NOVEMBER 10, 2017



Beer Start-Up Becomes First Veteran-Led Company to Realize Return on Investment


NEW YORK, NY (November 10, 2017) - LunaCap Ventures, an early stage venture debt fund investing in military veteran, women and minority founders, announced today the fund exit of its portfolio company, Down The Road Brew Co. (DTR). Headquartered in Everett, Massachusetts, DTR’s founder and CEO Donovan Bailey started the company after serving in the US Army for eight years. DTR now produces a full line of core and seasonal craft beers and recently opened a highly-anticipated state-of-the-art brewhouse and 300-person taproom in Everett. The company has experienced accelerated growth over the last couple of years, which has allowed them to refinance the debt funding they received from LunaCap in 2015.

“We are excited and extremely proud of Donovan and the Down The Road team. As one of the Boston-area’s fast-growing businesses, we have watched them grow their company into a national brand loved by beer drinkers everywhere,” said Paul Capon, LunaCap Ventures Managing Partner. “DTR is a prime example of why we seek out and fund veteran-founded start-ups: their singular focus and self-motivation to succeed.”

“Without the support of LunaCap Ventures, DTR wouldn’t have achieved the growth and expansion that we experienced,” said Bailey. “By injecting capital into a company that’s proven product-market fit and is generating significant revenue, LunaCap’s investment helped us expand our product line, grow the team, and build our brewhouse all at the right time.”

With an average expected internal rate of return (IRR) between 30%-40%, LunaCap has carved out a niche investment strategy by focusing on communities that are underserved by traditional venture funds. To be considered for investment, companies must be generating a minimum of $1 million. Additionally, LunaCap Ventures focuses on military, woman, or minority (MWM) owned or run companies. Along with Capon, who is a US Air Force veteran and two-time Afghanistan tour veteran, the leadership team includes Partner and serial-entrepreneur Jules Miller; Partner and investment banking veteran Jonathan Fung; and Principal and former Goldman Sachs trader Ricardo Anzaldua, who is a US Marine Corps and two-time Afghanistan tour veteran.



LunaCap Ventures is New York’s leading early stage venture debt fund that invests in military veteran, women and minority founders. Built on the principle that providing opportunities to those with minimal or limited access to funding can change the world, LunaCap invests in diverse founders who are building the world’s future companies. To learn more about LunaCap Ventures visit


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