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Research Note

Attribution as an Underwriting Signal

May 23, 2026

Why the businesses that can already trace source-to-revenue represent lower-risk Growth Capital opportunities.

A business that already knows which channel produced which revenue is dramatically easier to underwrite than one that does not. Attribution capability is a proxy for operational literacy, data hygiene, and executive discipline. In our data, businesses with production-grade attribution had 2.3x higher capital efficiency than those without.