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
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
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.
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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.