Case Study: Blackthorn (Salesforce-native apps) doubles headcount and preserves ownership with Capchase

How Blackthorn doubled their headcount using Capchase

Blackthorn builds Salesforce-native Event Management and Payment Processing apps that help customers automate event logistics and payment workflows. As the company scaled, founder Chris Federspiel faced a funding dilemma: traditional VC dilution or expensive private lending would force him to give up significant equity or pay high fees, and bank loans weren’t an option. Blackthorn turned to Capchase for a non-dilutive, programmatic finance alternative that fit their growth timeline.

Capchase provided data-driven, non-dilutive financing and helped Blackthorn model headcount, costs, and revenue without requiring personal guarantees, letting the team take on debt rather than give up equity. The result: Blackthorn doubled its headcount ahead of revenue, accelerated product and go-to-market work, and preserved founder control and exit value — measurable growth enabled directly by Capchase.

Blackthorn

Chris Federspiel

Founder and CEO