10+ years' experience
Previously founder of Pollen VC, with over a decade of structuring and deploying hundreds of millions in non-dilutive capital across the globe.
Specialist debt advisory formobile apps and gaming studios
Helping studios navigate debt markets with clarity, structure, and access to the right capital partners.
The Challenge
Non-dilutive capital for apps and games isn't one-size-fits-all
Studios are often pitched different financial products without having the structuring expertise to know what's truly right for them. Most M&A bankers don't go deep enough on debt structuring. Meanwhile, founders and CFOs risk overpaying, underfunding, or getting locked into the wrong terms, leaving money on the table.
That's where I come in.
About Pollen Capital
Independent Credit Advisory for Growing and Scaled Studios
Access to off-grid lenders
Beyond the usual names at conferences and on LinkedIn, I work with specialist private credit funds and family offices that bring more creative perspectives.
150+ studios advised
Deep sector knowledge in LTV modeling, cashflow structuring, cohort valuation techniques and capital efficiency.
Independent & vendor neutral
I don't push a product. I sit on your side of the table to clarify needs, design the right structure, connect you with the right lender, and help structure the deal.
What I Do
I advise on capital solutions across the spectrum:
User acquisition financing
Align capital structure to match duration of ROAS breakeven periods and optimise for providing on-demand liquidity when UA opportunity exists.
Studio acquisitions
Tailored debt financing packages to provide more sophisticated leveraged buyout options based on residual cohort value of target companies.
Off-balance sheet structures
Decouple ability to spend on UA from traditional forecasting process by using SPV structures to capitalise on UA opportunities available. Particularly helpful for listed companies.
For Lenders
Lenders. I can connect you with high-quality opportunities.
If you're a lender seeking to deploy capital into the mobile gaming and app sector, I can connect you to high-quality opportunities. I maintain an off-market dealflow pipeline that's not accessible through traditional channels, with a range of risk/reward profiles. If you're interested in accessing this sector, get in touch.
Clients
Who I work with
Mobile gaming studios and app businesses generating upwards of $5M in annual revenue. Established enough to support a debt facility, with the growth trajectory to justify one.
Teams with strong underlying unit economics but limited experience structuring debt. The performance is evident in the cohort data; the work is translating it into terms a lender will underwrite.
Founders, CFOs and investors focused on capital efficiency. Where user acquisition pays back predictably, debt is frequently the more rational source of growth capital than equity.
About Me
I'm Martin Macmillan. I previously founded Pollen VC, which pioneered debt financing for mobile apps and games since 2014.
Over the past decade I've worked with more than 150 studios, raised and structured hundreds of millions in debt, and built one of the strongest investor networks in the industry.
I write The Capital Stack, a Substack on the intersection of capital markets and mobile apps/gaming. Subscribe to keep up with my latest insights on the topic.
If you're a CFO or finance leader in the mobile space, consider joining Mobile Finance Collective - our private community for finance leaders across mobile gaming and apps. It's free to join for qualifying applicants.