Customer Value Fund; specific deals vary. For orientation, not advice.