Investor enthusiasm for cloud-software companies may have cooled from its heyday last year. But some investors think there’s money to be made in lesser-known startups.

Capchase, a New York–based company that lends to early-stage software startups, has raised $400 million in debt from lenders including i80 Group. The two-year-old startup will use the money to help subscription enterprise software startups improve their cash flow as equity financing dries up.

Early-stage software as a service startups saw a surge in venture funding during the pandemic, driven by the public market success of companies such as Snowflake. Today, that capital is harder to come by as venture firms slow their investing pace—sending some startups to lending programs from companies such as Capchase, Pipe and Founderpath.