Western Technology Investment

Best for: Venture-backed technology and life science companies, from seed through pre-IPO, that want to extend runway with debt instead of a new priced round and value loan documents with no financial covenants.

Not for: Bootstrapped or non-venture-backed businesses, companies that need a quick online decision, or founders who will not give up warrants.

Lender List verdict: Western Technology Investment is one of the oldest U.S. venture lenders, and its loan agreement drops material adverse change defaults and financial covenants. The cost is a negotiated rate (about 12.8% APR in our example) plus warrants, which covered about 17.5% of the facility in one public deal.

Western Technology Investment at a glance

Western Technology Investment (WTI) is a Portola Valley, California venture lender that has committed more than $7 billion to about 1,500 companies since 1980.

What is Western Technology Investment?

Western Technology Investment is a Silicon Valley venture debt firm, founded in 1980, that lends to startups from seed stage through an IPO and says it has committed over $7 billion across roughly 1,500 portfolio companies.

WTI lends from closed-end funds (Venture Lending & Leasing, now WTI Fund XI) backed by endowments, non-profits, universities and family offices. P10, a listed private-markets manager, agreed in August 2022 to buy WTI's management company; the existing team kept running investments. Early borrowers include Google (2001), Facebook (2004) and Palantir (2009), along with Toast, Gusto and Equinix.

How WTI venture debt works

WTI venture debt is a secured term loan, usually drawn in tranches, that starts with an interest-only period and then amortizes in equal monthly payments over the rest of a term of up to 60 months.

• Structure: in the 2022 Eguana deal, each $5 million draw paid interest only for six months, then repaid in 30 level monthly installments.
• Security: a first lien on company assets; WTI's fund filings show some growth loans exclude IP from the lien but bar pledging it elsewhere.
• Equity kicker: warrants on most loans, plus at times a right to invest in later rounds.

Who qualifies for Western Technology Investment

WTI lends mainly to venture-backed public and private technology and life science companies; its fund guidelines call for at least $1 million of capital raised, six months of cash and a plan reaching $25 million in sales within five years.

Those guidelines date from a 2017 fund filing; WTI publishes no credit-score or revenue minimum.

Western Technology Investment rates, fees and warrants: what it really costs

Western Technology Investment negotiates each rate; loans in its current fund, WTI Fund XI, carried interest of 10.5% to 15.0% at June 30, 2026, and the 2022 Eguana loan paid a fixed 12%.

• Interest: set per company; Angel Investors Network puts the 2026 market at SOFR plus 6% to 9%.
• End-of-term payment: due at maturity on top of interest, per Fund XI filings; the market range is 0.5% to 2%, per Angel Investors Network.
• Prepayment: allowed in the Eguana deal, with a sliding discount on interest not yet earned.
• Warrants: Eguana issued 4,934,309 warrants covering about $1.75 million of stock at the $0.355 strike (17.5% coverage), exchangeable for $1.5 million later.

Worked example: a $5 million draw at 12% with six months interest-only costs $50,000 a month, then 30 payments of $193,741. Interest totals about $1.11 million, so you repay about $6.11 million, which is 12.0% APR. Add a 2% end-of-term payment ($100,000) and the APR rises to about 12.8%. Warrants come on top and dilute ownership instead of costing cash.

Western Technology Investment requirements

Western Technology Investment has no published credit or revenue minimum; it underwrites the company, its investors and its cash runway.

Pros and cons

Western Technology Investment's biggest strengths are its covenant-light loan agreement and 40-plus years of lending; its biggest drawback is the warrant cost.

Pros

• No material adverse change clause and no financial covenants in its standard agreement
• No requirement to move your banking to a particular bank
• Lends from seed stage to pre-IPO, so a facility can grow with you
• Partner-made decisions from a firm active since 1980
• Fixed 12% rate in the public Eguana deal

Cons

• No published pricing, amounts or warrant terms
• Warrant coverage of about 17.5% on the Eguana facility, at the high end of the 0.5% to 2% per $1 million Angel Investors Network reports
• First lien on company assets
• Mainly for venture-backed companies
• Equal monthly amortization after the interest-only period drains cash fast

Western Technology Investment alternatives on Lender List

The closest Western Technology Investment alternative on Lender List is Lighter Capital, which lends to smaller SaaS companies without taking equity.

• Lighter Capital — up to $4 million per plan for SaaS firms with $200K in ARR, repaid within a 1.3x to 1.5x cap
• Recurring revenue lending — loans sized to ARR rather than VC backing
• Browse all venture debt lenders on Lender List

Frequently asked questions about Western Technology Investment

What Is WTI Venture Debt? WTI venture debt is a secured term loan from Western Technology Investment to venture-backed companies, paired with warrants. A typical structure runs interest-only for about six months, then amortizes monthly over a term of up to 60 months, and the loan agreement carries no financial covenants or material adverse change default.

Is Western Technology Investment Legit? Yes. Western Technology Investment has lent since 1980, says it has committed more than $7 billion to about 1,500 companies, and its Venture Lending & Leasing funds file reports with the SEC. Its Fund XI made $61.85 million of new loans in the first half of 2026. We found no BBB or Trustpilot profile; WTI lends to companies.

What Fund Does Western Technology Investment Lend From? WTI lends from its Venture Lending & Leasing funds, closed-end vehicles managed from Portola Valley. Fund X, a 2021 vintage, raised $500 million according to PitchBook. WTI now invests from WTI Fund XI, which held $93.2 million of loans to 48 companies at June 30, 2026, backed by endowments and family offices.

How Much Has Western Technology Investment Committed? More than $7 billion, according to WTI, spread across about 1,500 portfolio companies over 40-plus years. WTI does not publish current assets under management; P10 expected WTI to add $1.4 billion of fee-paying assets when it agreed to buy the firm in 2022, and PitchBook lists Fund X at $500 million.

Does WTI Have Financial Covenants? No. WTI's Transparency Pledge, taken from its loan agreement, rules out financial covenants, material adverse change defaults, required investor support and forced banking relationships. Insolvency is not a default as long as you still pay debts on time, and a material adverse change cannot be used to call the loan early.

Which Companies Has Western Technology Investment Funded? About 1,500 companies since 1980, according to WTI. Its best-known borrowers include Google (2001), Facebook (2004), Palantir (2009), Chargepoint (2010), Toast (2015), Gusto and Equinix. Most are venture-backed technology firms, and the list spans companies that went public, stayed private or were acquired.

How Do I Apply to Western Technology Investment? Email a business plan to info@westerntech.com describing your company and its progress, or call (650) 234-4300. There is no online application or published timeline; one of WTI's investment partners reviews the plan and decides whether to offer a term sheet.

Last verified 2026-10-27. Pricing and terms are provider-stated or third-party-reported and vary by offer; confirm with the lender before applying.