Key Takeaways
- • Bridge, a Citi-backed AI-powered lending platform, has launched a $500m (£368.2m) direct lending fund targeting US retail suppliers and consumer packaged goods brands.
- • The fund provides up to 100 per cent of a brand's production costs based on expected or confirmed orders, with underwriting built around how major retailers buy.
- • Bridge spun out of Citi in 2023 and has deployed more than $800m to businesses to date, including pet food brand DogSauce, now sold in Walmart.
- • Harte Thompson, co-founder and chief operating officer, positions the fund as an alternative to expensive, opaque financing or dilutive equity raises for brands.
Summary
Bridge, an AI-powered lending platform spun out of global bank Citi in 2023, has launched a $500m (£368.2m) direct lending fund for US retail suppliers, according to the firm. The fund targets consumer packaged goods brands and retail suppliers in the US, with the stated aim of helping them scale their businesses and keep products moving through the supply chain.
According to Bridge, the platform provides what it describes as "affordable capital" to retailers using AI-powered underwriting infrastructure. It funds up to 100 per cent of a brand's production costs based on expected or confirmed orders. The firm says its underwriting is built around how major retailers buy, while repayments are structured around when brands receive payment.
Since its spin-out from Citi, Bridge has deployed more than $800m to businesses, the firm said. One example cited is DogSauce, a pet food "super broth" meal topper that is now sold in Walmart.
Harte Thompson, co-founder and chief operating officer of Bridge, said the firm supports growing brands at the point they are building inventory to fill an upcoming order, which he described as the moment capital is hardest to find. He argued that without such financing, brands are pushed into expensive, opaque financing or dilutive equity raises simply to fund routine production.
Axios also reported the launch as an exclusive, describing the vehicle as a $500M lending fund for retail suppliers.
According to Bridge, the platform provides what it describes as "affordable capital" to retailers using AI-powered underwriting infrastructure. It funds up to 100 per cent of a brand's production costs based on expected or confirmed orders. The firm says its underwriting is built around how major retailers buy, while repayments are structured around when brands receive payment.
Since its spin-out from Citi, Bridge has deployed more than $800m to businesses, the firm said. One example cited is DogSauce, a pet food "super broth" meal topper that is now sold in Walmart.
Harte Thompson, co-founder and chief operating officer of Bridge, said the firm supports growing brands at the point they are building inventory to fill an upcoming order, which he described as the moment capital is hardest to find. He argued that without such financing, brands are pushed into expensive, opaque financing or dilutive equity raises simply to fund routine production.
Axios also reported the launch as an exclusive, describing the vehicle as a $500M lending fund for retail suppliers.
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