We see value where other VCs stopped looking.
Founded by Jason Mackey and Yuri Cataldo, RavenRock was built to serve a market that no one else was serving, and to name a category that no one else had named.
Between venture capital and private equity sits an enormous, underserved gap. Thousands of venture-backed software companies with proven products, paying customers, and real revenue find themselves stranded after their last institutional round. They're growing, just not fast enough for venture's return requirements. They're generating revenue, just not enough for PE to engage. They fall through every crack in the institutional capital market.
RavenRock deploys structured bridge capital and a hands-on operational playbook into these companies, working alongside founders to reduce burn, deploy AI tooling, and build a path to profitability. We don't come in to take over. We come in to unlock what's already there. The product works. The customers are paying. Our job is to remove everything standing between a great software business and the outcome it deserves.
A structured bridge, not a blank check.
Structured capital
Capital is deployed through a structured convertible note with performance-linked terms, protecting the downside while giving the company every opportunity to succeed on its own terms.
Operational conviction
We get inside the business: deploy modern AI tooling, cut burn, reduce complexity, and refocus the team on what's working. The product exists and customers are paying. Our job is to remove what stands between the company and profitability.
Performance-linked governance
Governance ratchets tie control to results. Hit the milestones and the note converts at a fair valuation, and everyone wins. Miss them and increasing rights ensure the company still reaches a sound outcome.
A defined outcome
Success is defined before a dollar is deployed: a path to profitability, a strategic sale, a PE acquisition, or durable cash generation. We don't hold forever and we don't hope for the best.
Operators, not spectators.
Jason Mackey, Managing Partner
A serial entrepreneur and investor with more than 15 years at the intersection of technology, business strategy, and national security. He has founded and exited ventures in regulated industries, led complex operational restructurings, and built companies from early revenue through exit.
Yuri Cataldo, Partner
An MIT MBA with deep experience in construction, manufacturing, and industrial AI. He co-founded Autodesk's Innovation Program, evaluating 800+ startups, and brings sharp pattern recognition across B2B businesses to assessing and restructuring stranded SaaS companies.
A concentrated portfolio, by design.
Fund I · fundraisingWe back a small number of companies we can work alongside, not a spray of checks. Named investments are shared with limited partners through the investor portal.
What we look for
Post-revenue
A live product and customers already paying.
$1M to $10M ARR
Real revenue, but below PE's radar.
B2B software
SaaS and software-led businesses.
Stranded between rounds
Growing, just not at venture's pace.
A path to profitability
Margins that work once burn is fixed.
Founders who want a partner
Open to hands-on operating help.
For founders out of runway, and the investors holding stranded positions. Start here.
The market is repricing software in real time. We're watching.
The scrolling ticker tracks the top 20 publicly traded B2B SaaS companies, the bellwethers for the entire software market. What you are seeing live is what investors are now calling the SaaSpocalypse: a sustained, broad-based repricing of public software, with multiples compressed and growth-at-all-costs out of favor.
This is not noise. It is signal.
When the public market repunishes growth without profitability, the venture market that funded those companies has nowhere to mark them. Hundreds of venture-backed software businesses, real products with paying customers, get stranded. Too slow for venture's return math. Too small for private equity to engage.
That is the exact gap RavenRock was built for. The ticker is the live tape of the problem. We call it Venture Equity.
Tell us about your company and situation. We read every message and respond quickly.
The gap nobody else will touch.
Post-revenue software companies with proven products and paying customers get stranded after their last institutional round, too slow for venture's return math, too small for private equity to engage. RavenRock is built for that middle.
| Venture Capital | Venture Equity | Private Equity | |
|---|---|---|---|
| Stage | Pre-revenue to growth | Post-revenue, stranded | Mature, profitable |
| Thesis | Outsized winners | Unlock trapped value | Cash flow & control |
| Capital | Priced equity | Structured note | Buyout / majority |
| Role | Board seat | Hands-on operating | Control & overhaul |
| Outcome | Next round / IPO | Profitability or sale | Exit on hold period |
We call it Venture Equity.
Notes on the gap, and the companies in it.
We write about Venture Equity, operating post-revenue software businesses back to profitability, and the structural blind spot between venture capital and private equity.
Substack
Read RavenRock on Substack
X
@ravenrockvc
Straight answers for founders.
A new investment category we created for post-revenue software companies caught between their last venture round and profitability. It combines a familiar fund structure with a PE-style operational playbook. We're not early-stage venture and we're not traditional private equity. We're the firm built for the gap between them.
Venture-backed software companies with proven revenue, strong gross margins, and a broken path to their next raise. The product works, the customers pay, and the team is still standing, but the capital structure no longer serves them. That's our target.
They're not growing fast enough to meet venture's return requirements. That doesn't mean the business is broken. It means the venture model wasn't built to serve companies at this stage. Most VCs need breakout winners. We invest in proven businesses.
We deploy capital via a convertible note with performance-linked governance terms. If profitability milestones are met, the note converts at a fair valuation. If milestones are missed, governance ratchets give RavenRock increasing control. Either outcome generates value.
We move fast. Headcount is right-sized, AI tooling is deployed, and infrastructure costs are cut dramatically. Within months the company is operating leaner, serving its best customers better, and generating profit on the same or slightly reduced revenue. The details are in our deck.
A path forward that doesn't require raising a round they can't raise. Most founders of stranded companies are trapped by their own cap table. The preference stack means they see little at a modest exit. We restructure the economics, execute a clear operational plan, and create a realistic exit that actually puts money in their pocket.
Every stranded portco drags down IRR, consumes a board seat, and complicates the next fundraise narrative. We offer a clean solution: new capital in, board seat off their hands, and a realistic path to recovering value from a position they were likely writing down anyway.
Acquirers want profitable businesses they can bolt on immediately. PE rollups want scale and cash flow. We take companies that are neither: pre-profitability, mid-restructuring, with complex governance, and do the hard operational work. They're buying finished products. We're finishing them.
NOTICE: The information on this website is provided for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Any securities offered by RavenRock will be offered only to accredited investors pursuant to Rule 506(c) of Regulation D and only through definitive offering documents. Past performance is not indicative of future results. Investment involves substantial risk, including loss of principal. RavenRock is a private investment firm and is not affiliated with any U.S. government entity. ©2026 RavenRock Ventures
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RavenRock Operations, LLC
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Effective June 1, 2026
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RavenRock Operations, LLC
jason@ravenrock.vc
We back post-revenue B2B SaaS companies too slow for venture capital and too small for private equity. We capitalize them, run them to profitability, and prove the doubters wrong. We call it Venture Equity.
NOTICE: The information on this website is provided for general informational purposes only and does not constitute an offer to sell or a solicitation of an offer to purchase any securities. Any securities offered by RavenRock will be offered only to accredited investors pursuant to Rule 506(c) of Regulation D and only through definitive offering documents. Past performance is not indicative of future results. Investment involves substantial risk, including loss of principal. RavenRock is a private investment firm and is not affiliated with any U.S. government entity. ©2026 RavenRock Ventures
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