Alex Baluta

Alex Baluta has more than 30 years of professional experience across Canada and the US spanning investment banking, equity research, mergers and acquisitions, operations, consulting, and entrepreneurship. In the early 2000s he was a top-ranked (reported as #1) equity research analyst in Canada focused on the software sector. His career has centered on advising, analyzing, operating, and investing in small and medium-sized enterprises, primarily in high-growth technology. He holds an MBA from York University (Schulich).

Before his current role, Baluta was the Founder and CEO of Temperance Capital, a royalty investor in small and medium-sized enterprises across North America — the firm reflected in the contact details above. He also previously held business-development roles at a software company in addition to his investment banking and equity research work at firms in both Canada and the United States.

In December 2018, Baluta was appointed Chief Executive Officer of Flow Capital Corp., a Toronto-based, publicly listed alternative-capital investor. At his appointment, Flow's Chairman Vernon Lobo cited Baluta's "strong capital markets experience with both retail and institutional investors" and his familiarity with cross-border North American markets. Flow Capital provides "founder-friendly, minimally intrusive, minimally dilutive" growth capital positioned as more flexible than bank debt and less expensive than venture equity, structured to generate recurring monthly cash flow through interest and royalty payments. As of recent reporting, Flow had deployed roughly $156M+ (cumulatively $179M+) across 66+ companies.

• Invests through venture debt and revenue-based/royalty financing rather than dilutive equity — "more flexible than bank debt, less expensive than venture capital."
• Targets companies that "have nailed it and need help to scale it" — i.e., revenue-generating, growth-stage businesses, not pre-revenue seed startups.
• Requires ≥ US$3M in annual revenue, strong proven growth, capital-efficient models, and strong management teams.
• Typical check size ~US$2–10M, deployed as loans and royalty investments, frequently followed by add-on rounds to existing portfolio companies.
• Increasingly focused on high-margin SaaS with ARR between ~$5M and $50M; also funds tech-enabled marketplaces, fintech, media/measurement, and hospitality-tech.
• Structures deals to produce immediate monthly cash flow (interest + royalties), aligning with Flow's own dividend and free-cash-flow objectives.